上市公司控股权性质与审计质量关系研究

发布时间：2018-05-03 20:09

本文选题：股权性质 + 审计质量　；参考：《新疆财经大学》2009年硕士论文

【摘要】： 我国上市公司股权结构的突出特征是存在非流通股与流通股的区别。30%的上市公司第一大股东为非流通的社会法人股和发起人法人股、流通股以及其他小股东,处于分散状态。而70%的上市公司第一大股东为非流通的国家股股东和国有法人股股东,显现出高度的集中性;在这样一种股权分散与集中并存、各持股主体目标各异的状态下,中国上市公司面临着复杂的代理问题。审计的产生就是这种委托代理关系的结果。随着我国股权改革的进行,我国上市公司的股权结构发生了很大变化,其中很重要的一点就是从国有控股向民营控股的转变,因此非国有控股的公司逐渐增多。已有研究表明,国有股控股会导致产权主体缺位、内部人控制等一系列问题,从而降低公司盈余质量。所以国有控股上市公司可能会选择较低的审计质量。但另一些学者却提出,我国股票市场正处于转轨时期,市场机制还不完善,在这种特殊时期国有股控股是一种次优选择,有利于盈余质量的提高,从而会促使公司选择较高的审计质量。此外,股权分置改革一波三折的经历,也值得我们深思。鉴于此,本文把上市公司划分为国家控股上市公司、国有法人控股上市公司、非国有控股上市公司,利用2005-2007年的有关数据对沪深两市A股上市公司控股权性质与审计质量的关系进行实证考察,检验股权性质与审计质量之间的关系。研究结果表明:在其他条件相同的情况下,国家及国有法人控股上市公司易选择较高的审计质量;而在其他条件相同的情况下,非国有股控股上市公司易选择较低的审计质量;另外,“一股独大”不是盈余质量低劣的根源。因此,本文认为提高上市公司盈余信息质量并促使其选择较高审计质量的关键,应该是完善市场秩序、法律体系与管制制度而不应是减持国有股和盲目的股权分置。
[Abstract]:The outstanding characteristics of the equity structure of listed companies in China are that there are differences between non-tradable shares and tradable shares .30% of the largest shareholders of listed companies are non-circulating social legal person shares, sponsors' legal person shares, circulating shares and other minority shareholders, and are in a decentralized state. However, 70% of the largest shareholders of listed companies are non-circulating state shareholders and state-owned corporate shareholders, showing a high degree of centralization. Chinese listed companies are faced with complex agency problems. Audit is the result of this kind of principal-agent relationship. With the development of stock right reform in China, the ownership structure of listed companies in our country has undergone great changes, among which the important point is the transformation from state-owned holding to private holding, so the number of non-state-owned holding companies is gradually increasing. It has been shown that the holding of state-owned shares will lead to a series of problems, such as the absence of property rights subject, the control of insiders, and so on, thus reducing the quality of the company's earnings. So state-controlled listed companies may choose a lower audit quality. However, some other scholars put forward that the stock market in China is in a transitional period, and the market mechanism is not perfect. In this special period, the holding of state-owned shares is a sub-optimal choice, which is conducive to the improvement of earnings quality. As a result, the company will choose a higher audit quality. In addition, the split-share structure reform of the experience of three-fold, it is also worth our reflection. In view of this, this paper divides the listed companies into state-controlled listed companies, state-owned legal person holding listed companies, non-state-owned holding listed companies. Based on the data from 2005 to 2007, this paper makes an empirical study on the relationship between controlling ownership and audit quality of A-share listed companies in Shanghai and Shenzhen stock markets, and examines the relationship between ownership nature and audit quality. The results show that under the same conditions, the state and the state-owned legal person holding listed companies are easy to choose higher audit quality, while the non-state-owned holding companies are easy to choose the lower audit quality under the same conditions. In addition, the "one share alone" is not the root cause of the poor quality of earnings. Therefore, this paper holds that the key to improve the quality of earnings information of listed companies and promote their choice of higher audit quality should be to perfect the market order, legal system and control system, rather than to reduce their holdings of state-owned shares and blind split share structure.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F276.6;F239.4

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