重大资产重组行为特征与审计师变更——基于客户启动成本的视角

Traits of major asset restructuring and change of auditors——a perspective from startup cost of clients

本文以2007-2012年A股上市公司和重大资产重组公司为样本,从客户启动成本视角进行理论分析,实证研究了重大资产重组行为及其行为特征与审计师变更的关系。研究发现:上市公司发生重大资产重组行为时,审计师变更的可能性更高;重组中流入资产的所属行业不同于重组公司原行业时,审计师变更的可能性更高;选择资产流入与剥离兼具的混合型资产流动方式时,审计师变更的可能性更高;重组目标的产权性质为国有时,更倾向于变更审计师;重组公司实际控制人发生变化时,更有可能变更审计师。

By selecting a sample of A share listed companies and companies with major asset restructuring during 2007-2012, this article conducts a theoretical analysis from the perspective of startup cost of clients and presents an empirical research on the relationship between major asset restructuring along with its traits and the change of auditors. It finds that under the following circumstances, there is a higher probability of changing auditors: when a listed company is undergoing major asset restructuring, when the incoming asset belongs to a different industry from the restructured company, when there are both incoming assets and outgoing assets during the restructuring, when the target company to be restructured is state-owned, or when the actual controller of restructured company changes.