“四大”审计质量在中国存在差异吗?

本文以2002—2008年由四大审计的中国上市公司为研究样本,采用操控性应计利润和会计盈余稳健性作为衡量审计质量的指标,检验四大之间的审计质量是否存在差异。在中国,普华永道中天的市场份额远远高于其他三大所,根据理论预期其审计质量也应显著高于(或者不低于)其他三大所。选取四大为研究对象,可以避免大小所之间的专业能力、事务所声誉和自选择等因素对审计质量的影响。研究发现普华永道中天审计质量没有显著高于其他三大会计师事务所,甚至在部分检验中,普华永道中天审计质量更低。这表明基于中国独特的市场法律环境,四大没有采取一贯的审计质量策略。     

国际“四大”与高审计质量——基于股价波动同步性视角的考察

基于股价波动同步性新视角,以2003~2011年的中国上市公司为样本,对国际\"四大\"会计师事务所提供的审计质量是否显著高于国内\"非四大\"这一问题进行了检验。研究结果表明:国际\"四大\"审计的上市公司的股价波动同步性与\"非四大\"没有显著差异,因此两者提供的审计质量差异不显著。进一步对各\"四大\"事务所的单独检验结果发现,安永华明、毕马威华振、德勤华永和普华永道中天的审计质量与\"非四大\"的差异均不显著。最后按照会计准则、投资者保护程度、终极控股人性质及管理层持股等方法将样本分组检验,发现在各种不同的内外部治理环境下审计质量仍然没有显著差异。     

审计任期与会计稳健性

本世纪初,美国接连发生财务欺诈案件。在众多的欺诈案件中,激进的会计政策常被用作盈余操纵的手段,而会计准则更加强调谨慎性(即稳健性)。会计稳健性要求会计盈余反映的坏消息要比好消息更加及时,对好消息的确认必须等到实现,而对坏消息却要及时,这一方面降低了会计盈余,一方面提高了可靠性。所以,稳健性是盈余质量的一个重要属性。而财务欺诈案件的背后始终离不开审计师的影子,审计师总是与客户存在诸多的利益关系。这一现象已经引起监管部门的关注。2002年美国国会通过的《萨班斯一奥克斯法案》要求强制轮换注册会计师事务所,但并没有作出时间上的规定。我国也效仿美国的做法出台了类似的规定。事务所任期(即审计任期)对盈余质量有什么影响?审计任期多长为宜?本文试图从会计稳健性视角提供经验证据。     

“四大”及双重审计对审计质量的影响

大所的审计质量是否高于小所一直是理论分析和实证研究的焦点。西方的经济制度和市场条件造就了国际四大高品牌事务所,他们在西方审计市场已是高审计质量的代名词,在价格和市场份额等方面具有绝对的竞争优势。但是,基于我国独特的市场法律环境,四大事务所究竟是否就代表了高审计质量?境内与境外双重审计是否能够增加审计质量?本文采用实证研究的方法对这二个问题进行检验,回归结果表明:基于中国独特的市场法律环境,四大没有采取一贯的审计质量策略。     

国际四大与高审计质量——来自中国证券市场的证据

本文采用2007—2009年沪、深两市A股上市公司公开披露的3874份年报数据,基于盈余管理的视角,对施行新会计准则和新审计准则后国际四大会计师事务所提供审计服务的质量进行了实证研究。结果表明,国际四大与非国际四大在审计质量上并不存在显著的差异,某些年度国际四大甚至比非国际四大更差。最后,借鉴Basu(1997)的思想,构建关于盈余管理的稳健性模型,进一步验证了本文的结论。     

试论我国审计行业法律风险与审计质量的关系

审计行业的发展离不开法律的保护,法律也对审计质量提出了严格的要求。审计所处的法律环境必然影响审计的质量。我国审计的法律风险和审计质量的关系属于低法律风险与低审计质量类型,要提高我国的审计质量,必须完善我国的法制建设,加大我国审计行业的法律风险。     

会计稳健性与审计收费:基于审计风险控制策略的分析

随着监管趋于更加严格,会计师事务所承担的法律责任和赔偿也越来越高。如何采取有效措施防范和控制风险,最大可能地降低损失,已经成为会计师事务所的重要议题。本文对2001至2006年我国上市公司展开研究后发现:作为一种风险控制策略,强制审计客户保持一定的会计稳健性能够降低审计风险,从而降低审计收费;但稳健性发挥作用受到法律环境和诉讼风险的影响,仅对同时发行A股和其他类型股票的企业起到了显著作用。较高审计收费的风险控制策略与强制客户保持一定稳健性的风险控制策略之间存在替代关系。     

浅谈如何提高国际业务审计质量

作为提高审计质量的组成部分，如何提高国际业务审计质量，是摆在我们面前的一项任务。本结合自己的实践，谈谈对国际业务审计几点看法，以期抛砖引玉。[第一段]     

上市公司审计质量与审计收费相关研究

从经济学的角度,将审计报告作为一种商业产品进行分析,高成本保证高质量;审计质量和审计收费之间存在着正方向的关联关系.本文就审计收费与质量之间的关系展开讨论,具体分析我国当前审计收费中出现的问题,并提出深化措施.认为规范审计收费对维护公平竞争、提高审计质量和保持注册会计师的独立性有着重要意义.     

Does Idiosyncratic Risk Really Matter?

