大股东股权质押、股权结构对审计师选择的影响——以能源上市公司为例

The influence of major shareholders'equity pledge and equity structure on the selection of auditors——Taking energy listed companies as an example

为研究大股东股权质押对能源上市公司审计师选择的影响,股权结构对两者关系的调节作用,以能源上市公司为研究样本,收集各样本2014—2018年的相关数据,运用Stata15.0软件进行实证分析。实证结果表明:大股东股权质押与审计师选择之间存在显著的负向关系,即大股东股权质押后更倾向于选择非“十大”的审计师;股权集中度对大股东股权质押与审计师选择的负相关关系具有负向调节作用;股权制衡度对大股东股权质押与审计师选择的负相关关系具有正向调节作用。因此,为了提高审计质量,有效保护中小股东利益,能源上市公司应合理选择股权质押方式进行融资,并继续优化股权结构。

In order to study the influence of major shareholders'equity pledge on the selection of auditors of energy listed companies,and the role of equity structure in regulating the relationship between the two,taking energy listed companies as the research sample,relevant data of each sample was collected from 2014 to 2018 and Stata 15.0 software was used for empirical analysis.The empirical results show that there is a significant negative relationship between the pledge of major shareholders’equity and the choice of auditors,that is,major shareholders are more inclined to choose non-top ten auditors after pledge of equity.Equity concentration has a negative moderating effect on the negative correlation between major shareholders’equity pledge and auditor selection.The degree of equity checks and balances has a positive regulatory effect on the negative correlation between major shareholders’equity pledge and auditor selection.Therefore,in order to improve audit quality and effectively protect the interests of small and medium shareholders,energy listed companies should reasonably choose equity pledge methods for financing and continue to optimize their equity structure.