机构投资者持股与审计师选择

Institutional Investor Heterogeneity and Auditor Choice

机构投资者在上市公司治理中发挥着重要的作用,本文选择A股上市公司2006-2015年数据,研究机构投资者持股对审计师选择的影响,以及不同类型机构投资者对上市公司审计师选择的影响,研究表明：全部机构投资者持股比例越高,公司越会选择四大进行审计。社保基金,合格境外投资者持股比例越高,公司越会选择四大进行审计,但证券投资基金,券商,保险持股比例与审计师选择间的关系则不显著。同时进一步分析发现,产权性质,股权集中度,资本结构会影响机构投资者持股比例对审计师选择的作用。本文的研究反应了机构投资者的参与能够影响管理层对于审计师的选择,一定程度上对高质量审计提供了保证,为大力发展机构投资者提供了经验证据。

Institutional investors play an important role in corporate governance of public company. This paper use A-share listed companies from 2006 to 2015 data to examine the influence of institutional investors holding on auditor choice,and the influence of different types of institutional investors holding on auditor choice. The evidence indicates that the higher shareholding of institutional investor,the company are more likely to choose big4. The result holds for Security Fund and QFII,but doesn＇t hold for fund,broker and insurance. Further,ownership structure,capital structure have impact on the relationship between institution investor holding and auditor choice.