债权人诉讼、审计质量与控制权变更

Creditor's Action,Audit Quality Assurance and Corporate Control Changes

与外部审计一样,法律诉讼也是重要的投资者保护机制之一。诉讼会影响企业财务决策,会影响公司治理,也可能会影响公司控制权的变化。本文以2005～2015年我国A股上市公司为样本,研究了上市公司的债务诉讼与实际控制人变更之间的关系。实证结果表明,涉及债务诉讼的上市公司更容易发生控制权变更。进一步研究表明,国有性质的实际控制人受债务诉讼的影响较小,并且审计质量越低,债务诉讼与控制权变更之间的关系越密切,而在审计质量较高的情况下二者关系较弱。通过准自然实验的双重差分模型,尽可能地控制和解决了可能存在的内生性问题,假设得到了进一步验证。研究结果还表明,外部审计与法律诉讼具有一定的替代关系。不断完善法律和审计等外部监督约束机制有利于提高公司治理水平,保护投资者权益,从而促进资本市场稳定发展。

Like external audit,legal action is one of the important mechanisms for investor protection.Legal action will affect an enterprise's financial decisions,corporate governance,and even corporate control.Using the panel data of A-share listed companies in China overa period from 2005to 2015,we studied the relationship between the liability action of the listed companies and the changes of their de facto corporate control.The empirical results showed that the listed companies involved in debt litigation were more likely to change in corporate control.Further research showed that liability action and de facto corporate control changes in state-owned enterprises is less relevant than private enterprises,and the lower the audit quality,the closer the relationship between liability action and corporate control changes was.In the case of high audit quality,the relationship is less relevant.Through a difference-in-difference model of quasi natural experiment,this article controled and solved the possible problem of endogenous as far as possible,further study confirmed the main conclusions of this paper. Research showed that external auditing and legal action has certain substitution relationship.Improving the rule of law and audit as external supervision and restraint mechanisms are beneficial for improving corporate governance, protecting the rights and interests of investors,and promoting the stable development of the capital market.