股权激励实施前的审计意见购买行为研究  

A Study on the Purchasing Behavior of Audit Opinions before Implementing Equity Incentives

作　　者：谢裕慧 刘文军[1] 石德金[1] Xie Yuhui;Liu Wenjun;Shi Dejin

机构地区：[1]福建农林大学管理学院,福建福州350002

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2019年第3期105-117,共13页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金项目(71702032);福建省科技厅软科学项目(2018R0015);2017年度福建省高校杰出青年科研人才培育计划项目。

摘　　要：《上市公司股权激励管理办法(试行)》很可能引致企业在股权激励实施前采取策略性的审计意见购买行为。文章基于2006~2016年上市公司数据,运用双重差分倾向得分匹配法研究发现:企业在股权激励实施前进行了签字审计师和会计师事务所两个层面的审计意见购买;在股权激励实施前,企业财务报表的审计质量偏低;股权激励实施前的审计意见购买行为在非国有企业中更加显著;当审计市场存在有限责任制和合伙制两种组织形式时,只有合伙制会计师事务所能够抑制股权激励实施前的审计意见购买行为。文章研究表明,股权激励计划对审计意见购买具有显著的刺激效应,这对于监管部门准确把握监管重心和关键时点,进一步完善上市公司股权激励的配套监管政策具有重要的借鉴意义。The provision of Measures for the Administration of Equity Incentive of Listed Companies(Trial)stipu-lates the listed companies that intend to implement equity incentives cannot have an audit report where there is an adverse opinion or disclaimer ot opinion. Ihis provision may induce companies prepanng to implement equity incentives to engage in strategic opinion shopping. Specifically, opinion shopping can be achieved by raising audit fees, auditor changes or other means. Opinion shopping damages the independence of auditors, and it impacts the audit quality of financial statements. Therefore, this study is devoted to studying whether companies engage in strategic opinion shopping before implementing equity incentives. If that phenomenon is real, what are the characteristics of enterprises engaging in opinion shopping before the implementation of equity incentives?To analyze opinion shopping before the implementation of equity incentives, first, the propensity score matching method is used for selecting the corresponding control group that companies do not implement equity incentives for the experimental group that companies have the plan of implementing equity incentives. Then based on the experimental group and the selected control group data, the opinion shopping model of Lennox (2000) is adopted to analyze opinion shopping. Finally, the equity incentive related variables are added to the opinion shopping model of Lennox (2000), which forms the difference - in - differences model to analyze the opinion shopping before the implementation of equity incentives.The main conclusions are as following. First, the equity incentive plan has a significant inducement effect on opinion shopping before the implementation of equity incentives. Companies with equity incentive plans have obvious opinion shopping behaviors before the implementation of equity incentives to meet the provision. Second, in 1 year prior to the implementation of equity incentives, the audit quality of companies with equity incentive plans is lower,

关 键 词：股权激励 审计意见购买 产权性质 会计师事务所组织形式 

分 类 号：F23[经济管理—会计学]