四大会计师事务所能提供高质量的审计服务吗?———基于高管薪酬契约有效性的经验证据

以财务报告为主体的财务信息可在公司治理中发挥重要作用.高质量的审计服务能够提高薪酬—业绩的敏感性,从而保证薪酬契约的达成和实现.本文以沪深两市2002年-2009年度上市公司为研究样本,分析外部审计治理效应对薪酬—业绩敏感度的影响,考察四大会计师事务所审计过的上市公司是否具有更高的薪酬—业绩敏感度.通过全样本、转换样本以及HECKMAN自选择偏误校正等方法发现：在薪酬—业绩敏感度上,四大会计师事务所与非四大会计师事务所审计过的上市公司并不存在显著差异,国内六大会计师事务所审计过的上市公司具有更高的薪酬—业绩敏感度.

Can Big Four Accounting Firms Provide Higher Quality Audit Service？——Based on an Analysis of the Effect of Executive Compensation Contracts

Financial reports as the main financial information have economic consequences. High quality audit services can improve the pay- performance sensitivity, which are helpful to achieve and realize pay contracts. In this paper, Shanghai and Shenzhen stock market＇s listed companies was used as the study samples between 2002 and 2009 to analyze the influence of treatment effect of external audit to pay - performance sensitivity. In order to study whether listed companies have a higher pay - performance sensitivity audited by Big Four accounting firms compared with non - Big Four. By using all samples, conversion samples and HECKMAN self- selection bias correction method, we＇ ve found that there is not a significant difference between non- Big four audited companies and Big Four audited companies in the pay - performance sensitivity. However, the results show that Big Six audited companies in China have a higher pay - performance sensitivity.