制度变迁、市场需求与独立审计质量的改善
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摘要
我国转型经济与新兴市场的基本特征决定了,在我国从计划经济向市场经济转型的过程中,制度的匮乏或缺失以及由此而来迅速的制度演进是一种常态。从这个角度来看,经济转型本质上可以理解为一个制度变迁的过程。由于我国证券审计市场的发展植根于我国经济转型和新兴市场的总体背景之下,因而在其发展过程中也必然伴随着更为迅速的制度变更。显然,对我国证券审计市场相关的审计质量的需求和供给等问题的分析也应当以此为出发点。
本文延续了李树华(2000)的研究,以我国1998——2004期问的IPO市场为研究对象,以我国股票发行定价制度的市场化演进过程为研究切入点,对研究期间我国IPO市场的审计师选择问题及审计市场结构变化,会计师事务所的审计质量差异化,以及审计质量的经济后果等问题进行了考察和实证检验。研究结果表明,首先,随着我国股票发行定价市场化程度的提高,在2000年以后,李树华(2000)所发现“审计独立性的提高与审计市场的背离”这一现象已经终止并发生了逆转,大规模会计师事务所(“十大”)的IPO市场份额获得的稳步提升。究其原因在于,在我国证券审计市场的迅速演进过程中,新兴的高质量审计需求在2000年以后开始逐渐显现,是来自于市场的自发需求力量最终推动了大规模会计师事务所IPO市场份额的提高。其次,市场自发的高质量审计需求也进一步推动了会计师事务所的审计质量差异化。这种以事务所规模区分的审计质量差异在2000年以后开始出现,但仍不够明显。不过,2002年以后的研究结果表明,大规模会计师事务所(“十大”)的审计质量要系统性地高于其他会计师事务所。最后,本文的研究发现,在2002年以后,审计质量具有明显的经济后果,高质量审计师(“十大”)所审计的IPO公司抑价程度显著更低。此外,对IPO审计定价的考察结果也表明,作为“质量(或声誉)溢价”,高质量审计师在IPO过程中也确实收取了更高的审计费用。
本文的主要贡献包括:(1)本文的研究结果首次表明,李树华(2000)所发现的“审计独立性的提高与审计市场的背离”现象在我国IPO市场中已经终止并发生逆转;(2)本文延续了李树华(2000)的研究,在一段较长的时期内(1998—2004)对我国IPO审计市场中与审计质量相关的问题进行了考察,从而填补了1997—2000期间关于上述问题的研究空白;(3)本文首次在一段较长的时期内,对审计质量的需求和供给问题进行了较为详细的分析和考察。从而能够回答这样的问题:(a)在我国,新兴的高质量审计需求出现的动因来自哪里,包括哪些,大约在何时出现;(b)我国会计事务所的审计质量差异化大约在什么时候开始显现,市场又是如何感知的;(4)本文以我国IPO市场为研究背景,系统考察了高质量审计的信息需求和监督需求假说。尤其是对IPO过程中信息需求的考察,本文的研究发现,在控制市盈率定价阶段,IPO公司的事先风险越低越有可能选择高质量审计师。这一研究结果在国内研究中尚属首次;(5)本文对IPO市场审计定价问题的考察丰富了目前国内关于审计定价问题的研究成果。(6)在研究方法上,与国内外大多数同类研究相比,本文作了三点改进:一是,在度量IPO公司事先风险时,由于多数研究所使用替代变量并不一致,本文在对已有度量方法进行总结的基础上,采用主成分分析法缩减变量个数,并以第一主成分作为IPO公司事先风险的替代变量;二是,在度量盈余管理时,本文同时采用了三种方法,从而使得研究结果更为可靠;三是,本文根据Kim et al.(2003)以及Chaney et al.(2004)研究中所采用的两阶段方法,对研究中可能存在的自选择偏误问题进行了控制。
According to the basic characters of China's transitional economies and emerging market, during the transition from planning economy to market economy, the absence of institution and hence the rapid evolution of institution are common phenomena. From this viewpoint, economy transition can be described as a process of institutional change. Since the security market's development in China rooted deeply in the gross background of economy transition and emerging market, which in its development process must be accompanied by more rapidly institutional change. Obviously, when analyzing the demand and supply issues of audit quality relating to security auditing market in China, we should take the former background as starting point.
