基于投资者保护的外部审计治理效应研究

发布时间：2018-06-15 20:45

本文选题：外部审计治理 + 审计治理效应　；参考：《内蒙古财经大学》2017年硕士论文

【摘要】：随着国民经济不断增速发展,经济结构日趋优化,作为市场经济重要组成部分的资本市场,向着多层次多方位的方向迈进。资本市场的良好有序发展为我国经济快速发展奠定了重要基础。而资本市场又是以投资者为核心的。如何切实维护好广大投资者的根本利益,是一件关乎国计民生的大事。近年来,在资本市场快速发展的背后,是上市公司内幕交易、操纵股价及披露虚假信息等的一系列破坏市场稳定的恶性行为的发生。这些行为不仅破坏了我国资本市场正常有序的运行程序,更重要的是给广大投资者带来无法弥补的损失。如何切实有效地保护我国投资者的切身利益已然成为大众关注的焦点。对代理理论进行研究发现,外部审计作为现代公司治理机制所不可或缺的组成部分,其在降低代理成本和缓解利益冲突方面发挥着重要的治理和监督作用,而这种监督治理作用在很大程度上对投资者的知情权、参与权和获利权进行了保障,最终起到保护投资者利益的作用。本文通过实证研究,以投资者保护为视角,探索外部审计治理在投资者保护方面所发挥的效应。本文选取2012-2015年沪深两市A股上市公司的数据进行实证分析,分别选取类代理成本和公司绩效作为投资者保护的替代变量,选择审计意见类型和审计质量作为外部审计治理的替代变量,同时选取公司规模、资产负债率、公司成长性作为控制变量,通过描述性统计分析、各变量之间的相关性分析和多元回归分析等方法的运用,实证研究基于投资者保护的外部审计治理效应。研究发现,外部审计治理与代理成本呈现显著负相关关系,与公司绩效呈现显著正相关关系,从而验证了本文提出的假设,外部审计治理在投资者保护方面发挥了积极效应。最后,本文基于实证研究的结论,主要从提高独立外部审计机构审计治理能力和提高投资者保护水平两方面提出对策和建议,主要包括:提高审计从业人员的职业素养及道德水平;加强独立外部审计机构对审计质量的把控;推进监督机制的建设与完善;重视股权激励,提升经营效率;优化股权结构,防止股权失衡。
[Abstract]:With the development of the national economy and the optimization of the economic structure, the capital market, as an important part of the market economy, is marching towards the direction of multi-level and multi-direction. The good and orderly development of the capital market has laid an important foundation for the rapid economic development of our country. And the capital market is to investors as the core. How to protect the fundamental interests of investors is a matter of national economy and people's livelihood. In recent years, behind the rapid development of the capital market, listed companies insider trading, manipulation of stock prices and disclosure of false information, such as a series of destructive market stability. These actions not only destroy the normal and orderly operation procedures of China's capital market, but also bring irreparable losses to the majority of investors. How to effectively protect the vital interests of Chinese investors has become the focus of public concern. As an indispensable part of modern corporate governance mechanism, external audit plays an important role in reducing agency costs and mitigating conflicts of interest. To a large extent, this kind of supervision and governance function guarantees investors' right to know, participate and make profits, and finally plays a role in protecting investors' interests. From the perspective of investor protection, this paper explores the effects of external audit governance on investor protection through empirical research. This paper selects the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2012 to 2015 to carry out empirical analysis, and selects agency costs and corporate performance as the alternative variables for investor protection. Choosing the type of audit opinion and audit quality as the alternative variables of external audit governance, and selecting the company size, asset-liability ratio and corporate growth as control variables, through descriptive statistical analysis, Using the methods of correlation analysis and multiple regression analysis among variables, this paper empirically studies the governance effect of external audit based on investor protection. It is found that external audit governance has a significant negative correlation with agency cost and a significant positive correlation with corporate performance, which verifies the hypothesis that external audit governance plays a positive role in investor protection. Finally, based on the conclusions of empirical research, this paper puts forward some countermeasures and suggestions from two aspects: improving the audit governance ability of independent external audit institutions and improving the level of investor protection. It mainly includes: to improve the professional quality and moral level of audit practitioners; to strengthen the independent external audit institutions to control the audit quality; to promote the construction and improvement of the supervision mechanism; to attach importance to equity incentives, to improve operational efficiency; to optimize the ownership structure, Prevent equity imbalance.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F239.4

【参考文献】