制度环境、事务所合并与动态生产效率——基于事务所2002—2011年的平衡面板数据  

Institutional Environment, Audit Firm Merger and Dynamic Productivity： Based on Audit Firms＇ Balanced Panel Data of 2002-2011

作　　者：武恒光[1] 张龙平[2] 金成隆 

机构地区：[1]山东财经大学会计学院 [2]中南财经政法大学会计学院 [3]台湾政治大学商学院

出　　处：《中国会计评论》2014年第2期159-198,共40页China Accounting Review

基　　金：国家社科基金项目(11BJY019);山东省自然科学基金项目(ZR2011GL017);山东省社会科学规划项目(13DJJJ06);山东省教育厅项目(J13WF06)的阶段性研究成果

摘　　要：本文基于我国注册会计师行业2002-2011年49家会计师事务所的平衡面板数据，运用Malmquist生产效率指数计算分析事务所的生产效率的动态变化，运用DID的方法实证检验事务所合并对动态生产效率的影响，并进一步结合制度环境的差异分析事务所合并的效果。动态生产效率测算结果表明，注册会计师行业和本土事务所的生产效率变动指数、纯技术效率变化指数和规模效率变化指数基本呈现“波浪式”的增长态势，技术水平变化指数呈现出“W”形折线特征，事务所生产效率提升的主要驱动因素是技术水平进步和规模效率增长。就本土事务所而言，合并初期，合并对生产效率变动指数和技术水平变化指数产生了明显的负向影响，但合并后期，并未对动态生产效率产生显著的正向影响效应；在考虑制度环境的情况下，法律环境和要素市场环境对于合并与纯技术效率变化关系的正向调节效应较快地呈现出来，制度环境发展越好的区域，本土事务所合并对于纯技术效率变化的促进效应越明显，且制度环境对于合并与纯技术效率变化关系的正向调节效应具有较好的持续性。Since China＇s audit market was dominated by Big N firms and small domestic audit firms, one of the rational strategies of audit firms is to improve the productivity in the intensive competitive environment. Chinese regulators have always highlighted the increasingly important role of certified public accountants in supporting and interacting with the integrity and quality of financial reporting in the developing capital market. Aiming to induce domestic auditors to enhance the ability of serving the capital market, the government issued several regulations such as audit firms merger to encourage the audit firms to increase in size and in essence. Using the Panel Data of 49 audit firms of Chinese accounting profession between 2002 and 2011 and applying malmquist index,this study analyzes the dynamic productivity of audit firms. Further, the study examines whether audit firms＇ dynamic productivity are affected by audit firm merger, and based on the unbalanced institutional environment, the study gains insights into the effect of audit firm merger on dynamic productivity. The results of dynamic productivity suggest that the index of productivity change, the index of pure technical efficiency change and index of scale efficiency change show the growth tendency of wave, the result indicates that the growth of productivity change is not stable ;the index of technology change shows the growth tendency of ＂w＂ ;the main drive factors for the growth of productivity belongs to the technology and scale efficiency improvement. The empirical results of the relationship between audit firm merger and dynamic productivity demonstrate that in the early stage of the domestic audit firms, mergers have significant negative effect on the index of productivity change and index of technology change, while mergers have no significant positive effect on the dynamic productivity. Considering the institutional environment,We find that law environment and market factors environment have the moderate effect in the relationship of merg

关 键 词：制度环境 事务所合并 MALMQUIST指数 

分 类 号：F233[经济管理—会计学] F224[经济管理—国民经济]