Investors make decisions based on both public and private information,with auditing serving as a crucial guarantee of the quality of a company's public informa-tion.From the perspective of investor decision-making,this paper measures private in-formation search behavior through corporate site visits and examines the impact of audit quality on this behavior.The findings indicate that higher audit quality promotes private information search among investors.This is evidenced by an increase in the number of in-vestors'corporate site visits,the number of days companies host such visits,and the num-ber of investors participating in these activities.Further analysis reveals that the impact of audit quality on private information search is not significantly different across companies with varying financial reporting quality.However,this impact is more pronounced in companies with greater business complexity,suggesting that audit quality primarily ex-erts an encouragement effect rather than a crowding-out effect on private information search.From the investor's perspective,this paper provides new evidence on how audit quality influences private information search behavior and offers recommendations for the regulation of fair information disclosure.
关键词
审计质量/私有信息搜寻/实地调研/鼓励效应/替代效应
Key words
audit quality/private information search/corporate site visits/encour-agement effect/crowding out effect
万方数据