会计师事务所行业专长与审计市场绩效的经验研究
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摘要
本文使用产业经济学的结构——行为——绩效(SCP)分析框架，对我国会计师事务所行业专长与审计市场绩效之间的关系进行了系统的理论分析与经验检验。
规模经济、产品差异性和服务多元化是审计市场结构的重要决定因素，也是影响审计市场行为与绩效的重要因素。行业专长可以帮助事务所实现规模经济、产品差异化以及服务多元化这三个目标，因此，发展行业专长是事务所的一个主要经营战略，是事务所实现竞争优势的一条主要途径。
本文对我国事务所的行业专长是否影响审计市场绩效(用审计定价和审计质量衡量审计市场绩效)进行了系统的理论分析和经验检验，这些经验研究的结果为深入地理解我国审计市场的竞争特性及事务所的市场行为提供了证据，从而为审计市场监管安排的改革方向与改革程度提供了经验证据。本文的主要结论如下：
1、关于事务所行业专长对审计定价的影响。我们依据Simunic(1980)提出的审计定价模型，使用2001-2006年上市公司的数据检验了行业专长对审计定价的影响。经验结果显示行业专长事务所的审计收费低于非行业专长事务所。这表明我国A股市场上具有行业专长的事务所实现竞争优势的手段主要是扩大市场份额，实现规模经济以降低成本，而非为客户提供差异化服务。
2、关于事务所行业专长对盈余质量的影响。我们从两个方面讨论了行业专长对盈余质量的影响。首先，我们用盈余反应系数计量盈余质量，从投资者的视角检验了行业专长对盈余质量的影响，结果显示行业专长事务所审计的客户的盈余反应系数更高，说明市场投资者认可事务所的行业专门化行为，认为行业专长事务所审计服务质量更高。其次，我们用操控性应计利润的绝对值计量盈余质量，从财务报告的视角检验了行业专长对盈余质量的影响。在控制了盈余质量的其他影响因素之后，我们发现行业专长与操控性应计利润的绝对值显著负相关，说明事务所行业专长与盈余质量正相关。
本文的主要创新之处包括：(1)在全面、系统梳理行业专长与审计市场绩效相关文献的基础上，构建了分析二者关系的逻辑框架；(2)使用盈余反应系数计量盈余质量，运用我国的经验数据，从投资者视角证实了行业专长的市场功效；(3)使用操控性应计利润的绝对值计量盈余质量，运用我国的经验数据，从财务报告的角度证实了行业专长减轻盈余管理、提高盈余质量的功效。
The main purpose of this paper is to provide theoretic and empirical study on auditor industry expertise's effect on audit market performance of China's audit market.
Economies of scale, product differentiation, and diversification constitute the main factors of audit market structure, accordingly, they constitute the main factors of audit market's behavior and performance. Auditor industry expertise can help auditor firm to attain both the three objectives, so it is a main strategy and a main road to achieve competitive advantage for auditor firms.
This paper systemically analyzes and tests the auditor industry expertise's effect on audit market performance in China's audit market, these tests' results can provide empirical evidences for understanding the competitive nature of China's audit market and market behaviors of auditor firms, thereby, they provide empirical evidences for the directions and degree of reform for China's audit market regulatory framework. The key findings of the research are summarized as below:
(1) The effect of auditor industry expertise on audit pricing. Simunic(1980)'s framework for studying audit pricing is applied as the basic model. We use the data from 2001 to 2006 in China's A-Shares. Our empirical results suggest that auditor industry expertise charge lower than non specialists auditors. This indicates that specialists auditors achieve their competitive advantage by expanding their market share and reducing their costs through ecnomics of scale, but not by providing different product.
(2) The effect of auditor industry expertise on earnings quality. We test the effect from two ways. First,we use the ERC model to test from the investors's point of view. Our empirical results indicate that the clients of specialist auditors have higher ERC than clients of nonspecialist auditors. This indicates investors acknowledge the specilization of audit firm and give auditor industry expertise high market response than no industry expertise auditors. Second, we use absolute DA to test the effect from the point of view of financial reports themselves. After controling other factor's effect on earnings management, we find auditor industry expertise is negatively correlated with absolute DA, this states that auditor industry expertise is positively correlated with earnings quqlity.
The main academic contributions of this study are as follows: (l)We make up the structure to analyze the relation between auditor industry expertise and audit market performance after gathering and reading relevant literature the first time; (2) We use ERC to measure earnings quality, use China's data, prove the market performance of auditor industry expertise from the point of view of investors; (3) We use absolute DA to represent earnings quality, prove that auditor industry expertise can limit earnings management and improve earnings quality.