Based on the IPO market in 1998—2004, this dissertation extends Li Shu-hua (2000) 's research. In this article, taking the marketization evolution of China's IPO pricing system as entry point, we empirically examine the issues about the auditor choice and change of audit market structure, the audit quality differentiation among audit firms, and economic consequence of audit quality. The results show that, first of all, with the improvement of marketization level of China's IPO pricing system, after year 2000, the Li (2000) 's finding of ''improved auditor independence and the flight from audit quality" has come to an end and reversed, the large audit firms' (Big 10) shares in IPO market increase steadily. The main cause lies in that, during the rapid evolution of China's security market, the emerging spontaneous demand for high quality audit gradually appeared after year 2000 , and eventually promoted the market shares of large audit firms in IPO market. Second, the spontaneous market demand for high quality audit further promotes the audit firm's audit quality differentiation. The differentiation of audit quality distinguished by the size of audit firms emerged after year 2000, but still not clear. Nevertheless, the study results after year 2002 show that, the audit quality of large audit firms (Big 10) is systematically higher than that of other audit firms. Finally, this dissertation finds that, after year 2002, audit quality has distinct economic consequence, and the IPO companies which audited by high quality auditors (Big 10) have the lower underpricing level significantly. In addition, the finding about IPO audit pricing also shows that, the high quality auditor do command significant higher fees as "quality (or reputation) premium".
The main academic contributions of this dissertation are presented as follows:(1) through theoretical analysis and empirical examination, we firstly find that the Li (2000) 's finding of " improved auditor independence and the flight from audit quality" has come to an end and reversed in China's IPO market ; (2) This dissertation extended Li (2000) 's research, investigates the issues relating to audit quality in China's IPO audit market in a long period (1998-2004) , thereby fills the research gaps on the above issues in 1997-2000 ; (3)This dissertation firstly detailedly analyses and examines the audit quality" demand and supply issues of security market in a long period. Thus we are able to answer the following questions: (a) In China, why and when merging high audit quality demand appeared, what does it include; (b) When the audit quality differentiation among accounting firms emerged, and how does the market perceive it. (4) Based on the background about China's IPO market, this dissertation systematically investigates the information hypothesis and monitoring hypothesis of audit quality. In particular, after year 2002, we find that, the lower ex ante risk of IPO company, the higher possibility to choose high quality auditor, which support information hypothesis. This result is firstly observed in China. (5) The research on audit pricing in IPO market enriches the current domestic literatures on audit pricing issues. (6) Comparing with similar studies at home and abroad, this dissertation improves the research method in three aspects: First, because the majority of researches used different variables to measure IPO ex ante risk, this dissertation applies Principle Component Analysis to reduce the number of the variables, and use the first principle component to measure IPO ex ante risk. Second, to ensure the reliability of results, we apply three methods to measure earnings management simultaneity. Third, we apply the two-stage method used by Kim et al. (2003) and Chaney et al. (2004) to control potential auditor self-selection bias .
本文延续了李树华(2000)的研究,以我国1998——2004期问的IPO市场为研究对象,以我国股票发行定价制度的市场化演进过程为研究切入点,对研究期间我国IPO市场的审计师选择问题及审计市场结构变化,会计师事务所的审计质量差异化,以及审计质量的经济后果等问题进行了考察和实证检验。研究结果表明,首先,随着我国股票发行定价市场化程度的提高,在2000年以后,李树华(2000)所发现“审计独立性的提高与审计市场的背离”这一现象已经终止并发生了逆转,大规模会计师事务所(“十大”)的IPO市场份额获得的稳步提升。究其原因在于,在我国证券审计市场的迅速演进过程中,新兴的高质量审计需求在2000年以后开始逐渐显现,是来自于市场的自发需求力量最终推动了大规模会计师事务所IPO市场份额的提高。其次,市场自发的高质量审计需求也进一步推动了会计师事务所的审计质量差异化。这种以事务所规模区分的审计质量差异在2000年以后开始出现,但仍不够明显。不过,2002年以后的研究结果表明,大规模会计师事务所(“十大”)的审计质量要系统性地高于其他会计师事务所。最后,本文的研究发现,在2002年以后,审计质量具有明显的经济后果,高质量审计师(“十大”)所审计的IPO公司抑价程度显著更低。此外,对IPO审计定价的考察结果也表明,作为“质量(或声誉)溢价”,高质量审计师在IPO过程中也确实收取了更高的审计费用。
本文的主要贡献包括:(1)本文的研究结果首次表明,李树华(2000)所发现的“审计独立性的提高与审计市场的背离”现象在我国IPO市场中已经终止并发生逆转;(2)本文延续了李树华(2000)的研究,在一段较长的时期内(1998—2004)对我国IPO审计市场中与审计质量相关的问题进行了考察,从而填补了1997—2000期间关于上述问题的研究空白;(3)本文首次在一段较长的时期内,对审计质量的需求和供给问题进行了较为详细的分析和考察。从而能够回答这样的问题:(a)在我国,新兴的高质量审计需求出现的动因来自哪里,包括哪些,大约在何时出现;(b)我国会计事务所的审计质量差异化大约在什么时候开始显现,市场又是如何感知的;(4)本文以我国IPO市场为研究背景,系统考察了高质量审计的信息需求和监督需求假说。尤其是对IPO过程中信息需求的考察,本文的研究发现,在控制市盈率定价阶段,IPO公司的事先风险越低越有可能选择高质量审计师。这一研究结果在国内研究中尚属首次;(5)本文对IPO市场审计定价问题的考察丰富了目前国内关于审计定价问题的研究成果。(6)在研究方法上,与国内外大多数同类研究相比,本文作了三点改进:一是,在度量IPO公司事先风险时,由于多数研究所使用替代变量并不一致,本文在对已有度量方法进行总结的基础上,采用主成分分析法缩减变量个数,并以第一主成分作为IPO公司事先风险的替代变量;二是,在度量盈余管理时,本文同时采用了三种方法,从而使得研究结果更为可靠;三是,本文根据Kim et al.(2003)以及Chaney et al.(2004)研究中所采用的两阶段方法,对研究中可能存在的自选择偏误问题进行了控制。
