审计师选择、实际控制人性质与企业价值

发布时间：2018-01-26 15:36

本文关键词： 审计师选择企业价值实际控制人性质 A股上市公司　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业的生存发展在于对于价值的发现和创造。随着市场经济的发展,企业的经营机构和管理体系发生了翻天覆地的变化。以前的以规模和市场份额为基础的管理思想面临着巨大的挑战。财务管理目标逐渐从利润最大化、规模最大化转变为企业价值最大化。企业管理的注意力逐步转移并集中到企业价值的管理上来,自然无论是理论界还是实务界研究的重点便成了如何提升企业的价值。不可否认的是企业价值的提升对经济的发展产生重要的影响。影响企业价值的相关因素自然也成为理论界研究的焦点。规模大的会计师事务所能够提供高质量的审计服务是社会所认可的,而会计师事务所规模大小会对企业价值产生什么样的影响?此外,不同控股权性质的企业所处的经营环境也各不相同,具体而言,各个企业处在不尽相同的法制化水平、市场化程度等环境中,该环境会对企业的发展产生深远的影响,进而改变企业的价值,所以审计师选择与企业价值的相关程度在不同控股权性质上市公司中是否产生差异也是值得研究的一个问题。本文实证数据来源于2012-2015年我国资本市场A股上市公司,共选取6734个有效观测样本,采用规范性研究和实证研究相结合的方法,经过描述性统计分析、Pearson相关性分析和OLS多元线性回归分析,检验了审计师选择与企业价值之间的关系及两者的相关程度在不同控股权性质上市公司中的差异。实证结果表明,在控制公司规模、偿债能力、成长性等变量后,审计师选择与企业价值呈正相关关系,大规模审计师对企业价值提升效果更好;且两者间的相关程度在不同控股权性质上市公司中有显著差异,审计师对非国有企业的价值提升效果更好。稳健性检验表明,研究结论不依赖于变量的选取和衡量方法,具有较强的可靠性。本文主要创新点在于:(1)采取新的切入点,对审计师选择、实际控制人性质与企业价值三者关联性进行研究,考察了审计师选择与企业价值的相关程度在不同实际控制人性质上市公司中的差异性;(2)采取新的研究视角,丰富了现有条件下审计师选择对企业价值的影响研究,为研究提供了增量的数据。本文致力于通过相关研究探寻审计师选择对于企业价值产生的影响,并发掘两者在不同控股权性质上市公司中相关程度。这一方面丰富了审计师选择与企业价值相关的文献,为如何更好的提升企业价值提供了一些建议,并且也可以为政府促进国企发展提供一些意见,比如说更进一步的降低政府干预等。
[Abstract]:The survival and development of enterprises lies in the discovery and creation of value, with the development of market economy. The management organization and management system of enterprises have changed dramatically. The former management thought based on scale and market share is facing great challenge. The financial management goal is gradually from profit maximization. The maximization of scale is transformed into the maximization of enterprise value. The attention of enterprise management is gradually shifted and concentrated on the management of enterprise value. It is undeniable that the promotion of enterprise value has an important impact on the development of economy. However, it has also become the focus of theoretical research. Large accounting firms can provide high-quality audit services is recognized by the society. What kind of impact will the size of the accounting firm have on the value of the enterprise? In addition, different controlling nature of the business environment is also different, in particular, each enterprise is in different legal level, the degree of marketization and other environments. The environment will have a profound impact on the development of enterprises, and then change the value of enterprises. Therefore, whether the correlation between auditor selection and enterprise value is different among listed companies with different controlling rights is also a question worth studying. The empirical data in this paper come from China's state assets from 2012-2015. A-share listed companies in this market. A total of 6734 effective observation samples were selected and analyzed by combining normative and empirical studies with Pearson correlation analysis and OLS multiple linear regression analysis. This paper examines the relationship between auditor selection and firm value and the differences of the correlation between the two in different controlling equity listed companies. The empirical results show that in controlling the size of the company, solvency. After the variables such as growth, auditor selection has positive correlation with enterprise value, and large-scale auditor has better effect on enterprise value promotion. And the correlation between the two companies in different controlling nature of listed companies there are significant differences, auditors to the value of non-state-owned enterprises is better. Robustness test shows. The conclusion of the study is independent of the selection and measurement of variables and has strong reliability. The main innovation of this paper is that we should adopt a new entry point to select auditors. The relationship between the nature of the actual controller and the enterprise value is studied, and the differences between the auditor selection and the enterprise value in the listed companies with different actual controllers are investigated. 2) adopting a new research perspective enriches the research on the influence of auditor selection on the enterprise value under the existing conditions. This paper aims to explore the impact of auditor selection on corporate value through relevant research. On the one hand, it enriches the literature about auditor selection and enterprise value, and provides some suggestions on how to promote the enterprise value better. And can also provide some advice for the government to promote the development of state-owned enterprises, such as further reduce government intervention, and so on.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F239.4

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