规模经济、产品差异性和服务多元化是审计市场结构的重要决定因素，也是影响审计市场行为与绩效的重要因素。行业专长可以帮助事务所实现规模经济、产品差异化以及服务多元化这三个目标，因此，发展行业专长是事务所的一个主要经营战略，是事务所实现竞争优势的一条主要途径。
本文对我国事务所的行业专长是否影响审计市场绩效(用审计定价和审计质量衡量审计市场绩效)进行了系统的理论分析和经验检验，这些经验研究的结果为深入地理解我国审计市场的竞争特性及事务所的市场行为提供了证据，从而为审计市场监管安排的改革方向与改革程度提供了经验证据。本文的主要结论如下：
1、关于事务所行业专长对审计定价的影响。我们依据Simunic(1980)提出的审计定价模型，使用2001-2006年上市公司的数据检验了行业专长对审计定价的影响。经验结果显示行业专长事务所的审计收费低于非行业专长事务所。这表明我国A股市场上具有行业专长的事务所实现竞争优势的手段主要是扩大市场份额，实现规模经济以降低成本，而非为客户提供差异化服务。
2、关于事务所行业专长对盈余质量的影响。我们从两个方面讨论了行业专长对盈余质量的影响。首先，我们用盈余反应系数计量盈余质量，从投资者的视角检验了行业专长对盈余质量的影响，结果显示行业专长事务所审计的客户的盈余反应系数更高，说明市场投资者认可事务所的行业专门化行为，认为行业专长事务所审计服务质量更高。其次，我们用操控性应计利润的绝对值计量盈余质量，从财务报告的视角检验了行业专长对盈余质量的影响。在控制了盈余质量的其他影响因素之后，我们发现行业专长与操控性应计利润的绝对值显著负相关，说明事务所行业专长与盈余质量正相关。
本文的主要创新之处包括：(1)在全面、系统梳理行业专长与审计市场绩效相关文献的基础上，构建了分析二者关系的逻辑框架；(2)使用盈余反应系数计量盈余质量，运用我国的经验数据，从投资者视角证实了行业专长的市场功效；(3)使用操控性应计利润的绝对值计量盈余质量，运用我国的经验数据，从财务报告的角度证实了行业专长减轻盈余管理、提高盈余质量的功效。
The main purpose of this paper is to provide theoretic and empirical study on auditor industry expertise's effect on audit market performance of China's audit market.
Economies of scale, product differentiation, and diversification constitute the main factors of audit market structure, accordingly, they constitute the main factors of audit market's behavior and performance. Auditor industry expertise can help auditor firm to attain both the three objectives, so it is a main strategy and a main road to achieve competitive advantage for auditor firms.
This paper systemically analyzes and tests the auditor industry expertise's effect on audit market performance in China's audit market, these tests' results can provide empirical evidences for understanding the competitive nature of China's audit market and market behaviors of auditor firms, thereby, they provide empirical evidences for the directions and degree of reform for China's audit market regulatory framework. The key findings of the research are summarized as below:
(1) The effect of auditor industry expertise on audit pricing. Simunic(1980)'s framework for studying audit pricing is applied as the basic model. We use the data from 2001 to 2006 in China's A-Shares. Our empirical results suggest that auditor industry expertise charge lower than non specialists auditors. This indicates that specialists auditors achieve their competitive advantage by expanding their market share and reducing their costs through ecnomics of scale, but not by providing different product.
(2) The effect of auditor industry expertise on earnings quality. We test the effect from two ways. First,we use the ERC model to test from the investors's point of view. Our empirical results indicate that the clients of specialist auditors have higher ERC than clients of nonspecialist auditors. This indicates investors acknowledge the specilization of audit firm and give auditor industry expertise high market response than no industry expertise auditors. Second, we use absolute DA to test the effect from the point of view of financial reports themselves. After controling other factor's effect on earnings management, we find auditor industry expertise is negatively correlated with absolute DA, this states that auditor industry expertise is positively correlated with earnings quqlity.
The main academic contributions of this study are as follows: (l)We make up the structure to analyze the relation between auditor industry expertise and audit market performance after gathering and reading relevant literature the first time; (2) We use ERC to measure earnings quality, use China's data, prove the market performance of auditor industry expertise from the point of view of investors; (3) We use absolute DA to represent earnings quality, prove that auditor industry expertise can limit earnings management and improve earnings quality.
引文
①叶丰滢：《审计市场结构、审计师行业专门化行为与审计价格竞争》，2007。
②产业组织理论是一门新兴的应用经济理论，它以微观经济学理论为基础，具体分析企业结构与行为、市场结构与组织，以及市场中厂商之间的相互作用和影响，进而研究经济发展过程中产业内部企业之间竞争与垄断以及规模经济与效率的关系和矛盾，研究和探讨产业组织状况及其对产业内资源配置效率的影响，从而为维持合理的市场秩序和经济效率提供理论依据和对策途径。新古典微观经济理论在解释垄断或不完全竞争问题上的失败导致了产业组织理论的出现。新古典微观经济理论是在完全竞争的条件下论述价格机制的有效性，即认为只要市场是完全竞争的，资源配置就能在均衡价格的指引下达到最优状态。但是，从19世纪中期开始，随着制造企业大型化和生产集中度日益提高，垄断与寡占型市场结构以及卡特尔、托拉斯等垄断组织大量出现。市场势力与资源配置效率的矛盾及由此造成的社会福利损失，促使人们更多地思考企业规模与竞争效率的关系问题。
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②产业组织理论是一门新兴的应用经济理论，它以微观经济学理论为基础，具体分析企业结构与行为、市场结构与组织，以及市场中厂商之间的相互作用和影响，进而研究经济发展过程中产业内部企业之间竞争与垄断以及规模经济与效率的关系和矛盾，研究和探讨产业组织状况及其对产业内资源配置效率的影响，从而为维持合理的市场秩序和经济效率提供理论依据和对策途径。新古典微观经济理论在解释垄断或不完全竞争问题上的失败导致了产业组织理论的出现。新古典微观经济理论是在完全竞争的条件下论述价格机制的有效性，即认为只要市场是完全竞争的，资源配置就能在均衡价格的指引下达到最优状态。但是，从19世纪中期开始，随着制造企业大型化和生产集中度日益提高，垄断与寡占型市场结构以及卡特尔、托拉斯等垄断组织大量出现。市场势力与资源配置效率的矛盾及由此造成的社会福利损失，促使人们更多地思考企业规模与竞争效率的关系问题。
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