审计市场价格噪声对客户选择事务所的影响

The Impact of Audit Market Price Noise on Audit Firm Choice

以2012~2019年沪深A股上市公司为样本,引入噪声交易理论,探讨审计市场价格噪声对客户选择事务所的影响。发现审计市场价格噪声越大,客户越不愿意更换事务所;即使更换,也更愿意聘请有过长期合作的事务所;媒体关注能减轻市场价格噪声的影响。进一步研究中,与客户相比,事务所更容易从市场价格噪声中获益。2014年审计定价管制政策放开后,市场价格噪声增强,客户在更换事务所方面更加谨慎。研究有助于监管部门综合分析审计市场价格机制,制订更合理的定价机制。

Based on the data of Shanghai and Shenzhen A-share stock markets from 2012 to 2019,this paper employs the noise trading theory to discuss the impact of the audit market price noise on the choice of audit firms.It is found that the worse the price noise,the less likely clients are to change its incumbent audit firm.Even if they do make the change,they are also more willing to hire the audit firm with which they have a long-term cooperation in the past.Media coverage can moderate the influence of the market price noise.Further study shows that compared with audit clients,audit firms are more likely to benefit from the price noise.After the deregulation of the audit price control in 2014,the price noise have been on the increase,and the audit clients have become more cautious in changing their audit firms.This study is beneficial for related supervision departments to comprehensively analyze the audit price mechanism and develop a more proper one.