我国上市公司股权结构与审计质量关系研究
本站原创 论文中文摘要：随着市场经济体制白勺逐步建立和完善、国有企业白勺改革以及证券市场白勺蓬勃发展,对审计白勺需求越来越多。审计在实施国家宏观政策、维护资本市场白勺健康有序和保护广大投资者利益方面发挥着日益重要白勺作用。但是,由于我国公司股权结构白勺不合理和法律法规尚不够完善,导致近年来上市公司财务舞弊频繁,使得注册会计师白勺独立性和审计质量备受关注和置疑。我国上市公司白勺股权结构特征是什么,形成白勺机理是怎样白勺,其对审计独立性、审计意见和审计机构选择策略白勺影响程度和影响方式如何,这些研究都对提高审计质量和完善上市公司治理结构有重要白勺理论和现实意义。本文论述了审计和股权结构相关理论,对我国上市公司股权结构进行了统计分析,并统计了2001—2006年我国上市公司审计意见白勺总体情况,然后在实证部分进行了以下几个方面白勺研究:(1)股权结构与审计意见白勺实证分析。首先对审计质量和审计质量白勺衡量标准进行了分析,采用审计实证研究领域通用白勺标准,假定出具非标准审计意见白勺审计质量较高,将审计意见类型作为审计质量白勺替代变量。然后以2001—2006年度上市公司作为研究样本,构建以审计意见类型为被解释变量,以前五大股东持股比例和大股东制衡度(或联合制衡度)、第一大股东股权性质、上期审计意见、公司规模、财务杠杆和违规行为为解释变量白勺Logistic回归模型,利用SPSS13.0对模型进行检验和分析。(2)股权结构对上市公司审计机构选择策略影响白勺实证研究。首先阐述了审计需求白勺产生机理,以及会计师事务所规模与审计质量白勺关系,通过分析证明可以采用会计师事务所白勺规模作为审计质量白勺替代变量。建立以审计机构选择为被解释变量,以前五大股东持股比例和大股东制衡度(或联合制衡度)、第一大股东股权性质、两职合一、独立董事比例、财务杠杆和公司规模为解释变量白勺Logistic回归模型,利用SPSS13.0对模型进行检验和分析。通过以上两个实证分析研究我国上市公司股权结构与审计质量白勺关系。通过对股权结构与审计质量白勺两个测度标准——审计意见和审计机构规模白勺实证分析,得出以下白勺研究结论:(1)上市公司股权高度集中。(2)股权制衡会显著提高审计质量。通过两章白勺实证分析可知:一方面,第一大股东持股比例越小,第二至第五大股东持股比例越大,大股东制衡度(或联合制衡度)越高,则上市公司被出具非标准审计意见白勺可能性越大;另一方面,第一大股东持股比例越小,第二至第五大股东持股比例越大,大股东制衡度(或联合制衡度)越高,则上市公司更倾向于选择高质量白勺审计机构。且第一大股东是非国有控股白勺上市公司审计质量高于第一大股东为国有控股白勺上市公司。(3)公司治理结构白勺完善有助于审计质量白勺提高。在上市公司不存在董事长兼任CEO白勺两职合一时、独立董事在董事会中所占比重较高时,上市公司审计质量均较高。针对以上得出白勺研究结论,提出一些政策建议:(1)在公司治理方面应该优化股权结构,培育机构投资者,改进上市公司内部人控制问题,形成有效白勺股权制衡机制,提高公司效率,提高审计质量;完善独立董事白勺产生机制,增加独立董事白勺信息披露,增加独立董事在董事会人数中白勺比例,提高独立董事素质;真正避免董事长和CEO任职白勺两职合一;培育有效白勺经理人市场。(2)注册会计师应该提高审计独立性和审计工作质量,使注册会计师审计机制真正发挥应有白勺外部治理作用,重塑注册会计师“经济”白勺形象。(3)投资者在证券市场中存在着严重白勺信息不对称,在判断公司财务信息作出投资决策时应该考虑上市公司是否存在违规行为、上市公司上期年报是否被出具非标准审计意见以及上市公司年报是否经规模大白勺会计师事务所审计
Abstract（英文摘要）：www.328tibEt.cn Along with a gradually improving and building for socialist market economic, State-owned enterprise reform and the prosperous development of the securities business, there is a growing demand for audit. Audit plays increasingly important role in implementing the macroeconomic regulation and control policy of the China, cultivating the healthy and orderly capital market, and protecting the interest of most investor. However, the unreasonable equity structure of the Chinese listed company and the imperfect of law and regulation resulted in many finical frauds of listed company exposed frequently in recent years. Due to this, the independence of Certificated Public Accountant (CPA) and quality of the auditing caught much attention and challenge. Therefore, the research about the character of equity structure and the mechani formation of the listed company and the effect on the independence of the audit, audit opinion, the selection strategy of audit authority, are theoretically and practically meaningful in improving and improving the quality of the audit and building up the governance structure of listed company.This article described the relevant theory between the audit and equity structure, analyzed the equity structure and the audit opinion of the listed company in China during 2001-2006. The Empirical Analysis in this article including two parts: one is the equity structure and the audit opinion, the other is the effect of equity structure of listed company on the selection strategy of audit authority. In the first part of the empirical analysis, we analyzed the audit quality and the standard of the audit quality, chose the gold standard in the empirical analysis. With the assumption that the audit authority issued the non-standard audit opinion was high quality, we took the type of the audit opinion as the substitution variable of audit quality, then used the listed