基于预期审计意见的审计师变更决策研究
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摘要
近些年来，一系列财务舞弊案的发生，激起了社会大众的广泛关注。无论学术界，还是实务界，都开始思考这样的问题：独立审计到底能为资本市场的信息质量提供多大程度的鉴证，能够在多大程度上保护中小股民的利益?独立审计质量到底是提高了，还是下降了?独立审计机制在中国股票市场扮演着何种角色?对于这些问题，似乎很难得出一个公允且一致的答案。
在上市公司与审计师的复杂契约中，很多因素制约着审计质量的提高。其中，审计师更换是对审计独立性的一个根本威胁，因为其维系着审计师对客户的经济依赖性，而围绕日益频繁的审计师更换现象，西方学术界已展开了广泛而深入的研究，但国内的相关研究稍显薄弱。因此，本文在借鉴最新研究成果的基础上，着眼于预期审计意见改善的动机，运用实证研究的方法，论证其对上市公司更换审计师决策的影响，进而考察审计师变化后，上市公司是否因此得到了更为“优厚的待遇”。希望本研究能够对已有研究成果有所突破，加深对我国独立审计质量的认识，同时对加强上市公司审计师变更的监管提出一些粗浅的建议。
本文研究内容包括：对有关审计质量实证研究，特别审计师更换文献进行回顾与评价，以此作为研究的起点；提出本文实证研究的研究框架、研究假设以及研究设计；着重对审计意见影响因素进行分析，得出“预期审计意见”变量，进而考察它和其他控制变量对上市公司审计师变更决策的影响；此外，实证检验审计师变更前后，上市公司审计意见以及财务报告的改善情况。
During the past years, several financial fraud cases have attracted attention widely from the whole nation. Both the academy and the profession began to speculate the following questions: At which degree can the independent auditors guarantee the quality of the information in the security market? Whether the auditing quality has been improved or become worse? What kind of role does the independent auditing mechanism play in the china security market? To these questions, there are still some disputes and divergences.
In the complicated contract between clients and auditors, there are so many factors which have influenced auditing quality. Thereinto, auditor switching is regarded the fatal threaten to independence of auditor, because it will affect the interest of auditor. So concerning this topic, western academy has obtained abundant fruits, but there are some weaknesses in the domestic research. Hence, this paper absorbs the newest findings of auditor switching research, and focuses on the predicted auditing opinions of corporates, and then adopts the empirical research methods to investigate the motivation of auditor switching decision. Besides, this paper also tries to answer this question: Have the clients gained better treatment after change their auditors? It is hoped that this thesis will help us make a deep knowledge of auditing quality and provide some suggestions to the supervisor of security market.
The main research contents are as follows: firstly documents the related literature to auditing quality, especially auditor switches, which are the sources of research thought; Secondly, it shows the research framework, research hypothesizes and research design of the paper; Furthermore, it analyzes the factors contributing to different audit opinions, then computes the predicted audit opinion, which is used to explore the reasons of auditor switches decision. Besides, it studies the results of auditor switches, including audit opinions and financial statement.
在上市公司与审计师的复杂契约中，很多因素制约着审计质量的提高。其中，审计师更换是对审计独立性的一个根本威胁，因为其维系着审计师对客户的经济依赖性，而围绕日益频繁的审计师更换现象，西方学术界已展开了广泛而深入的研究，但国内的相关研究稍显薄弱。因此，本文在借鉴最新研究成果的基础上，着眼于预期审计意见改善的动机，运用实证研究的方法，论证其对上市公司更换审计师决策的影响，进而考察审计师变化后，上市公司是否因此得到了更为“优厚的待遇”。希望本研究能够对已有研究成果有所突破，加深对我国独立审计质量的认识，同时对加强上市公司审计师变更的监管提出一些粗浅的建议。
本文研究内容包括：对有关审计质量实证研究，特别审计师更换文献进行回顾与评价，以此作为研究的起点；提出本文实证研究的研究框架、研究假设以及研究设计；着重对审计意见影响因素进行分析，得出“预期审计意见”变量，进而考察它和其他控制变量对上市公司审计师变更决策的影响；此外，实证检验审计师变更前后，上市公司审计意见以及财务报告的改善情况。
During the past years, several financial fraud cases have attracted attention widely from the whole nation. Both the academy and the profession began to speculate the following questions: At which degree can the independent auditors guarantee the quality of the information in the security market? Whether the auditing quality has been improved or become worse? What kind of role does the independent auditing mechanism play in the china security market? To these questions, there are still some disputes and divergences.
