中小投资者保护何以抑制审计意见购买——基于投服中心行权视角  

How can the Protection of Small and Medium Investors Restrain the Purchase of Audit Opinions——Based on the View of the Right Exercise of Investor Services Center

作　　者：江雅婧 郭炯 JIANG Ya-jing;GUO Jiong(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006;School of Management,Xi’an Jiaotong University,Xi’an 710000,China)

机构地区：[1]山西财经大学会计学院,山西太原030006 [2]西安交通大学管理学院,陕西西安710000

出　　处：《山西财经大学学报》2024年第3期111-126,共16页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(71872105);教育部人文社科基金青年项目(23YJC630184);2023年山西省研究生教育创新项目(2023KY483)。

摘　　要：旨在保护中小投资者权益的中证中小投资者服务中心持股行权能否以及如何抑制审计意见购买以实现维权?以2014—2021年沪深A股上市公司为研究对象,建立多时点双重差分模型,发现投服中心行权能通过提高会计信息质量和增大审计风险来抑制审计意见购买,且参加股东大会比其他行权方式更能抑制审计意见购买。基于内外部环境的异质性检验发现,在非国企、机构持股比例低、外部关注度高、被证监会问询的公司中上述关系明显。研究结论对投服中心优化行权方式,充分发挥维护中小投资者权益的功能,以及监管方和投资者借助投服中心行权来有效监管和识别审计意见购买,都具有启示意义。China Securities Investor Services Center(CSISC)aims to protect the rights of small and medium investors.The paper conducted a research study to explore whether the right exercise of CSISC could restrain the purchase of audit opinions,and realize the protection of rights and interests.The paper selected A-share listed companies in Shanghai and Shenzhen from 2014 to 2021 as research subjects,and constructed the difference-in-difference mode with multiple time points.The research found that,the right exercise of investor services center could restrain the purchase of audit opinions by improving the quality of accounting information and increasing audit risk.Meanwhile,compared to other patterns of right exercise,participation in the general meeting of shareholders was more effective in suppressing the purchase of audit opinions.The heterogeneity tests based on internal and external environments revealed that,aforementioned relationships were more pronounced in non-state-owned enterprises,the enterprises having a lower proportion of institutional holdings,the enterprises having a higher level of external attention,and those queried by the China Securities Regulatory Commission.The conclusions have implications for optimizing the right exercise of CSISC,so as to fully protect the rights and interests of small and medium investors,as well as effectively supervise and identify the purchase of audit opinions respectively by regulators and investors.

关 键 词：中小投资者保护 投服中心行权 行权方式 审计意见购买 会计信息质量 审计风险 

分 类 号：F239.4[经济管理—会计学]