审计任期与审计质量关系研究
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摘要
在发达证券市场中,对审计任期与审计质量关系的研究由来己久,特别是长审计任期是否对审计质量造成损害一直是争论的焦点。许多学者从理论方面推导出长审计任期会导致审计质量的降低,但是实证研究却没法确定审计任期与审计质量之间的确定关系,有的学者认为审计任期的增加会提高审计质量,而有的学者却持相反的态度。美国于2002年开始实施主审会计师轮换制,我国于2003年颁布了相关法规实施签字注册会计师轮换制,此时审计任期与审计质量的关系才成为我国学术界研究和讨论的热点问题。
本文的研究围绕审计任期与审计质量关系展开,在总结国内外关于审计任期和审计质量关系研究结论的基础上,分析了我国审计市场的现状,并对衡量审计质量的替代指标进行了分析。我们采用上市公司年度报告的收入反应系数作为衡量审计质量的替代指标,对我国沪深两市1997年─2004年经过删选的7317个上市公司年度数据作为样本进行实证研究,并对这7317个样本按照审计任期是否大于等于5年和所处行业两种方式分类分别进行统计回归分析。我们发现:不管是在全体样本情况、限制样本情况下,还是工业行业条件下,审计任期与收入、收入变化量的交叉变量的系数之和都是显著为正的,即审计任期与收入反应系数成正相关关系,这就意味着,审计任期越长,投资者认为上市公司年报的收入质量越高,投资者眼中的审计质量也就越高。最后,根据实证研究结果和我国审计市场的现状提出相关政策监管建议,以提高审计师与管理层进行博弈的地位,从而提高审计师的独立性,达到提高会计信息质量、保护投资者利益的目的。
In well-developed security market, the research of the relationship of auditor tenure and audit quality has a long history , especially the question long auditor tenure would destroy audit quality is bone of contention all along. Many researchers conclude that long auditor tenure would destroy audit quality in theory , but in positive studies , the relation of auditor tenure and audit quality is uncertainty , some scholars thought long tenure would improve audit quality ,some researchers didn't think so. The research of auditor tenure and audit quality started relatively late, America adopted rotation of chief CPA in 2002, afterwards the statute of signature CPA's rotation was put into practice in 2003, the relationship of auditor tenure and audit quality has become focus question.
This thesis focuses on the concern about the relation of auditor tenure and audit quality. On the basis of summarizing research achievements on auditor tenure and audit quality both at home and abroad, we analyzed the status quo of audit market and weights of audit quality. We choose listed company statements earnings response coefficients(ERCs) to weight audit quality, we selected 7317 samples between 1997 and 2004 to carry through positive research , then classed the 7317 samples according their tenure is or not longer than 4 years and their vocations to put up statistic analyse separately. We conclude: the sum coefficients of cross variables of auditor tenure and earnings and earnings change were all prominent positive in full sample、restricted sample and industrial vocation, the relation of auditor tenure and ERCs was positive, this means, longer auditor tenure , investors thought the quality of statements earnings were higher, auditor quality were higher. At last, according to positive research's outcomes and the status quo of audit market, we brought forward some proposals on the company's framework、audit commission system、CPA vocation、supervision of auditor and so on, in order to enhance auditor's status、improve their independence、improve accounting information quality and protect the interests of investors.
本文的研究围绕审计任期与审计质量关系展开,在总结国内外关于审计任期和审计质量关系研究结论的基础上,分析了我国审计市场的现状,并对衡量审计质量的替代指标进行了分析。我们采用上市公司年度报告的收入反应系数作为衡量审计质量的替代指标,对我国沪深两市1997年─2004年经过删选的7317个上市公司年度数据作为样本进行实证研究,并对这7317个样本按照审计任期是否大于等于5年和所处行业两种方式分类分别进行统计回归分析。我们发现:不管是在全体样本情况、限制样本情况下,还是工业行业条件下,审计任期与收入、收入变化量的交叉变量的系数之和都是显著为正的,即审计任期与收入反应系数成正相关关系,这就意味着,审计任期越长,投资者认为上市公司年报的收入质量越高,投资者眼中的审计质量也就越高。最后,根据实证研究结果和我国审计市场的现状提出相关政策监管建议,以提高审计师与管理层进行博弈的地位,从而提高审计师的独立性,达到提高会计信息质量、保护投资者利益的目的。
In well-developed security market, the research of the relationship of auditor tenure and audit quality has a long history , especially the question long auditor tenure would destroy audit quality is bone of contention all along. Many researchers conclude that long auditor tenure would destroy audit quality in theory , but in positive studies , the relation of auditor tenure and audit quality is uncertainty , some scholars thought long tenure would improve audit quality ,some researchers didn't think so. The research of auditor tenure and audit quality started relatively late, America adopted rotation of chief CPA in 2002, afterwards the statute of signature CPA's rotation was put into practice in 2003, the relationship of auditor tenure and audit quality has become focus question.
