不同股权特征下审计委员会有效性的实证研究

发布时间：2018-08-12 13:01

【摘要】： 审计委员会制度建立的初衷是在董事会中寻求一支独立的财务治理力量,以强化注册会计师审计的独立性,加强公司财务报告信息的真实性和可靠性。实践中,审计委员会制度移植的效果如何?是否会受到股权特征影响?这些问题亟待解决。本文试图利用实证方法研究从而揭示审计委员会的有效性及股权特征对其发挥作用的影响,以期更为深入理解审计委员会制度推行的政策效应及其未来治理的方向。本文首先从委托代理角度出发阐述审计委员会引入对解决委托代理困境的作用,并着重分析股权集中度、第一大股东性质、股权制衡度对审计委员会有效性的影响;然后以2006年我国上市公司相关数据检验审计委员会的有效性以及股权特征对这种有效性的制约或者促进程度。实证结果显示:在一定程度上审计委员会的设立能够减少上市公司盈余管理行为,但二者的显著性水平不高;但是分组检验结果表明股权制衡组和第一大股东处于相对控股组审计委员会与盈余管理显著负相关,而股权非制衡组、第一大股东处于绝对控股组和股权分散组时,审计委员会与盈余管理正相关。这源于审计委员会的有效性与其成员构成和努力程度有关。不同股权特征下,股东对审计委员会的需求、成员的选聘和激励存在差异,进而影响审计委员会作用地发挥。遗憾的是,第一大股东性质对审计委员会作用的影响却未能支持假设,国有组和非国有组回归分析结果并未呈现出显著差异;最后,结合理论及实证结论,提出从培育审计委员会的有效需求主体和完善审计委员会制度建设两个层面提高审计委员会有效性。
[Abstract]:The original intention of the audit committee system is to seek an independent financial governance power in the board of directors in order to strengthen the independence of the CPA audit and strengthen the authenticity and reliability of the financial report information of the company. In practice, what is the effect of the transplant of the audit committee system? Will it be affected by equity characteristics? These problems need to be solved urgently. This paper attempts to reveal the effect of the effectiveness of the audit committee and the characteristics of the equity on the audit committee by using the empirical method in order to understand the policy effect of the audit committee system and the direction of its future governance. In this paper, firstly, from the perspective of principal-agent, the paper expounds the role of the introduction of audit committee in solving the principal-agent dilemma, and focuses on the impact of ownership concentration, the nature of the largest shareholder, and the degree of equity balance on the effectiveness of the audit committee. Then the validity of the audit committee and the restriction or promotion of the ownership characteristics on the effectiveness of the audit committee are tested by the relevant data of the listed companies in China in 2006. The empirical results show that: to a certain extent, the establishment of audit committee can reduce earnings management behavior of listed companies, but the level of significance between the two is not high; However, the results of grouping test show that the audit committee of the equity balance group and the largest shareholder in the relative controlling group are negatively correlated with earnings management, while the equity non-balance group, the first largest shareholder in the absolute control group and the decentralized equity group, are negatively correlated with earnings management. The Board of auditors is positively related to earnings management. This stems from the effectiveness of the Board of auditors in relation to its membership and degree of effort. Under different ownership characteristics, there are differences in shareholders' demand for audit committee, selection and appointment of members, and incentive, which will affect the role of audit committee. Unfortunately, the impact of the nature of the first largest shareholder on the role of the audit committee does not support the hypothesis, and there is no significant difference in the results of the regression analysis between the state-owned group and the non-state-owned group. Finally, combined with the theoretical and empirical conclusions, This paper proposes to improve the effectiveness of audit committee from two aspects: cultivating the effective demand subject of audit committee and perfecting the construction of audit committee system.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2008
【分类号】：F239.4;F224

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