民营化对上市公司业绩与会计师事务所选择的影响研究

A Study on the Effect of Privatization on the Performance of Listed Companies and the Choice of Accounting Firms

采用1996年—2007年在沪深两地上市的178个民营化企业为样本,研究分析民营化对上市公司绩效和会计师事务所选择的影响后,发现民营化带来企业业绩的提高。企业最终控制人的特征影响民营化效应:当收购者具有专业背景时,民营化带来业绩的提高;而收购者具有政府背景或为本公司管理层时,民营化前后企业业绩没有显著差异。当收购者具有专业背景或管理层收购时,民营化上市公司更可能新聘请高质量的会计师事务所;而收购者是有政府背景的个人时,民营化不会带来会计师事务所的更换。聘请新的高质量会计师事务所,民营化之后上市公司业绩显著提高。

This study uses the sample of 178 privatized enterprises which are listed in Shanghai and Shenzhen Stock Markets during the year from 1996 to 2007 and investigates the impact of privatization on firm performance and auditor choice in China. Privatization is de- fined as the controlling shareholder change from state to individuals or private enterprises. By extension, we classify new private owners into three groups： internal managers （MBO）, political individuals, and outside professionals. We shed light on which type of private owners will lead to the most efficient result of privatization. We find that privatized enterprises experience performance improvement after privatization, especially those whose buyers are outsider professionals. Privatized enterprises are more likely to have auditors switch dur- ing the period of privatization. They are more likely to choose non-local or top 10 auditors lately. MBO firms and outsider professional buyers＇ firms are more likely to have auditor switch and choose better auditors. When the firms switch to better auditors, privatization leads to significant performance improvement.