外部审计治理效应对投资者保护影响的实证研究

An Empirical Study of the Effect of External Audit Governance on Investor Protection

本文以2012-2015年沪深两市A股上市公司的数据为研究样本,分别选取类代理成本和公司绩效作为投资者保护的替代变量,选择审计意见类型和审计质量作为外部审计治理的替代变量,实证检验了外部审计治理效应对投资者保护的影响。研究发现,外部审计治理效应与两类代理成本呈现显著负相关关系,与公司绩效呈现显著正相关关系,即外部审计治理在投资者保护方面发挥了积极效应。本文基于实证研究的结论,主要从提高独立外部审计机构审计治理能力和提高投资者保护水平两方面提出对策和建议。

In this paper, the data of A - Share Listed Companies between 2012 and 2015 in Shanghai and Shenzhen Stock Exchange are studied. The agency costs and corporate performance are selected as the alternative variables of investor protection, the type of audit opinion and audit quality as the alternative variables of external audit governance. Through using analytical methods, the empirical study is conducted on the effect of external audit governance based on investor protection. The results show that the external audit governance has a significant nega- tive correlation with the first kind of agency costs and the second kind of agency costs, and a significant positive correlation with corporate performance. The external audit governance has played a positive role in investor protec- tion. Finally, based on the results of empirical research, some countermeasures and suggestions from two aspects of improving the audit governance capacity of independent external auditors and improving the level of investor protec- tion are put forward.