实际控制人类型、法律保护与会计师事务所变更——基于国企民营化的经验研究

Ultimate Controller,Investor Protection and Auditor Switching——An empirical research based on privatization

本文以2001—2006年间通过控制权转移实现国有股份民营化的上市公司为研究对象,分析民营化对上市公司选择会计师事务所产生的影响。研究发现,民营化后上市公司对会计师事务所的选择发生了变更:民营化后上市公司的实际控制人为外资时,对事务所的选择由小所变更为大所,且主要选择国际"四大";在法律保护程度高的地区,民营化后实际控制人为集体时,对事务所的选择由大所变更为小所;在法律保护程度低的地区,民营化后实际控制人为个人和家族时,对事务所的选择是在小所之间进行变更;民营化前实际控制人是中央政府的上市公司在民营化后明显选择了小事务所。我国的法律环境未能有效约束会计师事务所的变更。

This paper aims at analyzing auditor switching resulted from privatization of state-owned listed companies during 2001 and 2006.Taking the type of ultimate controller and the degree of legal protection into account,We found that auditors were switched after the privatization.The foreign ultimate controller switched their auditors from small to big and the collective ultimate controller switched their auditors from big to small in high-degree protection areas.The personal and family ultimate controller switched their auditors from a small one to another small auditor in low-degree protection areas.