质权人与标的物公司共享审计师能降低股价崩盘风险吗?——基于控股股东股权质押视角  

Can the Pledgee and the Subject Company Share an Auditor to Reduce the Risk of Stock Price Crash?Based on the Perspective of Equity Pledge of Controlling Shareholder

作　　者：余怒涛[1] 杨张萌 YU Nu-tao;YANG Zhang-meng(School of Accounting,Yunnan University of Finance and Economics,Kunming 65o22l,China)

机构地区：[1]云南财经大学会计学院,云南昆明650221

出　　处：《现代财经(天津财经大学学报)》2025年第2期71-90,共20页Modern Finance and Economics:Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(72262034);国家自然科学基金项目(71862037)。

摘　　要：本文以2007—2022年沪深A股发生过控股股东股权质押的上市公司为研究对象,探究质权人与标的物公司聘用同一家会计师事务所对标的物公司股价崩盘风险产生的影响。研究发现,共享审计师会显著降低标的物公司的股价崩盘风险,并且共享审计师的声誉越高,对股价崩盘风险的抑制作用越强。此外,机制检验表明,共享审计师能有效降低标的物公司的股价泡沫程度和会计信息不透明程度,从而促进股价崩盘风险的降低。另外,从质权人、出质人、标的物公司的角度进行了多情境的异质性分析。上述结论为推动审计师充分发挥外部监督治理效用,防范化解重大金融风险以及促进资本市场的良性发展提供了经验参考。This paper takes the listed companies that have pledged the equity of the controlling shareholders in Shanghai and Shenzhen A-shares from 2007 to 2022 as the research object,and explores the influence of the same accounting firm employed by the pledgee and the target company on the stock price crash risk of the target company.It is found that shared auditors significantly reduce the stock price crash risk of the target company,and the higher the reputation of shared auditors,the stronger the inhibition effect on the stock price crash risk.In addition,the mechanism test shows that shared auditors can effectively reduce the degree of stock price bubble and accounting information opacity of the target company,so as to reduce the risk of stock price crash.In addition,from the perspective of pledgee,pledgor and subject matter company,the heterogeneity analysis of multiple scenarios is carried out.The above conclusions provide empirical reference for promoting auditors to give full play to the effectiveness of external supervision and governance,preventing and resolving major financial risks and promoting the sound development of the capital market.

关 键 词：共享审计师 股价崩盘风险 股权质押 股价泡沫 会计信息透明度 

分 类 号：F239.4[经济管理—会计学]