供应商关系的公司价值鉴证效应

文章以中国制造业上市公司为研究对象，考察了外部审计鉴证是否可以替代内部关系治理来提升供应商关系的价值创造效应。研究发现，紧密的供应商关系显著提升了公司的价值，同时也降低了企业对高质量审计鉴证服务的需求，但这种需求的降低并没有弱化供应商关系对公司价值的提升作用，说明内部关系治理与高质量审计鉴证服务存在替代效应。同时，随着外部制度环境的改善，上述替代效应会减弱。文章为理解外部审计鉴证与以关系治理为主要特征的转型经济社会中的关系网络如何联合影响公司价值创造提供了更为直接的经验证据，从外部审计鉴证的视角进一步丰富和拓展了关系型交易影响公司价值的研究文献。

Corporate Value Assurance Effect of Supplier Relationship

This paper takes Chinese manufacturing listed companies as the research obj ect,investigates the possibility of the promotion role of assurance service of external auditors instead of internal relational governance in the value creation effect of supplier re-lationship.It arrives at the conclusions that close relationship between firms and their key suppliers can significantly enhance corporate value,and simultaneously reduce firms’de-mand for high quality audit assurance services,but the reduction in the demand for high quality audit assurance services does not weaken the promotion role of supplier relationship in corporate value,showing that there is a substitution relationship between internal rela-tionship governance and high quality audit assurance services.At the same time,with the improvement of external institutional environment,the substitution effect above-men-tioned weakens.This paper provides more direct evidence for the understanding of the joint effects of external audit assurance &relationship networks in transition economy & socie-ty mainly featured by relationship governance on corporate value creation,and further en-riches & extends the literature of the effect of relationship-based exchanges on corporate value from the perspective of external audit assurance.