摘要
文章基于中国特殊的制度背景,以2007-2013年沪深A股上市公司为研究对象,检验了审计师的行业专长对公司权益资本成本的影响。研究发现:(1)审计师的行业专长通过提高会计信息质量的途径确实降低了上市公司的权益资本成本;(2)产权性质和制度环境在审计师的行业专长影响公司权益资本成本的过程中发挥了调节作用,且这种调节作用在法制环境较差地区的公司中以及国有产权的公司中表现得更为明显。这说明具有行业专长的审计师在中国证券市场上发挥了替代性的保护投资者的作用。文章为法制进程相对落后地区如何通过外部审计来加强对投资者的保护提供了理论依据与政策思路。
Based on special institutional background in China and the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2013,this paper tests the effect of auditor industry specialization on companies' costs of equity capital.It arrives at the conclusions as follows:firstly,auditor industry specialization indeed reduces companies' costs of equity capital by the improvement of accounting information quality;secondly,the nature of property rights and institutional environment paly a regulation role in the process of the effect of auditor industry specialization on companies' costs of equity capital,and such a regulation role is more significant in companies located in regions with poor legal environment and state-owned enterprises.The results indicate that auditors with industry specialization play a substitution role in investor protection in Chinese securities market.It provides less legally developed regions with theoretical reference and policy thinking concerning the enhancement of investor protection through external auditing.
出处
《财经研究》
CSSCI
北大核心
2015年第3期132-144,共13页
Journal of Finance and Economics
基金
国家自然科学基金项目(71472064)
关键词
审计师行业专长
法制环境
产权性质
权益资本成本
auditor industry specialization
legal environment
the nature of property rights
cost of equity capital
