混合所有制改革与会计师事务所选择——来自国有上市公司的经验证据  

Mixed-ownership Reform and Auditor Choice: Evidence from Listed State-owned Enterprises

作　　者：陈良银 黄俊[1] 陈信元[1] Chen Liangyin

机构地区：[1]上海财经大学会计学院/会计与财务研究院,200433

出　　处：《会计研究》2021年第7期153-165,共13页Accounting Research

基　　金：国家自然科学基金项目(71632006,72172081);教育部人文社会科学重点研究基地重大研究项目(18JJD790011);高等学校学科创新引智计划(B18033)的资助。

摘　　要：本文以2003-2017年国有上市公司为样本,探究了混合所有制改革对国有企业会计师事务所选择的影响。我们研究发现,国有企业混合所有制改革程度越高,更倾向于聘请国际"四大"会计师事务所审计。进一步的,混合所有制改革对国有企业会计师事务所选择的影响在高竞争行业、低市场化程度地区及信息透明度低的国有企业中更显著。此外,本文考察发现,混合所有制改革提高了国有企业融资约束水平,这构成了混改后国有企业选择高质量会计师事务所的一个重要动机。基于中介效应的检验发现,国企混改通过影响会计师事务所选择进而提高了公司会计信息质量。本文研究在丰富国有企业混合所有制改革和会计师事务所选择文献的同时,也为混合所有制改革的经济后果提供了经验证据,为进一步推进我国国有企业改革提供了参考与借鉴。Based on data of state-owned enterprises listed on the Shanghai and Shenzhen Stock Exchanges from 2003 to 2017,this study examines how the mixed-ownership reform affects a company’s auditor choice.We find that the higher the degree of mixed-ownership reform of state-owned enterprises, the more inclined they are to choose international‘Big Four’ accounting firms as auditors.Further, this effect is more pronounced for firms in higher competition industries, in lower marketization regions and with lower information transparency.Notably, the mixed-ownership reform increases financial constraints of state-owned enterprises.This may be an important incentive for state-owned enterprises to choose high quality auditors after the mixed-ownership reform.The results of the mediation test suggest that the mixed-ownership reform improves the accounting information quality of state-owned enterprises through the choice of auditors.Our study enriches the literature of mixed-ownership reform and auditor choice, and provides empirical evidence for the economic consequences of mixed-ownership reform, which is relevant for guiding future state-owned enterprises reform.

关 键 词：混合所有制改革 股权结构 高层治理 会计信息质量 

分 类 号：F276.1[经济管理—企业管理] F832.51[经济管理—国民经济] F271F233