会计师事务所合并对审计风格的影响研究
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摘要
本文以会计师事务所同行业审计客户间的会计信息可比性来衡量事务所的审计风格,以2003~2015年的会计师事务所合并事项为研究样本,从横向和纵向两个不同角度,讨论了事务所合并对其审计风格的影响。结果发现,合并当年,合并后存续事务所的审计风格显著弱于无合并样本,也显著弱于参与合并各事务所合并前一年的平均水平。但是,合并对审计风格的这种负面影响在合并次年就不再显著。进一步的经验证据表明,合并前各事务所的规模差异会影响合并后事务所的审计风格变化。相比之下,强强合并整合速度最快,强弱合并次之,弱弱合并最慢。本文的政策含义是事务所合并对审计质量的可能影响是短期的,通过合并"做大"可以在一定程度上推动其"做强";在这个过程中,知识转移难度和知识接受能力是影响合并效果的重要因素。
Using information of accounting firm mergers happened during the period from 2003 to 2015, this paper studies on the effect of accounting firm mergers on auditor style by comparative and consequence analysis. The results indicate that in the period immediately subsequent to the merger, compared with the firms without merger or the pre-merger firms, the successor firms' auditor style is significantly weaker. However, that negative effect disappears in the next year of the merger. Further analysis shows that the size of pre-merger firms could influence the change of post-merger auditor style. Specifically, mega-mergers' auditor style is the strongest in the next year of the merger. The result implies that the effect of accounting firm merger on audit quality is temporary, and "becoming bigger" by merger could make the firm "stronger"; in the merger process, an important factor for merger effect is the effectiveness of professional knowledge transfer among participating firms.
Using information of accounting firm mergers happened during the period from 2003 to 2015, this paper studies on the effect of accounting firm mergers on auditor style by comparative and consequence analysis. The results indicate that in the period immediately subsequent to the merger, compared with the firms without merger or the pre-merger firms, the successor firms' auditor style is significantly weaker. However, that negative effect disappears in the next year of the merger. Further analysis shows that the size of pre-merger firms could influence the change of post-merger auditor style. Specifically, mega-mergers' auditor style is the strongest in the next year of the merger. The result implies that the effect of accounting firm merger on audit quality is temporary, and "becoming bigger" by merger could make the firm "stronger"; in the merger process, an important factor for merger effect is the effectiveness of professional knowledge transfer among participating firms.
引文
李凯.2010.会计师事务所合并方式与审计质量[J].中南财经政法大学学报(6):98-103.
李明辉.2011.会计师事务所合并与审计质量--基于德勤华永和中瑞岳华两起合并案的研究[J].中国经济问题(1):98-107.
李明辉,刘笑霞.2010.会计师事务所合并的动因与经济后果:一个文献综述[J].审计研究(5):61-67.
李明辉,刘笑霞.2015.会计师事务所合并对审计质量之影响:来自中国资本市场的经验证据[J].管理工程学报29(1):169-182.
王汇华.2015.会计师事务所合并是否影响审计质量--基于中国A股市场的实证研究[J].财经问题研究(8):90-96.
谢盛纹,王清.2016.会计师事务所行业专长与会计信息可比性:来自我国证券市场的证据[J].当代财经(5):108-119.
曾亚敏,张俊生.2010.会计师事务所合并对审计质量的影响[J].审计研究(5):53-60.
Banker,R.D.,H.Chang,and Y.C.Kao.2002.Impact of Information Technology on Public Accounting Firm Productivity[J].Journal of Information Systems,16(2):209-222.
Cao,Q.,N.W.Hu,and L.L.Chen.2016.Auditor Flow and Financial Statement Comparability:Evidence from Audit Firm Mergers in China[J].China Journal of Accounting Studies,4(3):263-286.
Chan,K.H.,and D.H.Wu.2011.Aggregate Quasi Rents and Auditor Independence:Evidence from Audit Firm Mergers in China[J].Contemporary Accounting Research,28(1):175-213.
Christensen,B.,K.W.Smith,and D.Wang.2016.Small Audit Firm Mergers in the United States:Determinants and Consequences[J].Working paper.
Dowling,C..2009.Appropriate Audit Support System Use:The Influence of Auditor,Audit Team,and Firm Factors[J].The Accounting Review,84(3):771-810.
Empson,L.,2001.Fear of Exploitation and Fear of Contamination:Impediments to Knowledge Transfer in Mergers between Professional Service Firms[J].Human Relations,54(7):839-862.
Francis,J.R.,M.Pinnuck,and O.Watanabe.2014.Auditor Style and Financial Statement Comparability[J].The Accounting Review,89(2):605-633.
Gong,Q.,O.Z.Li,Y.Lin,and L.Wu.2016.On the Benefits of Audit Market Consolidation:Evidence from Merged Audit Firms[J].The Accounting Review,92(2):463-488.
Kothari,S.,A.Leone,and C.Wasley.2005.Performance Matched Discretionary Accruals[J].Journal of Accounting and Economics,39(1):163-197.
Kothari,S.P.,K.Ramanna,and D.Skinner.2010.Implications for GAAP from an Analysis of Positive Research in Accounting[J].Journal of Accounting and Economics50(2-3):246-286.