In the complicated contract between clients and auditors, there are so many factors which have influenced auditing quality. Thereinto, auditor switching is regarded the fatal threaten to independence of auditor, because it will affect the interest of auditor. So concerning this topic, western academy has obtained abundant fruits, but there are some weaknesses in the domestic research. Hence, this paper absorbs the newest findings of auditor switching research, and focuses on the predicted auditing opinions of corporates, and then adopts the empirical research methods to investigate the motivation of auditor switching decision. Besides, this paper also tries to answer this question: Have the clients gained better treatment after change their auditors? It is hoped that this thesis will help us make a deep knowledge of auditing quality and provide some suggestions to the supervisor of security market.
The main research contents are as follows: firstly documents the related literature to auditing quality, especially auditor switches, which are the sources of research thought; Secondly, it shows the research framework, research hypothesizes and research design of the paper; Furthermore, it analyzes the factors contributing to different audit opinions, then computes the predicted audit opinion, which is used to explore the reasons of auditor switches decision. Besides, it studies the results of auditor switches, including audit opinions and financial statement.
引文
[1] 罗斯·瓦茨，杰罗尔德·齐默尔曼．实证会计理论．大连：东北财经大学出版社，2002．
[2] 阮桂海，蔡建琼，朱志海等．统计分析应用教程．北京：清华大学出版社，2003．
[3] Uma Sekaran．企业研究方法．北京：清华大学出版社，2005．
[4] 唐·埃思里奇．应用经济学研究方法．北京：经济科学出版社，1998．
[5] 刘明辉．高级审计理论与实务．大连：东北财经大学出版社，2005．
[6] 威廉R．斯科特．财务会计理论．北京：机械工业出版社，2006．
[7] 李东平，黄德华，王振林．“不清洁”审计意见、盈余管理与会计师事务所变更．会计研究2001(6)：51-57．
[8] 夏立军，杨海斌．注册会计师对上市公司盈余管理的反应．会计研究2002(4)：28-34．
[9] 原红旗，李海建．会计师事务所组织形式、规模与审计质量．审计研究2003(1)：32—37．
[10] 陆正飞，童盼．审计意见、审计师变更与监管政策．审计研究2003(3)：30-35．
[11] 杨鹤，徐鹏．审计师更换对审计独立性影响的实证研究．审计研究2004(1)：83—88．
[12] 李爽，吴溪．不利审计意见改善与自愿性审计师变更．审计研究2004(5)：13-19．
[13] 陈武朝，张鸿．盈余管理、审计师变更与审计师独立性．会计研究2004(8)：81-86．
[14] 李维安，王新汉，王威．盈余管理与审计意见关系的实证研究．财经研 究．2004(11)：126-135．
[15] 王英姿，陈信元．我国会计师事务所变更的因素分析．管理世界．2004(12)：121—126．
[16] 吴联生，谭力．审计师变更决策与审计意见改善．审计研究．2005(2)：34-40．
[17] 陈关亭．上市公司财务敏感区间与项目的审计意见．会计研究．2005(7)：32-38．
[18] 唐跃军，左晶晶．上市公司年报非标准审计意见的比较研究．财经问题研究，2005(7)：64-71．
[19] 陈晓，陈武朝．注册会计师独立性的再审视．会计研究．2005(10)：76—81．
[20] John C.Button, William Roberts. A Study of auditor changes. The Journal of Accountancy. 1967 (4):31-36.
