不确定性风险、治理冲突与审计师选择——来自1998—2004年中国A股IPO市场的经验证据

发布时间：2018-03-27 14:18

本文选题：不确定性风险　切入点：公司治理　出处：《浙江大学学报(人文社会科学版)》2010年05期

【摘要】：审计需求偏好及其演进趋势是理解我国经济转型过程中独立审计经济角色,进而评价独立审计制度绩效的重要研究议题。基于我国新股发行市场化改革背景,首次从信息需求和监督需求双重视角进行的实证研究发现,一方面,随着新股发行市场化进程加快,新兴的高质量审计需求开始出现,核准制实施后不确定性风险越低的IPO公司更为偏好高质量审计师。另一方面,尽管一定程度上股东与经理人间的治理冲突与高质量审计需求正相关,但有效市场约束机制的匮乏导致现阶段我国大股东与中小股东间的治理冲突难以引发有效审计需求,而国有控股股东的"所有者缺位"问题则进一步削弱了该需求。上述研究结果表明,当前进一步改善我国资本市场有效审计需求不足问题首先需要解决大股东的有效治理问题。
[Abstract]:Audit demand preference and its evolution trend are important research topics to understand the role of independent audit economy in the process of economic transformation, and then evaluate the performance of independent audit system. For the first time, from the dual perspective of information demand and supervision demand, it is found that, on the one hand, with the acceleration of the market-oriented process of new stock issuance, the emerging demand for high-quality audit begins to emerge. IPO companies with lower uncertainty risk after approval system prefer high-quality auditors. On the other hand, although the conflict of governance between shareholders and managers is positively related to the demand for high-quality audit, However, the lack of effective market restraint mechanism leads to the conflict of governance between the major shareholders and the minority shareholders, which is difficult to lead to the effective audit demand. The problem of "owner absence" of state-owned controlling shareholders further weakens the demand. The research results show that it is necessary to solve the problem of effective governance of large shareholders in order to further improve the shortage of effective audit demand in China's capital market.
【作者单位】：浙江大学管理学院;厦门大学管理学院;香港理工大学会计及金融学院;
【基金】：国家自然科学基金资助项目(70802056;70672101) 浙江省哲学社会科学规划课题后期资助项目(09HQZZ003)
【分类号】：F832.51;F239.6

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