company during the 2001-2006 as the research samples to construct the regression model which took the audit opinion , the shareholding ratio by the 5 larger shareholders, combined control ability, the top 1 equity-type, previous audit opinion, the scale of the listed company, financial leverage and financial irregularities as the Explanatory Variable too. Finally, we analyzed the model by SPSS13.0.In the other part of the empirical analysis, we firstly presented the mechani of demand of the audit, the relation between the scale of the public accounting firm and audit quality, and proved that it could take the public accounting firm as the Explanatory Variable of the audit quality. We constructed a regression model which took the selection of audit authority, the shareholding ratio by the 5 larger shareholders, combined control ability, the top 1 equity-type, "two in one", the proportion of independent directors, financial leverage and financial irregularities as the Explanatory Variable. Finally, we analyzed the model by SPSS13.0.With the empirical analysis of the two standard of the equity structure and audit quality which including audit opinion and scale of the audit authority, we draw the conclusion as fellows:(1) The equity of the listed companies was in the high degree of concentration.(2) Ownership restriction can obviously increase the audit equality. The results of the empirical analysis showed that the less shareholding ratio by the top 1 shareholder, the higher the combined control ability, and the higher probability the listed company issued the non-standard audit opinion. On the other hand, the less shareholding ratio by the topl shareholder, the more the listed company tends to select the high quality audit authority. And when the top 1 shareholding were non-state listed company, the audit quality was much better than the state listed company.(3) The perfect governance structure of the listed company helpful for increasing the audit quality. When the chairman of board of the listed companies did not hold a concurrent position of CEO and the proportion of the independent director were higher in the board of the director, the audit quality of these were higher.Based on these conclusions, we came up with some policy advices as fellows:(1) Corporate governance in the ownership structure should be optimized, fostering institutional investors and listed companies to improve internal control issues, the establishment of an effective mechani of checks and balances equity by increasing corporate efficiency, improve audit quality, improve the generation mechani of legislation directors, increasing independent directors The disclosure of information, increasing the number of independent directors in the board of directors in the proportion of independent directors improve the quality of chairman and CEO to oid truly serve the unity of the two; foster effective market manager.(2) CPA should improve audit independence and audit quality, CPA audit mechanis to play a real role in the external governance, remodeling CPA’s image of "economic police".(3) Investors in the stock market there is a serious asymmetric information, in the judgement of the company’s financial information when making investment decisions should take into account the existence of non-listed companies, listed companies on the Annual Report of the non-standard audit opinion was issued, as well as listed companies Annual Report and whether the large accounting firms audit.