This thesis focuses on the concern about the relation of auditor tenure and audit quality. On the basis of summarizing research achievements on auditor tenure and audit quality both at home and abroad, we analyzed the status quo of audit market and weights of audit quality. We choose listed company statements earnings response coefficients(ERCs) to weight audit quality, we selected 7317 samples between 1997 and 2004 to carry through positive research , then classed the 7317 samples according their tenure is or not longer than 4 years and their vocations to put up statistic analyse separately. We conclude: the sum coefficients of cross variables of auditor tenure and earnings and earnings change were all prominent positive in full sample、restricted sample and industrial vocation, the relation of auditor tenure and ERCs was positive, this means, longer auditor tenure , investors thought the quality of statements earnings were higher, auditor quality were higher. At last, according to positive research's outcomes and the status quo of audit market, we brought forward some proposals on the company's framework、audit commission system、CPA vocation、supervision of auditor and so on, in order to enhance auditor's status、improve their independence、improve accounting information quality and protect the interests of investors.
引文
属性不符
[18]Carecello,Joseph.V,Nagy,Albert.L..Audit Firm Tenure and Fraudulent Financial Reporting.Auditing,2003,Vol.23:57-71
[19]Mansi.S.A.,W.F.Maxwel,and D.P.Miller.Does auditor quality and tenure matter to investors? Evidence from the bond market.Journal of Accounting research,2004,Vol.42:755-793
[20]Aloke Ghosh,Doocheol Moon.Auditor Tenure and Perceptions of Audit Quality.The Accounting Review,2005,Vol.80:585-612
[21]Catanach,Jr.A.H.,P.L.Walker.The International Debate over Mandatory Auditor Rotation:A Conception Research Framework.Journal of International Accounting,Auditing & Taxation,1999,Vol.8:43-66
[22]余玉苗,李琳.审计师任期与审计质量之间的理论分析.经济评论,2003,(5):124-128
[23]张萍,姚秀萍,郑健鹏.浅探审计任期对审计质量的影响.财会月刊,2006,(5):50
[24]李爽,吴溪.中国证券市场中的审计报告行为:监管视角与经验证据.北京:中国财政经济出版社,2003
[25]刘成立.审计师变更、审计任期与审计收费关系研究─基于2001～2003年的实证分析.财贸研究,2005,(4):96-101
[26]邓川.新四项减值准备、审计任期与独立审计意见.财经论丛,2004,(11):62-67
[27]夏立军,陈信元和方轶强.审计任期与审计独立性:来自中国证券市场的经验证据.中国财务与会计研究,2005,(1):29-37
[28]夏立军,陈信元.审计任期与审计质量:来自中国证券市场的经验证据.会计研究,2006,(1):44-53
[29]刘启亮.事务所任期与审计质量─来自中国证券市场的经验证据.审计研究,2006,(4):40-49
[30]刘峰,张立民,雷科罗.我国审计市场制度安排与审计质量需求──中天勤客户流向的案例分析.会计研究.2002,(12):22-27
[31]夏冬林,林震.我国审计市场的竞争状况分析.会计研究.2003,(13):40-46
[32]中国证监会首席会计师办公室.2004证券期货相关审计市场分析.证券时报.2005.10.13:19
[33]中国证监会首席会计师办公室.2003证券期货相关审计市场分析.证券时报.2004.12.9:10
[34]邓小洋,章莹莹.会计师事务所变更、盈余管理与审计质量.财经理论与实践,2005(3):72-75
[35]耿建新,杨鹤.我国上市公司变更会计师事务所情况的分析.会计研究,2001,(4):57-62
[36]刘峰,许菲.风险导向型审计·法律风险·审计质量.会计研究,2002,(2):21-27
[37]Clive S.Lennox.Audit quality and audit size.An Evaluation of Reputation and Deep Pocket Hypothesis,1989,(December):91-102
[38]Zoe-Vonna Palmrose.Audit fees and auditor size:further evidence,Journal of Accounting Research,1986,Vol(24):97-110
[39]Teoh,Wang.Perceived auditor quality and the earning response coefficient.The Accounting Review,1992,Spring:1-23
[40]Balsam,Krishnan,Yang.Auditor industry specialization and earning quality.Auditing,2003,Vol(9):14-31
[41]Becker,DeFond,Jiambalvo,Subramanyam.The effect of audit quality on earnings management.Contemporary Accounting Research,1995,Vol(15):57-68
[42]Chen,Charles J.R.,Shimin Chen and Xijia Su.Profitability regulation,earnings management,and modified audit opinions.Auditing:A Journal of Practice & Theory,2001,Vol(20),Issue 2
[43]宋常、恽碧琰.上市公司首次披露的"非标"意见信息含量研究.审计研究,2005,(1):32-40
[44]邵少敏.我国独立董事制度研究.上海:立信会计出版社,2005
[45]Joshua Ronen.Post-Enron Reform:Financial Statement Insurance,and GAAP Re-visited,2002.