[21] Charles G.Carpenter, Robert H.Strawser.Displacement of auditors when clients go public. The Journal of Accountancy. 1971 (6):55-58.
[22] James P.Bedingfield.Auditor changes-an examination. The Journal of Accountancy.1974(3):66-69.
[23] Chee W.Chow, Steven J.Rice.Qualified Audit opinions and auditor switchig. The Accounting Review. 1982 (4):326-335.
[24] John W.Eichenseher, David Shields. The correlates of cpa-firm change for publicly-held corporations.Auding. 1983(2):23-37.
[25] Kenneth B.Schwartz, Krishnagopal Menon.Auditor switches by failing firms. The Accounting Review. 1985 (4):248-261.
[26] A.T.Craswell.The association between qualified opinions and auditor switches. Accounting and Business Research. 1988(19):23-31.
[27] David B.Smith.Auditor "subject to"opinions,disclaimers, and auditor changes.Auditing. 1986.(6):95-108.
[28] Mark E.Haskins, David D.Williams.A contingent model of intra-big eight auditor changes.Auditing. 1990 (9). 55-74.
[29]Mark L.Defond.The association between changes in clients firm agency costs and auditors switching. Auditing. 1992 (11): 16-31.
[30]Jagan Krishnan.Auditor switching and conservatism. The Accounting Review. 1994 (1):200-215.
[31]Becker, DeFond, Jiambalvo, Subramanyam. The effect of audit quality on earnings management[J]. Contemporary Accounting Research, 1995(20).
[32]Jagan Krishnan,Ray G.Stephens.The simultaneous relation between auditor switching and audit opinion: an empirical analysis. Accounting and Business Research. 1996(3):224-236.
[33]Jagan Krishan, Jayanthi Krishnan. Litigation risk and auditor resignations. The Accounting Review. 1997(10):539-560.
[34]Willenborg. Empirical analysis of the economic demand of auditing in the initial public offerings market. Journal of Accounting Research. 1999(20).
[35]C.Lennox.Do companies successfully engage in opinion-shopping? Journal of Accounting and Economics.2000(29):321-337.
[36]Eli Bartov, Ferdinand A.Gul.Discretionary-accrual models and audit qualifications.Journal of Accounting and Economics.2001 (30):421-452.
[37]Mark L.Defond,T.J.Wong, Shuhua Li.The impact of improved auditor independence on audit market concentration in China. Journal of Accounting and Economics.2000(28):269-305.
[38]Lennox.Are large auditors more accurate than small auditor.Accounting and Business research. 1999(29).
[39]In-Mu G.Haw, Kyungjoo Park.Audit qualification and timing of earnings announcements:evidence from China.Auditing.2003 (22).
[40]Woo,Hian Chye Koh.Factors associated with auditor changes:a Singapore study.Accounting and Business Research.2001 (31): 133-144.
[41]Balsam, Krishnan, Yang. Auditor industry specialization and earning quality.Auditing, 20032(2):71-97.
[42]Don Anderson,Don Stokes,Ian Zimmer.Corporate takeover and auditor switching. Auditing. 1993(12):65-73.
[43] Francis, Wilson. Auditor changes: a joint test of theories relating to agency costs and auditor differentiation. The Accounting Review. 1988 (63).
[44] Jagan Krishnan, Ray G. Stephens. Evidence on opinion shopping from audit opinion conservatism. Journal of Accounting and Pubic Policy.1995 (14):179-201.
[45] CraswelI, Francis, Taylor. Auditor brand name reputation and industry specialization. Journal of Accounting and Economics. 1995(20).
[46] DeFond, Francis. Auditor industry specialization and market segmentation: evidence from Hong Kong. Auditing. 2000(19):49-66.
[47] Krishnan. The association between of Big6 auditor industry expertise and asymmetric timeliness of earning. Journal of Accounting, Auditing and Finance. 2004(20).
