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论文编号：	9984
作者编号：	2120162703
上传时间：	2018/6/6 14:54:20
中文题目：	审计师行业专长、产权性质对投资效率影响的研究
英文题目：	Research on the influence of auditor industry expertise and property right character on investment efficiency
指导老师：	张继勋
中文关键字：	投资效率；审计师行业专长；产权性质
英文关键字：	investment efficiency; auditor industry expertise; the property right character
中文摘要：	投资活动是企业价值的来源，会对企业发展和成长产生重要影响。如何进行投资支出达到投资效率最佳，对于管理层而言，是一项重要决策。在现实资本市场中，导致非效率投资的主要因素之一为信息不对称。外部审计师作为一种信息中介，可以通过其信息角色，起到缓解信息不对称的作用。行业专长作为审计师特征的一种，除了影响审计质量之外，是否会对客户投资效率产生影响，目前尚无定论。因此，本文从管理层获取信息的角度，研究审计师作为信息中介，其行业专长对客户投资效率的影响。同时，以前研究已经表明我国上市公司产权性质的差异也会对投资效率产生影响，本文通过对公司实际控制人的区分，进一步研究了产权性质对行业专长和投资效率二者关系的不同影响。 本文以我国2008-2016年度A股上市公司为研究样本，采用Richardson（2006）模型衡量企业投资效率，采用行业市场份额法衡量审计师行业专长，采用实际控制人区分公司产权性质，对审计师行业专长、产权性质与投资效率之间的关系进行了研究。研究发现，我国上市公司普遍存在非效率行为，存在投资不足问题的公司数量更多，但投资过度问题更加严重。同时，在我国审计市场中，审计师行业专长水平整体较低。实证结果表明，整体而言，审计师作为信息中介会对管理层的投资支出决策产生影响，行业专长具有提高客户投资效率的作用，表现在对投资过度和投资不足行为的抑制上。根据产权性质分组后，本文进一步发现，在国企中随着审计师行业专长的提高，公司的投资效率也会提高，投资过度和投资不足问题都会得到治理。但是在非国企中，投资效率虽然与审计师行业专长是正相关但并不显著。这可能是由于国企的代理问题更加严重，审计师行业专长缓解信息不对称并提高客户投资效率的作用随之增强。
英文摘要：	Investment is an important source of adding corporation’s value. It is a major decision for managers (CFO) to achieve the best investment efficiency of capital expenditures. In real capital market, information asymmetry is one important factor to restrain investment efficiency. And auditors can alleviate this problem through their effect of being information intermediary in the information environment. Scholars have already proved that auditor industry expertise, one of auditor characters, can improve audit quality, and therefore will also improve auditor’s effect of information intermediary. But whether their industry expertise can influence their clients’ investment efficiency is not yet decided. Therefore, this thesis will address this question. In addition, the property right character also has effect on the investment efficiency, so we further explore its effect on the correlation between investment efficiency and auditor industry expertise. We employ the A-share listed companies in China from year 2008 to 2016 as our research samples. We use Richardson (2006) model to measure investment efficiency, industry market share method to measure auditor industry expertise, and character of actual controller to measure the property right character. We find that inefficient investment is very common, with more under-investment and worse over-investment. In total samples, our empirical results show that the auditor industry expertise helps to improve clients’ investment efficiency, lessening over-investment and under-investment. After grouped total samples according to the property right character, we find that the auditor industry expertise is associated with higher investment efficiency in the state-owned enterprises samples, alleviating both over-investment and under-investment. But the positive relation is not significant in the non-state-owned enterprises samples. This may because of the worse agency problem in state-owned enterprises, and therefore the auditor industry expertise’s effect of alleviating information asymmetry and then improving investment efficiency will be stronger.
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