审计质量、社会信任和并购支付方式

发布时间：2018-03-25 11:50

本文选题：社会信任　切入点：审计质量　出处：《审计研究》2017年03期

【摘要】：信息不对称存在于并购交易的每个环节,对并购流程中的相关决策具有重要影响。将信息不对称降低制度与并购支付方式决策的关系作为主要研究目标,以并购交易审计师特征和区域信任环境为切入点,基于2007~2015年沪深A股上市公司发生的713例并购交易事件,运用Ordered probit模型考察审计质量、社会信任对并购支付方式选择的影响机制。研究发现,目标公司的审计质量越高,或者主并方所处区域的社会信任度越高,现金支付的概率越高;高社会信任度的环境下,目标公司的审计质量与主并方选择现金支付的概率正相关,表明社会信任对注册会计师审计的信息不对称降低功能具有促进效应。研究丰富了并购对价系列文献,在信息不对称降低框架中纳入信任因素,为审计契约的作用机制研究提供我国上市公司并购领域的经验证据。
[Abstract]:Information asymmetry exists in every link of M & A transaction and has an important influence on the decision making in the process of M & A. the relationship between the information asymmetry reduction system and the decision of payment mode of M & A is regarded as the main research goal. Based on the characteristics of auditors and regional trust environment, based on the 713 M & A transactions of Shanghai and Shenzhen A-share listed companies from 2007 to 2015, the audit quality is investigated by using Ordered probit model. The study found that the higher the audit quality of the target company, or the higher the social trust in the area where the host and the merger are located, the higher the probability of cash payment is. The audit quality of the target company is positively correlated with the probability of cash payment chosen by the owner and the co-owner, which indicates that social trust has a positive effect on the information asymmetry reduction function of CPA audit. The research enriches the literature on M & A consideration. The trust factor is incorporated into the information asymmetry reduction framework to provide empirical evidence in the field of M & A of listed companies in China for the study of the mechanism of audit contracts.
【作者单位】：山东财经大学会计学院;四川大学经济学院;北京艺高世纪科技股份有限公司;
【基金】：教育部人文社会科学基金(项目批准号:16YJC790110) 中国会计学会会计科研课题(项目批准号:2015KJB035) 山东省自科基金(项目批准号:ZR2016GM17) 山东省社科基金(项目批准号:13DJJJ06) 山东财经大学教研教改项目(项目批准号:JY201504)的阶段性成果
【分类号】：F239.4;F271;F832.51

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