企业家精神、审计治理与公司价值——基于中国上市公司的经验证据  

Entrepreneurship,Audit Quality and Corporate Value:Based on the Empirical Evidence of Listed Companies in China

作　　者：卜美文 张俊民 BU Mei-wen;ZHANG Jun-min

机构地区：[1]天津理工大学财务处 [2]天津财经大学会计学院

出　　处：《中央财经大学学报》2021年第3期74-87,共14页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金面上项目“产权视角下审计师声誉机制及其经济后果研究”(项目编号:71272189);国家自然科学基金青年项目“公允价值估计中的管理者自由裁量及其行为后果与治理:基于股权激励表外信息的研究”(项目编号:71502122)。

摘　　要：本文以2008—2018年中国上市公司为研究样本,基于高阶梯队理论、声誉机制理论、核心能力理论及熵增理论等,采用OLS、PSM和IV-2SLS方法,考察企业家精神作为制度环境与微观经济主体间的传导机制与审计治理和公司价值之间的关系。研究发现:企业家精神在一定程度上促进了公司价值提升;高质量审计增强了企业家精神与公司价值之间的正相关关系,即企业家精神与高质量审计对公司价值的影响存在一定的互补效应,二者的共存对公司价值的提升作用更显著。进一步研究发现:宏观制度环境在企业家精神与公司价值之间起到了正向调节作用;相比国有企业,在非国有企业中,企业家精神更能得以发挥。本文丰富了企业家精神相关领域的研究,为应对当前经济形势下行压力提供可行的路径与启示。Based on the high-level echelon theory,reputation mechanism theory,core competence theory and entropy theory,this paper uses OLS,PSM and IV-2SLS methods to investigate the relationship between entrepreneurship as the transmission mechanism between institutional environment and microeconomic entities,audit governance and corporate value.The results show that the entrepreneurship promotes the promotion of corporate value to a certain extent;high-quality audit enhances the positive correlation between entrepreneurship and corporate value,that is,entrepreneurship and high-quality audit have complementary effects on corporate value,and the coexistence of the two has a more significant effect on the promotion of corporate value.Further research shows that the macro institutional environment plays a positive regulatory role between entrepreneurship and corporate value;compared with state-owned enterprises,entrepreneurship can be better played in non-state-owned enterprises.This paper enriches the research on entrepreneurship and provides feasible path and enlightenment for coping with the downward pressure of the current economic situation.

关 键 词：企业家精神 审计治理 制度环境 公司价值 

分 类 号：F239F270[经济管理—会计学]