“…Hence, in China, going-concern opinions are usually contained in the four types of unclean opinion (unqualified opinions with explanatory notes, qualified opinions, disclaimed, and adverse opinions), rather than being given as an independent audit opinion. Most of the research in the literature on Chinese audit opinion makes this classification, i.e., divides audit opinion into five types: unqualified opinions without explanatory notes, unqualified opinions with explanatory notes, qualified opinions, disclaimed, and adverse opinions (e.g., Chen et al, 2000Chen et al, , 2001DeFond et al, 2000;Gul et al, 2009;Haw et al, 2003;Ting et al, 2008). One exception is Liao and Wang (2008), who focus on financially distressed firms and explicitly examine going-concern opinions.…”