上市公司审计质量与“国家队”持股

Audit Quality of List Companies and Shareholding of“National Team”

以2015—2018年沪深A股非金融类上市公司为样本,检验上市公司审计质量对“国家队”——以救市维稳为目标的特殊机构投资群体投资行为的影响。研究发现,上市公司审计质量越高,越可能被“国家队”选为目标股份,而“国家队”倾向于持股高审计质量上市公司的重要原因之一是审计质量较高的上市公司未来股价崩盘风险较低。进一步研究表明,当上市公司外部监督力量薄弱、内部代理问题较严重、股票交易成本较高时,审计质量在“国家队”选股决策中的鉴证和保险价值更高。

Based on the sample of A-share non-financial listed firms from 2015 to 2018,this paper explores the impact of audit quality on the investment behavior of“National Team”,a special group of institutional investors aiming at the rescue and stability of China’s stock market.The results show that the higher the firms’audit quality is,the more likely they are to be selected as the target shares by the“National Team”.Firms with high audit quality are more likely to have lower stock price crash risk in the future,which is an important reason why the“National Team”tends to increase shares of firms with high audit quality.Further analyses show that the assurance and insurance value of audit quality in the National Teams’stock selection decision are higher when the external force of supervision is poorer,the agency problem is more serious,and the transaction cost is higher.