THE CHINESE CERTIFIED PUBLIC ACCOUNTANT

30 Research on Impacts of Financial Regulatory Policies on Stock Market Volatility

This article constructs an ARMA-EGARCH Model to analyze the impacts of major policy events on the stock market volatility,and uses the Event Study Method to further analyze the heterogeneous impacts of different types of financial regulatory policy events on the stock market volatility.It finds that compared to other policy events,the financial regulatory policy events have had an obviously greater impact on the volatility in the Shanghai Stock Exchange and have been the main reason for the volatility in the Shanghai Stock Exchange.This has demonstrated that the Chinese stock markets have been typical policy-driven markets.Among various financial regulatory policy events,the market in Shanghai Stock Exchange has responded robustly to a few policies,such as stopping the reduction of state-owned shares in listed companies;however,the market has not responded so strongly to most of the policies,such as the launch of Growth Enterprise Market,the launch of Shenzhen-Hong Kong Stock Connect and strengthening of the regulation on securities investment funds.This means that the financial supervision policies may have been conveyed inefficiently in the stock market to a certain degree.

62 Reshaping Audit Services with Data-Driven Audit

Along with the development of intelligent technology,various emerging technologies have been introduced and applied to audit practice.However,limited by such factors as technical difficulty,R＆amp;D costs and legal supervision,these technologies cannot be fully applied in audit practice in a short time.This article explores the data-driven audit,which is also known as big data audit or digital audit.It is a new audit mode which is based on data analysis using automated analysis tools.Such an audit mode has been practiced and promoted in the European and American audit profession to a certain extent and has demonstrated its great role in improving audit efficiency and audit quality.

68 Exploration of Integrated Development of Accounting Sector in Guangdong-Hong Kong-Macao Greater Bay Area

In recent years,Guangdong Province,Hong Kong S.A.R.and Macao S.A.R.have carried out extensive and in-depth exchanges and cooperation in the fields of accounting and auditing standards,market expansion,technological innovation and talent training,which have facilitated the accounting sector to achieve innovative development and ushered in new development opportunities.In view of the problems faced in further integrated development of the accounting sector in the Guangdong-Hong Kong-Macao Greater Bay Area,such as institutional differences in accounting and auditing,mutual recognition of professional qualifications,as well as cross-border practice and regulation among Guangdong Province,Hong Kong S.A.R.and Macao S.A.R.,this article puts forward some measures and suggestions in the fields of developing accounting and auditing standards,building new talent highlands,exploring new development momentums for accounting and auditing services and improving crossborder regulation efficiency,so as to promote sound and rapid integrated development of the accounting sector in the Greater Bay Area.