所有权安排、利益输送与会计师事务所变更——来自我国上市公司由大所向小所变更的经验证据

发布时间：2018-09-06 20:02

【摘要】：在我国上市公司中,事务所变更行为由大所向小所变更的现象呈逐年递增的趋势,而从效率观出发的传统审计需求理论在解释这一现象时存在一定的局限性。所有权安排是影响企业经济行为动机的基本原因之一,本文根据2001至2004年间选择"四大"和国内"十大"的上市公司为样本,试图从机会主义观出发,研究我国上市公司现行所有权安排下的利益输送动机和行为与事务所变更之间的关系。结果发现大股东掏空行为与上市公司由大向小变更之间呈正相关关系,且发生变更公司的市场价值显著低于未发生变更的公司;控股股东持股规模和这种变更之间是一种凸函数关系,即二者之间呈左高右低并且先升后降的不对称倒U型曲线。
[Abstract]:In the listed companies of our country, the phenomenon of the change of firm behavior from big to small is increasing year by year, but the traditional audit demand theory based on efficiency view has some limitations in explaining this phenomenon. Ownership arrangement is one of the basic reasons that influence the motivation of enterprises' economic behavior. According to the sample of "four big" and "ten" listed companies from 2001 to 2004, this paper tries to set out from the view of opportunism. This paper studies the relationship between the motive and behavior of interest transmission under the current ownership arrangement of listed companies in China and the change of firm. The results show that there is a positive correlation between the tunneling behavior of large shareholders and the change of listed company from large to small, and the market value of the changed company is significantly lower than that of the company that has not changed. There is a convex function relationship between the controlling shareholder's shareholding scale and this change, that is, the asymmetric inverted U-shaped curve between them is shown as left high, right low and rising first and then descending.
【作者单位】：厦门大学财务管理与会计研究院;江西财经大学会计学院;
【基金】：国家自然科学基金项目(70672101)“中国证券审计市场的结构、行为与绩效研究” 国家社科基金项目(07BJY027)“投资者保护、公司治理与我国证券市场资源配置效率研究”的资助
【分类号】：F233;F239.4;F224

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