时间：2026年4月28日14:00
地点：经管楼405室
主讲人：刘雪娇教授，对外经济贸易大学
题目：Mandatory Key Audit Matter Disclosures and Investor Inquiries: Evidence from China
摘要：Leveraging site-visit reports from Chinese listed companies, we document a 39 percent increase in the percentage of KAM-related site-visit questions (KRQ%) post-KAM adoption. This effect is more pronounced for idiosyncratic KAMs, KAMs concerning operating risk, and KAMs effectively reduce investor information overload. KAM disclosure quality and investor information demand further strengthen this effect. KRQ% increases with investors’ risk-belief updates upon the release of KAMs, suggesting KAM disclosures enable sophisticated investors to target riskier firms for information acquisition. Supporting this evidence, we observe decreased market uncertainty following KAM-inquiring site visits. After KAM adoption, KAM-inquiring analysts tend to incorporate KAM-related information into their research reports and make more accurate forecasts and forecast revisions that elicit stronger market reactions. Our results are robust to alternative measures of KAM-related inquiries, different sample periods, and two difference-in-differences specifications. Collectively, our study suggests mandatory KAM disclosures aid sophisticated investors in information acquisition and production.
个人简介：刘雪娇，对外经济贸易大学国际商学院会计系教授、博士生导师，全国高校黄大年式教师团队成员。入选国家级人才项目（青年项目）、财政部国际化高端会计人才。主持多项国家自然科学基金、校级创新团队及科研课题。主要研究方向为资本市场信息中介。成果发表在国内外高水平期刊，包括：《会计研究》、《中国工业经济》、《Journal of Accounting and Economics》、《Review of Accounting Studies》、《Contemporary Accounting Research》、《Journal of Corporate Finance》、《Abacus》、《Journal of Business Finance & Accounting》等。