公司控制权安排、审计师选择与市场价值——来自中国上市公司的证据  

The Arrangements of Control Rights,Auditor Choice and Market Value——Evidences from Chinese Listed Firms

作　　者：张奇峰[1] 张鸣[2] 

机构地区：[1]上海立信会计学院会计学系,上海201620 [2]上海财经大学会计与财务研究院/会计学院,上海200433

出　　处：《山西财经大学学报》2009年第6期108-115,共8页Journal of Shanxi University of Finance and Economics

基　　金：教育部人文社会科学研究项目(项目编号:08JA790084);上海市曙光计划项目(批准号:07SG55);上海市教委重点课题(批准号:06ZS85);上海高校选拔培养优秀青年教师科研专项基金项目(批准号:27001)

摘　　要：以2002～2003年A股上市公司为样本，利用盈利相关系数计量盈利质量，分析了公司控制权安排对盈利质量及其市场价值的影响。研究发现，非经营性国有控股公司的盈利质量较低，经国际四大会计师事务所审计的公司的盈利质量较高；非经营性国有控股、股权集中度低、股权制衡度低的公司更不愿意聘请“国际四大”作为审计师；国有企业的市场价值并不低于非国有企业，企业市场价值与公司股权结构密切相关。对独立审计在公司治理中的作用的研究结果表明，公司控制权安排、审计师选择能够影响公司的会计信息质量，并对其市场价值产生影响。Using the data of listed finns over 2002- 2003 periods, this paper empirically researches these questions. The authors find that firstly, firms with nonprofit state shareholder as the largest owner have inferior earning quality measured by earning correlative coefficient with market value and the firms audited by International Four accounting firms （Inter 4） have superior earning quality. Secondly, the fn＇ms with nonprofit state shareholder as the largest owner axe fewer likely to employ Inter 4. The more the share of the largest owner is, the more likely for the finn to employ Inter 4. The bigger the proportion of the second largest owner＇s share to the largest owner＇s share, the more likely for the firm to employ Inter 4. Thirdly, the market values of the firms with the state shareholder as the largest owner aren＇t fewer than those of the firms with the non- state shareholder as the largest owner. There are close correlations between the firms＇ ownership structures with their market value. This paper argues that the independent auditor can improve the finns＇ earning quality. Our results suggest that finn＇ arrangements of control fights and auditor choices can affect their earning quality which has impacts on their market value.

关 键 词：控制权安排 审计师选择 市场价值 

分 类 号：F276.6[经济管理—企业管理]