Goyal and Santa‐Clara (2003) find a significantly positive relation between the equal‐weighted average stock volatility and the value‐weighted portfolio returns on the NYSE/AMEX/Nasdaq stocks for the period of 1963:08 to 1999:12. We show that this result is driven by small stocks traded on the Nasdaq, and is in part due to a liquidity premium. In addition, their result does not hold for the extended sample of 1963:08 to 2001:12 and for the NYSE/AMEX and NYSE stocks. More importantly, we find no evidence of a significant link between the value‐weighted portfolio returns and the median and value‐weighted average stock volatility.     

Financial and Legal Constraints to Growth: Does Firm Size Matter?

Using a unique firm‐level survey database covering 54 countries, we investigate the effect of financial, legal, and corruption problems on firms' growth rates. Whether these factors constrain growth depends on firm size. It is consistently the smallest firms that are most constrained. Financial and institutional development weakens the constraining effects of financial, legal, and corruption obstacles and it is again the small firms that benefit the most. There is only a weak relation between firms' perception of the quality of the courts in their country and firm growth. We also provide evidence that the corruption of bank officials constrains firm growth.     

What affects accounting conservatism: A corporate governance perspective

This study explores the relationship between accounting conservatism and corporate governance. There are two competing perspectives about the possible relationship. One is that the demand for conservatism is greater in situations with more agency problems. Therefore, a weaker governance structure will lead to a more conservative accounting. An alternative perspective is that adequate governance results in better monitoring of management and hence will favor the implementation of conservative accounting. Using the firm-year specific C-Score developed by Khan and Watts [Khan, M., Watts, R.L., 2007. Estimation and validation of a firm-year measure of conservatism. Working Paper, Sloan School of Management, MIT, Cambridge], our empirical results indicate that firms with weaker governance structures tend to be more conservative. These findings are consistent with the view that conservatism is a substitute for other corporate governance mechanisms.     

Bank equity connections,intellectual property protection and enterprise innovation——A bank ownership perspective

This study investigates the effects of bank equity connections and intellectual property protection on enterprises’ innovation behavior,and the regulating effec...     

商业银行的公司治理理论述评——基于保护利益相关者的视角

商业银行的资产结构,负债结构、多重委托代理和信息不对称等因素影响商业银行的安全性、流动性和盈利性,进而影响到商业银行利益相关者的利益。商业银行应该合理配置股权结构和优化资本结构,加强政府适度监管来保护债权人利益和银行自身利益。     

The Valuation of Insurance under Uncertainty: Does Information about Probability Matter?

In a laboratory experiment we test the hypothesis that consumers' valuation of insurance is sensitive to the amount of information available on the probability of a potential loss. In order to test this hypothesis we simulate a market in which we elicit individuals' willingness to pay to insure against a loss characterised either by known or else vague probabilities. We use two distinct treatments by providing subjects with different information over the vague probabilities of loss. In general we find that uncertainty about probabilities has a weak impact on consumers' valuation of insurance. However, additional information about probabilities tends to marginally increase the price individuals are willing to pay to insure themselves. Implications for the insurance market are derived.     

Does Motivation Matter When Assessing Trade Performance? An Analysis of Mutual Funds

We relate the performance of mutual fund trades to their motivation.A fund manager who buys stocks when there are heavy investoroutflows is likely to be motivated by the belief that the stocksare significantly undervalued. In contrast, when there are heavyinflows, the manager is likely to be motivated to work off excessliquidity by buying stocks. Our analysis reveals that managersmaking purely valuation-motivated purchases substantially beatthe market but are unable to do so when compelled to investexcess cash from investor inflows. A similar, but weaker, patternis found for stocks that are sold. (JEL G11, G29)     

控制中的控制:内控缺陷认定标准为何重要?

本文构建了一种基本的量化指标,对我国上市公司披露的内控缺陷认定标准质量水平进行了量化,并据此考察了内控缺陷认定标准在企业内部控制建设过程中的作用效果与影响机制。研究发现,高质量的内控缺陷认定标准有助于促进内部控制建设整体水平的提高。进一步分析发现,内控缺陷认定标准与其他内外部监督机制具有协同效应。在审计委员会作用更强、外部审计质量较高及市场化程度更高情况下,内控缺陷认定标准对内控质量促进作用也更明显。上述研究发现表明,监管层面应加强企业内控缺陷认定标准的质量监管,以推动上市公司内部控制质量的总体提升以及内部控制建设工作的有效落地。     

Does the Type of Political Regime Matter for Trade and Labor Market Policies?

This article uses cross-country data to examine the link betweena country's type of political regime and its degree of opennessand labor market distortion. The analysis indicates that moreauthoritarian regimes are associated with higher trade protectionand greater labor market distortions. This supports the viewthat political authoritarianism may be counterproductive todevelopment in important respects.     

Does the Failure of the Expectations Hypothesis Matter for Long‐Term Investors?

We solve the portfolio problem of a long‐run investor when the term structure is Gaussian and when the investor has access to nominal bonds and stock. We apply our method to a three‐factor model that captures the failure of the expectations hypothesis. We extend this model to account for time‐varying expected inflation, and estimate the model with both inflation and term structure data. The estimates imply that the bond portfolio of a long‐run investor looks very different from the portfolio of a mean‐variance optimizer. In particular, time‐varying term premia generate large hedging demands for long‐term bonds.