审计质量、产权性质对上市公司投资效率的影响研究

审计质量作为第三方会计师事务所为公司提供的服务,可以独立于公司之外对上市公司投资活动进行监督。根据产权理论,产权性质不同的经济组织从事的经济活动不同,审计质量对不同产权性质的上市公司投资效率的影响也不相同。本文以2014—2018年沪深两市上市公司作为样本,实证检验了审计质量、产权性质与公司投资效率间的关系。研究发现,审计质量与上市公司投资过度显著负相关,与投资不足负相关但作用并不明显;在国有上市公司中审计质量对投资过度行为的抑制作用更明显,在非国有上市公司中审计质量可以在一定程度上防止投资不足行为的发生但作用并不显著。研究结论有利于启示各不同产权性质公司的利益相关方,客观认识审计师的作用功能及其局限性,有针对性、有效率地利用好审计服务,改善公司投资效率。

Research on the Influence of Audit Quality and Property Right Nature on the Investment Efficiency of Listed Companies

Audit quality,as a service provided by a third-party accounting firm,can supervise the investment activities of listed companies independently of the company.According to the theory of property rights,different economic organizations with different property rights engage in different economic activities,and the impact of audit quality on the investment efficiency of listed companies with different property rights is also different.This paper takes the listed companies in Shanghai and Shenzhen stock markets from 2014 to 2018 as samples to empirically test the relationship between audit quality,property right nature and corporate investment efficiency.It is found that audit quality has a significant negative correlation with over investment of listed companies and a negative correlation with under investment,but its effect is not obvious;in state-owned listed companies,audit quality has a more obvious inhibition effect on over investment,while in non-state-owned listed companies,audit quality can prevent under investment to some extent,but its effect is not significant.The conclusion of the study is beneficial to enlighten the stakeholders of different property rights companies,objectively understand the functions and limitations of auditors,make good use of audit services in a targeted and efficient way,and improve the investment efficiency of companies.