政治资源、独立审计需求与市场评价——来自中国民营上市公司的经验证据

文章从民营企业家政治资源的专用性角度出发,探究了民营企业对高质量审计需求的形成动因,以及可能需要的条件。实证结果发现,民营企业家具有政治资源的公司更倾向于聘请大型事务所进行审计,这种动机在市场化进程较快、法治水平较高的地区更为显著。进一步,在控制自选择的内生性问题后,大型事务所对此类公司出具了更清洁的审计意见,也抑制了其财务报告的盈余管理程度,提升了外部投资者对此类公司的正面评价,在法治水平较高的地区,这种正面评价越显著。

Political Resources,Independent Audit Demand and Market Evaluation: Empirical Evidences from China's Private Listed Companies

From the perspective of the specificity of political resources used by private enterprises owners,this paper explores the causes of the demands of private firms for high quality auditing services and the conditions probably required.The results indicate that the private companies with political resources are apt to choose larger auditing firms;this motivation is even more significant in the regions with higher level of market development and rule of law.Further,after controlling the endogenous problem of se...