【作者】 张奇峰； 张鸣； 王俊秋；

【Author】 Zhang Qifeng Ming Zhang Jiuqiu Wang

【机构】 上海立信会计学院； 上海财经大学会计与财务研究院/会计学院； 华东理工大学商学院；

【摘要】 公司控制权安排对盈利质量及其市场价值有何影响?独立审计能发挥公司外部治理作用吗?本文用2002-2003年A股上市公司为样本的实证研究回答了上述问题。用盈利相关系数计量盈利质量,本文研究结果发现:非经营性国有控股公司的盈利质量更低,经国际4大会计师事务所审计的公司盈利质量更高;非经营性国有控股、股权集中度越低、股权制衡度越低的公司更不愿意聘请国际4大作为审计师;国有企业的市场价值并不低于非国有企业,企业市场价值与公司股权结构密切相关。本文通过论证独立审计在公司治理中的作用表明,公司控制权安排、审计师选择能够到影响公司的会计信息质量,并对其市场价值产生影响。更多还原

【Abstract】 How do firms’ arrangements of control rights affect their earning quality and their market values? Whether can independent auditors perform their governance role on the firms? Using the data of listed firms over 2002-2003 periods, this paper empirically researches these questions. We finds that firstly, firms with nonprofit state shareholder as the largest owner have inferior earning quality measured by earning correlative coefficient with market value and the firms audited by International Four accounting firms (Inter 4) have superior earning quality. Secondly, the firms with nonprofit state shareholder as the largest owner are fewer likely to employ Inter 4. The more the share of the largest owner is, the more likely for the firm to employ Inter 4. The bigger the proportion of the second largest owner’s share to the largest owner’s share, the more likely for the firm to employ Inter 4. Thirdly, the market values of the firms with the state shareholder as the largest owner aren’t fewer than those of the firms with the non-state shareholder as the largest owner. There are close correlations between the firms’ ownership structures with their market value. This paper argues that the independent auditor can improve the firms’ earning quality. Our results suggest that firm’ arrangements of control rights and auditor choices can affect their earning quality which have impacts on their market value.更多还原