[48] Dopuch. Predicting audit qualifications with financial and market variables. The Accounting Review. 1987(7):431-454.
[49] Palmrose. An analysis of auditor litigation and audit service quality. The Accounting Review. 1988(20).
[50] Teoh, Wang. Perceived auditor quality and the earning response coefficient. The Accounting Review. 1992(20).
[51] Mark L. Defond, K. R. Subramnyam. Auditor changes and discretionary accruals. Journal of Accounting and Economics. 1998(25):35-67.
[52] Carcello, Neal. Audit committee characteristics and auditor dismissals following going-concern reports. The Accounting Review. 2003(78):95-117.
[53] Kevin C. W. Chen, Hongqi Yuan. Earning management and capital resource allocation:evidence from China's accounting-based regulation of rights issues. The Accounting Review. 2004(79):645-665.
[54] Francis. What do we know about audit quality? The British Accounting Review. 2004(36):345-368.
[2] 阮桂海，蔡建琼，朱志海等．统计分析应用教程．北京：清华大学出版社，2003．
[3] Uma Sekaran．企业研究方法．北京：清华大学出版社，2005．
[4] 唐·埃思里奇．应用经济学研究方法．北京：经济科学出版社，1998．
[5] 刘明辉．高级审计理论与实务．大连：东北财经大学出版社，2005．
[6] 威廉R．斯科特．财务会计理论．北京：机械工业出版社，2006．
[7] 李东平，黄德华，王振林．“不清洁”审计意见、盈余管理与会计师事务所变更．会计研究2001(6)：51-57．
[8] 夏立军，杨海斌．注册会计师对上市公司盈余管理的反应．会计研究2002(4)：28-34．
[9] 原红旗，李海建．会计师事务所组织形式、规模与审计质量．审计研究2003(1)：32—37．
[10] 陆正飞，童盼．审计意见、审计师变更与监管政策．审计研究2003(3)：30-35．
[11] 杨鹤，徐鹏．审计师更换对审计独立性影响的实证研究．审计研究2004(1)：83—88．
[12] 李爽，吴溪．不利审计意见改善与自愿性审计师变更．审计研究2004(5)：13-19．
[13] 陈武朝，张鸿．盈余管理、审计师变更与审计师独立性．会计研究2004(8)：81-86．
[14] 李维安，王新汉，王威．盈余管理与审计意见关系的实证研究．财经研 究．2004(11)：126-135．
[15] 王英姿，陈信元．我国会计师事务所变更的因素分析．管理世界．2004(12)：121—126．
[16] 吴联生，谭力．审计师变更决策与审计意见改善．审计研究．2005(2)：34-40．
[17] 陈关亭．上市公司财务敏感区间与项目的审计意见．会计研究．2005(7)：32-38．
[18] 唐跃军，左晶晶．上市公司年报非标准审计意见的比较研究．财经问题研究，2005(7)：64-71．
[19] 陈晓，陈武朝．注册会计师独立性的再审视．会计研究．2005(10)：76—81．
[20] John C.Button, William Roberts. A Study of auditor changes. The Journal of Accountancy. 1967 (4):31-36.
[21] Charles G.Carpenter, Robert H.Strawser.Displacement of auditors when clients go public. The Journal of Accountancy. 1971 (6):55-58.
[22] James P.Bedingfield.Auditor changes-an examination. The Journal of Accountancy.1974(3):66-69.
[23] Chee W.Chow, Steven J.Rice.Qualified Audit opinions and auditor switchig. The Accounting Review. 1982 (4):326-335.
[24] John W.Eichenseher, David Shields. The correlates of cpa-firm change for publicly-held corporations.Auding. 1983(2):23-37.
[25] Kenneth B.Schwartz, Krishnagopal Menon.Auditor switches by failing firms. The Accounting Review. 1985 (4):248-261.
[26] A.T.Craswell.The association between qualified opinions and auditor switches. Accounting and Business Research. 1988(19):23-31.