According to the basic characters of China's transitional economies and emerging market, during the transition from planning economy to market economy, the absence of institution and hence the rapid evolution of institution are common phenomena. From this viewpoint, economy transition can be described as a process of institutional change. Since the security market's development in China rooted deeply in the gross background of economy transition and emerging market, which in its development process must be accompanied by more rapidly institutional change. Obviously, when analyzing the demand and supply issues of audit quality relating to security auditing market in China, we should take the former background as starting point.
Based on the IPO market in 1998—2004, this dissertation extends Li Shu-hua (2000) 's research. In this article, taking the marketization evolution of China's IPO pricing system as entry point, we empirically examine the issues about the auditor choice and change of audit market structure, the audit quality differentiation among audit firms, and economic consequence of audit quality. The results show that, first of all, with the improvement of marketization level of China's IPO pricing system, after year 2000, the Li (2000) 's finding of ''improved auditor independence and the flight from audit quality" has come to an end and reversed, the large audit firms' (Big 10) shares in IPO market increase steadily. The main cause lies in that, during the rapid evolution of China's security market, the emerging spontaneous demand for high quality audit gradually appeared after year 2000 , and eventually promoted the market shares of large audit firms in IPO market. Second, the spontaneous market demand for high quality audit further promotes the audit firm's audit quality differentiation. The differentiation of audit quality distinguished by the size of audit firms emerged after year 2000, but still not clear. Nevertheless, the study results after year 2002 show that, the audit quality of large audit firms (Big 10) is systematically higher than that of other audit firms. Finally, this dissertation finds that, after year 2002, audit quality has distinct economic consequence, and the IPO companies which audited by high quality auditors (Big 10) have the lower underpricing level significantly. In addition, the finding about IPO audit pricing also shows that, the high quality auditor do command significant higher fees as "quality (or reputation) premium".
The main academic contributions of this dissertation are presented as follows:(1) through theoretical analysis and empirical examination, we firstly find that the Li (2000) 's finding of " improved auditor independence and the flight from audit quality" has come to an end and reversed in China's IPO market ; (2) This dissertation extended Li (2000) 's research, investigates the issues relating to audit quality in China's IPO audit market in a long period (1998-2004) , thereby fills the research gaps on the above issues in 1997-2000 ; (3)This dissertation firstly detailedly analyses and examines the audit quality" demand and supply issues of security market in a long period. Thus we are able to answer the following questions: (a) In China, why and when merging high audit quality demand appeared, what does it include; (b) When the audit quality differentiation among accounting firms emerged, and how does the market perceive it. (4) Based on the background about China's IPO market, this dissertation systematically investigates the information hypothesis and monitoring hypothesis of audit quality. In particular, after year 2002, we find that, the lower ex ante risk of IPO company, the higher possibility to choose high quality auditor, which support information hypothesis. This result is firstly observed in China. (5) The research on audit pricing in IPO market enriches the current domestic literatures on audit pricing issues. (6) Comparing with similar studies at home and abroad, this dissertation improves the research method in three aspects: First, because the majority of researches used different variables to measure IPO ex ante risk, this dissertation applies Principle Component Analysis to reduce the number of the variables, and use the first principle component to measure IPO ex ante risk. Second, to ensure the reliability of results, we apply three methods to measure earnings management simultaneity. Third, we apply the two-stage method used by Kim et al. (2003) and Chaney et al. (2004) to control potential auditor self-selection bias .
引文
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