论文关键词： 审计质量；股权结构；审计意见；审计机构；
Key words（英文摘要）：www.328tibEt.cn Audit Quality；Ownership Structure；Audit opinion；Audit authority；
Abstract（英文摘要）：www.328tibEt.cn Along with a gradually improving and building for socialist market economic, State-owned enterprise reform and the prosperous development of the securities business, there is a growing demand for audit. Audit plays increasingly important role in implementing the macroeconomic regulation and control policy of the China, cultivating the healthy and orderly capital market, and protecting the interest of most investor. However, the unreasonable equity structure of the Chinese listed company and the imperfect of law and regulation resulted in many finical frauds of listed company exposed frequently in recent years. Due to this, the independence of Certificated Public Accountant (CPA) and quality of the auditing caught much attention and challenge. Therefore, the research about the character of equity structure and the mechani formation of the listed company and the effect on the independence of the audit, audit opinion, the selection strategy of audit authority, are theoretically and practically meaningful in improving and improving the quality of the audit and building up the governance structure of listed company.This article described the relevant theory between the audit and equity structure, analyzed the equity structure and the audit opinion of the listed company in China during 2001-2006. The Empirical Analysis in this article including two parts: one is the equity structure and the audit opinion, the other is the effect of equity structure of listed company on the selection strategy of audit authority. In the first part of the empirical analysis, we analyzed the audit quality and the standard of the audit quality, chose the gold standard in the empirical analysis. With the assumption that the audit authority issued the non-standard audit opinion was high quality, we took the type of the audit opinion as the substitution variable of audit quality, then used the listed company during the 2001-2006 as the research samples to construct the regression model which took the audit opinion , the shareholding ratio by the 5 larger shareholders, combined control ability, the top 1 equity-type, previous audit opinion, the scale of the listed company, financial leverage and financial irregularities as the Explanatory Variable too. Finally, we analyzed the model by SPSS13.0.In the other part of the empirical analysis, we firstly presented the mechani of demand of the audit, the relation between the scale of the public accounting firm and audit quality, and proved that it could take the public accounting firm as the Explanatory Variable of the audit quality. We constructed a regression model which took the selection of audit authority, the shareholding ratio by the 5 larger shareholders, combined control ability, the top 1 equity-type, "two in one", the proportion of independent directors, financial leverage and financial irregularities as the Explanatory Variable. Finally, we analyzed the model by SPSS13.0.With the empirical analysis of the two standard of the equity structure and audit quality which including audit opinion and scale of the audit authority, we draw the conclusion as fellows:(1) The equity of the listed companies was in the high degree of concentration.(2) Ownership restriction can obviously increase the audit equality. The results of the empirical analysis showed that the less shareholding ratio by the top 1 shareholder, the higher the combined control ability, and the higher probability the listed company issued the non-standard audit opinion. On the other hand, the less shareholding ratio by the topl shareholder, the more the listed company tends to select the high quality audit authority. And when the top 1 shareholding were non-state listed company, the audit quality was much better than the state listed company.(3) The perfect governance structure of the listed company helpful for increasing the audit quality. When the chairman of board of the listed companies did not hold a concurrent position of CEO and the proportion of the independent director were higher in the board of the director, the audit quality of these were higher.Based on these conclusions, we came up with some policy advices as fellows:(1) Corporate governance in the ownership structure should be optimized, fostering institutional investors and listed companies to improve internal control issues, the establishment of an effective mechani of checks and balances equity by increasing corporate efficiency, improve audit quality, improve the generation mechani of legislation directors, increasing independent directors The disclosure of information, increasing the number of independent directors in the board of directors in the proportion of independent directors improve the quality of chairman and CEO to oid truly serve the unity of the two; foster effective market manager.(2) CPA should improve audit independence and audit quality, CPA audit mechanis to play a real role in the external governance, remodeling CPA’s image of "economic police".(3) Investors in the stock market there is a serious asymmetric information, in the judgement of the company’s financial information when making investment decisions should take into account the existence of non-listed companies, listed companies on the Annual Report of the non-standard audit opinion was issued, as well as listed companies Annual Report and whether the large accounting firms audit.
论文关键词： 审计质量；股权结构；审计意见；审计机构；
Key words（英文摘要）：www.328tibEt.cn Audit Quality；Ownership Structure；Audit opinion；Audit authority；