事务所规模、审计行业专长与知情交易概率  

Auditor Size, Auditor Industry Expertise and Probability of Informed Trading

作　　者：陈小林[1,2] 王玉涛[1,2] 陈运森[1,2] 

机构地区：[1]九江学院会计学院,332005 [2]中央财经大学会计学院,100081

出　　处：《会计研究》2013年第2期69-77,95,共9页Accounting Research

基　　金：国家自然科学基金(71262013;70972139;71102124);教育部人文社会科学研究青年项目(09YJC790130);中央财经大学"211工程"重点学科建设项目;中央财经大学校级2011协同创新重点培育项目"注册会计师行业发展"的资助

摘　　要：外部审计的作用在于提高公司的信息披露透明度,减少信息不对称,以保护投资者利益。本文从知情交易概率视角出发,研究了外部审计在减少信息不对称方面所发挥的作用。研究结果发现,国内"十大"审计的公司,以及由具有审计行业专长的事务所审计的公司,知情交易概率更低,而且行业专长的国内十大(非十大)审计的公司的知情交易概率也低于不具有行业专长的国内十大(非十大)。进一步检验还表明,在机构投资者持股的公司中,事务所规模和审计行业专长能够更有效减少知情交易概率。External audits are performed to enhance information transparency and reduce information asymmetry so as to protect the interests of investors. From the perspective of the probability of informed trading(PIN), this paper studies the role of external audits played in information asymmetry reduction. Our research demonstrates that corporations audited by national Big10 as well as by audit firms with industry expertise have a lower PIN, and these Big10(Non-Big10) with industry expertise have a lower PIN than those Big10(Non-Big10) without industry expertise. In further test, it is indicated that auditor size and auditor industry expertise can more effectively reduce the possibility of PIN in sub-sample with institutional investor. From a new perspective this study analyzes the effects of characteristics of audit firms on investor protection and the results above show that external auditing plays a positive role in reducing PIN and protecting the interests of investors.

关 键 词：事务所规模 审计行业专长 知情交易概率 投资者保护 

分 类 号：F239.4[经济管理—会计学]