独立审计、公司外部治理与真实经营业绩——来自中国上市公司的经验证据

独立审计是公司治理的重要外部机制,但考察独立审计治理功能影响公司真实经营业绩的文献还较少。从减少信息不对称、提升治理效率与决策能力角度,提出了一个独立审计的公司外部治理功能影响公司真实经营业绩的理论框架。选取事务所规模、审计收费和审计意见作为审计质量的替代变量,以我国2007年-2009年上市公司为样本,实证研究发现事务所规模及审计收费均与公司真实经营业绩正相关;审计意见对公司滞后一年的真实经营业绩没有影响,这可能与我国监管及诉讼制度不完善导致＂非标＂意见未给公司及其内部人带来显著成本有关。

Independent Audit, External Corporate Governance and the True Operating Performance——Empirical Evidence from Chinese Listed Companies

Independent audit is an important part of the external corporate governance mechanism,literatures on that the independent audit governance function affects the company’s true operating performance are also less.This article constructs an theoretical framework that independent audit as exterior governance mechanism influence company true performance,based on which we made an empirical study selecting firm size,audit fees and audit opinions of three audit quality indicators as an alternative variable to our sample of listed companies from year 2007 to 2009.In general,there is a significantly positive relation between the scale of Certified Public Accountants,audit fees and the company’s true operating performance,audit opinion has no impact on the next year’s true operating performance of the company.This could be possible problems with that because China’s relevant system is not perfected,＂non-standard＂ opinion do not bring a significant cost to the company and its insider.