中國股權分置改革對企業會計師選任之影響

Abstract

本文之研究主要探討中國在2005年啟動股權分置改革之後，隨著非流通股逐漸轉換為流通股，在流通股比率逐年上升的情形下，從公司股權結構與股權流動性的變化，來探討是否會對企業會計師之選擇產生影響，以及股權分置改革顯著影響公司決策的時間點。 研究期間為2004年至2009年，以中國這段期間在上海交易所與深圳交易所掛牌上市的主板公司作為研究樣本，總共6,788家上市公司，並分析前期與本期流通股比率上升，是否會使企業在會計師選擇的決策上傾向聘任高審計品質之會計師，而會計師之審計品質以每年度由中國註冊會計師協會所排名之前十大會計師事務所來衡量。實證結果顯示，隨著前期與本期流通股比率的上升，的確對於企業在會計師的選擇上產生顯著影響，而且是傾向聘任高審計品質的會計師來為公司作財務簽證。此外，股權分置改革之後，流通股比率從2007年起逐漸對企業在選任會計師上的決策產生顯著影響，且隨著流通股比率越大，企業會更傾向聘任高品質的會計師。

This study focuses on the share-trading reform of China in 2005. The share-trading reform means that the non-tradable shares convert into tradable ones gradually. This study focuses on the influence of share-trading reform on auditor choice when the ratio of outstanding shares increases year after year. Based on the firms listed in the Shenzhen and Shanghai stock exchanges from 2004 to 2009, this study analyzes that whether the enterprise chooses its accountant with higher audit quality as the ratio of outstanding shares rises both on the last year and the current year. The audit quality is measured with the annual ranking of the top 10 CPA firms. The result shows that as the ratio of outstanding shares rises both on the last year and the current year, it indeed significantly affects the auditor choices of the enterprise and it in fact chooses its accountant with higher audit quality. In addition, from 2007, the ratio of outstanding shares significantly affects the auditor choices of the enterprise year by year.