中国上市公司外部审计治理有效性的实证研究——基于CEO变更视角

An Empirical Study on the Governance Effect of the Exterior Audit from Chinese Listed Companies:A View from CEO Turnover

外部审计作为公司治理机制不可或缺的有机组成部分,其治理效应一直备受各界关注。文章运用Logist回归方法,以1999-2004年中国上市公司的CEO变更为视角,通过研究CEO变更与“非标”意见的相关性,探讨外部审计的治理效应。研究发现：CEO变更与“非标”意见显著正相关;“非标”意见下,CEO变更对公司业绩的敏感性强于标准审计意见公司;不过,“非标”意见并没有增强CEO变更对两职分离与股权制衡的敏感性。上述结论在一定程度上验证了外部审计治理机制的有效性,同时表明外部审计的治理效应有赖于公司内部治理机制的完善。

This paper studies the exterior audit＇s governance effect by analyzing the relation between CEO turnover and nonstandard audit opinions. The evidence suggests that the probability of CEO turnover is significantly positively related to the nonstandard audit opinions. On the condition of nonstandard audit opinions, CEO turnover is significantly positively related to firm performance. However, nonstandard audit opinions don＇t strengthen the sensitivity of CEO turnover to check-and-balance ownership structure. So the above results partly verify that exterior audit is an efficient supervise mechanism, and the governance effect is dependent up on internal monitoring mechanisms.