An analysis of quasi-qualification, modified auditor opinions and special treatment status on China's Shenzhen market

Donglin Pei, Philip Anthony Hamill and Kwaku Kyekyeku Opong

Applied Economics Letters, 2010, vol. 17, issue 13, 1265-1271

Abstract: The development of accounting, auditing and capital markets in China were an integral component of China's economic reforms; auditing was regarded as being critically important to achieving the desired policy objective of delivering a market economy (Yang and Yang, 1998). This article examines the quasi-qualification hypothesis and tests whether investors valued the introduction of Special Treatment (ST) status for firms in 1998. Our empirical analysis fails to find significant support for the quasi-qualification hypothesis. In contrast, it appears that the issuance of ST status was valued by investors; the issuance of ST status led investors to discriminate between firms.

Date: 2010
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DOI: 10.1080/00036840902881827

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