[27] David B.Smith.Auditor "subject to"opinions,disclaimers, and auditor changes.Auditing. 1986.(6):95-108.
[28] Mark E.Haskins, David D.Williams.A contingent model of intra-big eight auditor changes.Auditing. 1990 (9). 55-74.
[29]Mark L.Defond.The association between changes in clients firm agency costs and auditors switching. Auditing. 1992 (11): 16-31.
[30]Jagan Krishnan.Auditor switching and conservatism. The Accounting Review. 1994 (1):200-215.
[31]Becker, DeFond, Jiambalvo, Subramanyam. The effect of audit quality on earnings management[J]. Contemporary Accounting Research, 1995(20).
[32]Jagan Krishnan,Ray G.Stephens.The simultaneous relation between auditor switching and audit opinion: an empirical analysis. Accounting and Business Research. 1996(3):224-236.
[33]Jagan Krishan, Jayanthi Krishnan. Litigation risk and auditor resignations. The Accounting Review. 1997(10):539-560.
[34]Willenborg. Empirical analysis of the economic demand of auditing in the initial public offerings market. Journal of Accounting Research. 1999(20).
[35]C.Lennox.Do companies successfully engage in opinion-shopping? Journal of Accounting and Economics.2000(29):321-337.
[36]Eli Bartov, Ferdinand A.Gul.Discretionary-accrual models and audit qualifications.Journal of Accounting and Economics.2001 (30):421-452.
[37]Mark L.Defond,T.J.Wong, Shuhua Li.The impact of improved auditor independence on audit market concentration in China. Journal of Accounting and Economics.2000(28):269-305.
[38]Lennox.Are large auditors more accurate than small auditor.Accounting and Business research. 1999(29).
[39]In-Mu G.Haw, Kyungjoo Park.Audit qualification and timing of earnings announcements:evidence from China.Auditing.2003 (22).
[40]Woo,Hian Chye Koh.Factors associated with auditor changes:a Singapore study.Accounting and Business Research.2001 (31): 133-144.
[41]Balsam, Krishnan, Yang. Auditor industry specialization and earning quality.Auditing, 20032(2):71-97.
[42]Don Anderson,Don Stokes,Ian Zimmer.Corporate takeover and auditor switching. Auditing. 1993(12):65-73.
[43] Francis, Wilson. Auditor changes: a joint test of theories relating to agency costs and auditor differentiation. The Accounting Review. 1988 (63).
[44] Jagan Krishnan, Ray G. Stephens. Evidence on opinion shopping from audit opinion conservatism. Journal of Accounting and Pubic Policy.1995 (14):179-201.
[45] CraswelI, Francis, Taylor. Auditor brand name reputation and industry specialization. Journal of Accounting and Economics. 1995(20).
[46] DeFond, Francis. Auditor industry specialization and market segmentation: evidence from Hong Kong. Auditing. 2000(19):49-66.
[47] Krishnan. The association between of Big6 auditor industry expertise and asymmetric timeliness of earning. Journal of Accounting, Auditing and Finance. 2004(20).
[48] Dopuch. Predicting audit qualifications with financial and market variables. The Accounting Review. 1987(7):431-454.
[49] Palmrose. An analysis of auditor litigation and audit service quality. The Accounting Review. 1988(20).
[50] Teoh, Wang. Perceived auditor quality and the earning response coefficient. The Accounting Review. 1992(20).
[51] Mark L. Defond, K. R. Subramnyam. Auditor changes and discretionary accruals. Journal of Accounting and Economics. 1998(25):35-67.
[52] Carcello, Neal. Audit committee characteristics and auditor dismissals following going-concern reports. The Accounting Review. 2003(78):95-117.
[53] Kevin C. W. Chen, Hongqi Yuan. Earning management and capital resource allocation:evidence from China's accounting-based regulation of rights issues. The Accounting Review. 2004(79):645-665.
[54] Francis. What do we know about audit quality? The British Accounting Review. 2004(36):345-368.