[46]Alex Dontoh,Joshua Ronen,Bharat Sarath.Financial Statement Insurance.Working paper,2003,June 16
[47]易琮.财务报表保险制度──解决审计独立性的新思路.中国注册会计师协会行业发展研究资料,NO.2004-5
[48]Watts,R.L.,Zimmerman.L.L.Agency Problems,Auditing and the theory of the Finn:some evidence,Journal of Law and Economics,1983,26:613-633
[49]陈海明,李东.我国新股短期发行议价的会计师事务所声誉假说实证研究.审计与经济研究,2004,19(1):50-52
[18]Carecello,Joseph.V,Nagy,Albert.L..Audit Firm Tenure and Fraudulent Financial Reporting.Auditing,2003,Vol.23:57-71
[19]Mansi.S.A.,W.F.Maxwel,and D.P.Miller.Does auditor quality and tenure matter to investors? Evidence from the bond market.Journal of Accounting research,2004,Vol.42:755-793
[20]Aloke Ghosh,Doocheol Moon.Auditor Tenure and Perceptions of Audit Quality.The Accounting Review,2005,Vol.80:585-612
[21]Catanach,Jr.A.H.,P.L.Walker.The International Debate over Mandatory Auditor Rotation:A Conception Research Framework.Journal of International Accounting,Auditing & Taxation,1999,Vol.8:43-66
[22]余玉苗,李琳.审计师任期与审计质量之间的理论分析.经济评论,2003,(5):124-128
[23]张萍,姚秀萍,郑健鹏.浅探审计任期对审计质量的影响.财会月刊,2006,(5):50
[24]李爽,吴溪.中国证券市场中的审计报告行为:监管视角与经验证据.北京:中国财政经济出版社,2003
[25]刘成立.审计师变更、审计任期与审计收费关系研究─基于2001～2003年的实证分析.财贸研究,2005,(4):96-101
[26]邓川.新四项减值准备、审计任期与独立审计意见.财经论丛,2004,(11):62-67
[27]夏立军,陈信元和方轶强.审计任期与审计独立性:来自中国证券市场的经验证据.中国财务与会计研究,2005,(1):29-37
[28]夏立军,陈信元.审计任期与审计质量:来自中国证券市场的经验证据.会计研究,2006,(1):44-53
[29]刘启亮.事务所任期与审计质量─来自中国证券市场的经验证据.审计研究,2006,(4):40-49
[30]刘峰,张立民,雷科罗.我国审计市场制度安排与审计质量需求──中天勤客户流向的案例分析.会计研究.2002,(12):22-27
[31]夏冬林,林震.我国审计市场的竞争状况分析.会计研究.2003,(13):40-46
[32]中国证监会首席会计师办公室.2004证券期货相关审计市场分析.证券时报.2005.10.13:19
[33]中国证监会首席会计师办公室.2003证券期货相关审计市场分析.证券时报.2004.12.9:10
[34]邓小洋,章莹莹.会计师事务所变更、盈余管理与审计质量.财经理论与实践,2005(3):72-75
[35]耿建新,杨鹤.我国上市公司变更会计师事务所情况的分析.会计研究,2001,(4):57-62
[36]刘峰,许菲.风险导向型审计·法律风险·审计质量.会计研究,2002,(2):21-27
[37]Clive S.Lennox.Audit quality and audit size.An Evaluation of Reputation and Deep Pocket Hypothesis,1989,(December):91-102
[38]Zoe-Vonna Palmrose.Audit fees and auditor size:further evidence,Journal of Accounting Research,1986,Vol(24):97-110
[39]Teoh,Wang.Perceived auditor quality and the earning response coefficient.The Accounting Review,1992,Spring:1-23
[40]Balsam,Krishnan,Yang.Auditor industry specialization and earning quality.Auditing,2003,Vol(9):14-31
[41]Becker,DeFond,Jiambalvo,Subramanyam.The effect of audit quality on earnings management.Contemporary Accounting Research,1995,Vol(15):57-68
[42]Chen,Charles J.R.,Shimin Chen and Xijia Su.Profitability regulation,earnings management,and modified audit opinions.Auditing:A Journal of Practice & Theory,2001,Vol(20),Issue 2
[43]宋常、恽碧琰.上市公司首次披露的"非标"意见信息含量研究.审计研究,2005,(1):32-40
[44]邵少敏.我国独立董事制度研究.上海:立信会计出版社,2005
[45]Joshua Ronen.Post-Enron Reform:Financial Statement Insurance,and GAAP Re-visited,2002.
[46]Alex Dontoh,Joshua Ronen,Bharat Sarath.Financial Statement Insurance.Working paper,2003,June 16
[47]易琮.财务报表保险制度──解决审计独立性的新思路.中国注册会计师协会行业发展研究资料,NO.2004-5
[48]Watts,R.L.,Zimmerman.L.L.Agency Problems,Auditing and the theory of the Finn:some evidence,Journal of Law and Economics,1983,26:613-633
[49]陈海明,李东.我国新股短期发行议价的会计师事务所声誉假说实证研究.审计与经济研究,2004,19(1):50-52