Rapoport,M.,2014.BDO USA Chief Looks to Grow Through Deals[J].Wall Street Journal,March 12.
Szulanski G.,D.Ringov,and R.J.Jensen.2016.Overcoming Stickiness:How the Timing of Knowledge Transfer Methods Affects Transfer Difficulty[J].Organization Science,27(2):304-322.
Vera-Munoz,S.,J.Ho,and C.Chow.2006.Enhancing Knowledge Sharing in Public Accounting Firms[J].Accounting Horizons,20(2):133-155.
Ye,F.T.,S.Xue,and Y.Chen.2016.Does Financial Reporting Comparability Improve after Accounting Firm Mergers?Evidence from Chinese Listed Companies[J].China Journal of Accounting Studies,4(4):475-493.
Zerni,M..2012.Audit Partner Specialization and Audit Fees:Some Evidence from Sweden[J].Contemporary Accounting Research,29(1):312-340.
(1)Francis等(2014)是以公司配对(firm pairs)为样本,在回归中控制了配对组合的很多财务数据。本文是以事务所为样本,控制变量与Francis等(2014)不同。我们的审计风格指数是在Francis等(2014)配对组合的Diff_DA基础上进一步汇总到事务所层次,其目的是更清晰地显示合并事项的影响。
李明辉.2011.会计师事务所合并与审计质量--基于德勤华永和中瑞岳华两起合并案的研究[J].中国经济问题(1):98-107.
李明辉,刘笑霞.2010.会计师事务所合并的动因与经济后果:一个文献综述[J].审计研究(5):61-67.
李明辉,刘笑霞.2015.会计师事务所合并对审计质量之影响:来自中国资本市场的经验证据[J].管理工程学报29(1):169-182.
王汇华.2015.会计师事务所合并是否影响审计质量--基于中国A股市场的实证研究[J].财经问题研究(8):90-96.
谢盛纹,王清.2016.会计师事务所行业专长与会计信息可比性:来自我国证券市场的证据[J].当代财经(5):108-119.
曾亚敏,张俊生.2010.会计师事务所合并对审计质量的影响[J].审计研究(5):53-60.
Banker,R.D.,H.Chang,and Y.C.Kao.2002.Impact of Information Technology on Public Accounting Firm Productivity[J].Journal of Information Systems,16(2):209-222.
Cao,Q.,N.W.Hu,and L.L.Chen.2016.Auditor Flow and Financial Statement Comparability:Evidence from Audit Firm Mergers in China[J].China Journal of Accounting Studies,4(3):263-286.
Chan,K.H.,and D.H.Wu.2011.Aggregate Quasi Rents and Auditor Independence:Evidence from Audit Firm Mergers in China[J].Contemporary Accounting Research,28(1):175-213.
Christensen,B.,K.W.Smith,and D.Wang.2016.Small Audit Firm Mergers in the United States:Determinants and Consequences[J].Working paper.
Dowling,C..2009.Appropriate Audit Support System Use:The Influence of Auditor,Audit Team,and Firm Factors[J].The Accounting Review,84(3):771-810.
Empson,L.,2001.Fear of Exploitation and Fear of Contamination:Impediments to Knowledge Transfer in Mergers between Professional Service Firms[J].Human Relations,54(7):839-862.
Francis,J.R.,M.Pinnuck,and O.Watanabe.2014.Auditor Style and Financial Statement Comparability[J].The Accounting Review,89(2):605-633.
Gong,Q.,O.Z.Li,Y.Lin,and L.Wu.2016.On the Benefits of Audit Market Consolidation:Evidence from Merged Audit Firms[J].The Accounting Review,92(2):463-488.
Kothari,S.,A.Leone,and C.Wasley.2005.Performance Matched Discretionary Accruals[J].Journal of Accounting and Economics,39(1):163-197.
Kothari,S.P.,K.Ramanna,and D.Skinner.2010.Implications for GAAP from an Analysis of Positive Research in Accounting[J].Journal of Accounting and Economics50(2-3):246-286.
Rapoport,M.,2014.BDO USA Chief Looks to Grow Through Deals[J].Wall Street Journal,March 12.
Szulanski G.,D.Ringov,and R.J.Jensen.2016.Overcoming Stickiness:How the Timing of Knowledge Transfer Methods Affects Transfer Difficulty[J].Organization Science,27(2):304-322.
Vera-Munoz,S.,J.Ho,and C.Chow.2006.Enhancing Knowledge Sharing in Public Accounting Firms[J].Accounting Horizons,20(2):133-155.
Ye,F.T.,S.Xue,and Y.Chen.2016.Does Financial Reporting Comparability Improve after Accounting Firm Mergers?Evidence from Chinese Listed Companies[J].China Journal of Accounting Studies,4(4):475-493.
Zerni,M..2012.Audit Partner Specialization and Audit Fees:Some Evidence from Sweden[J].Contemporary Accounting Research,29(1):312-340.
(1)Francis等(2014)是以公司配对(firm pairs)为样本,在回归中控制了配对组合的很多财务数据。本文是以事务所为样本,控制变量与Francis等(2014)不同。我们的审计风格指数是在Francis等(2014)配对组合的Diff_DA基础上进一步汇总到事务所层次,其目的是更清晰地显示合并事项的影响。