公共会计服务市场的竞争秩序——来自中国证券审计市场新设分所的证据  

Competition Order of Public Accounting Service Market:Evidence from the Newly Established Branch Offices of China's Securities Audit Market

作　　者：吴溪 王春飞 李勃 Wu Xi;Wang Chunfei;Li Bo

机构地区：[1]中央财经大学会计学院,中国管理会计研究与发展中心,100081 [2]中国财政科学研究院,100142 [3]中国证券监督管理委员会,100032

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2019年第5期108-116,共9页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金项目(71302131,71772194,71872003);教育部人文社科项目(13YJC630160)资助。

摘　　要：规范的市场竞争秩序是公共会计行业良性发展和服务质量的基础保障。我国的公共会计服务业在过去十余年经历了快速上规模的发展,其中在各地广泛设立分所是主要的扩张方式。基于我国2013~2016年间证券资格会计师事务所的新设分所数据,本文考察了新设分所的竞争策略及其对当地审计市场的潜在冲击。我们发现,新设分所在设立当年能够成功从竞争对手争揽到上市客户,并存在着明显的低价竞争和.降低审计质量的行为。我们还发现,当省际审计市场竞争变得更激烈时,现存竞争者越可能向现有上市客户提供审计折价。我们的证据意味着,在公共会计行业的规模化进程中,通过新设分所进行的外延式发展伴随着明显的恶性竞争,并引发了现存竞争者采用降价策略进行防御,从而扰乱了市场的正常竞争秩序。本文拓展了分所层面的审计市场竞争文献和会计师事务所内部治理文献,并对我国公共会计服务行业的深化改革以及金融市场的风险防控与监管具有现实含义。China's public accounting service profession has experienced rapid development in the past decade,and the major means of expansion are mainly characterized by merging with local audit firms as newly-established branch offices across the country.Based on the office-level data in China' securities market from 2013 to 2016,this study examines the competing strategies of these newly-established branch offices and their potential impact on the local audit market.We found that newly-established branch offices were able to successfully obtain listed clients in the year of establishment,and there was significant low-price competition and reduced audit quality.We also found that when competition in the inter-provincial audit market intensifies,it is more likely for existing firms to offer audit fee discounts to existing listed clients.Our evidence indicates that in the scaling process of the public accounting profession,the epitaxial extension by establishing new branch offices brings about destructive competition,and existing firms use price reduction strategies as a defense,thus disrupting normal market competition.Our study expands the literature on audit market competition at the office level,as well as the emerging literature on the internal governance of accounting firms.It also has policy implications for the reforms in China's public accounting service profession and for the regulation of financial markets.

关 键 词：公共会计服务市场 竞争秩序 新设分所 会计师事务所变更 

分 类 号：F23[经济管理—会计学]