审计师行业专长可以提高现金持有价值吗？——来自于沪深上市公司的经验证据

财经论丛 ›› 2018, Vol. 34 ›› Issue (1): 70-79.

审计师行业专长可以提高现金持有价值吗？——来自于沪深上市公司的经验证据

袁卫秋, 李萍

南京财经大学会计学院,江苏南京 210046

收稿日期:2017-03-31 出版日期:2018-01-10 发布日期:2018-01-10
作者简介:袁卫秋(1972-),男,江苏泰州人,南京财经大学会计学院副教授,博士;李萍(1994-),女,江苏盐城人,南京财经大学会计学院硕士生。
基金资助:
国家自然科学基金资助项目(71671080,71272239);江苏高校优势学科建设工程资助项目(PAPD);江苏高校品牌专业建设工程资助项目

Can Auditor Industry Specialization Improve the Value of Cash Holdings？——Evidence from China's Listed Companies in Shanghai and Shenzhen

YUAN Weiqiu, LI Ping

School of Accounting,Nanjing University of Finance and Economics,Nanjing 210046,China

Received:2017-03-31 Online:2018-01-10 Published:2018-01-10

摘要/Abstract

摘要： 本文以我国2010～2015年度沪深两市A股上市公司为样本,研究审计师行业专长对现金持有价值的影响。结果表明,审计师行业专长会对企业现金持有价值有正向的调节作用,并且这种正向的调节作用在民营企业、成长性高以及内控质量低的企业中表现得更加显著。本文的研究结果证实了加强会计师事务所专业性能力的培育对资本市场投资者利益保护的积极作用。另外,民营企业、成长性高以及内控质量差的上市公司通过提高外部审计的专业性监督,优化外部治理机制,有利于缓解企业现金持有行为所存在的道德风险,提高企业价值。

关键词: 审计师行业专长, 现金持有价值, 产权性质, 成长性内控质量

Abstract: This paper selects A-share listed companies in Shanghai and Shenzhen from 2010 to 2015 as samples to discuss the relation between auditor industry specialization and the value of cash holdings. The results show that auditor industry specialization can improve the value of cash holdings.What's more,the auditor industry specialization improves the value of cash holdings markedly in non-state-owned companies and the companies with high growth and poor quality of internal control. The conclusions of this paper confirm that strengthening the professional ability ofaccounting firms can protect the interests of investors in the capital market. In addition,the improvement of the professional supervision of external audit and the optimization of the external governance are conductive to alleviate the moral hazardin companies' cash-holding behavior,thus improving the corporate value for non-state-owned companies and the companies with high growth and poor quality of internal control.

Key words: Auditor Industry Specialization, the Value of Cash Holdings, Controller's Characteristic, Growth, Internal Control

中图分类号:

F843.3

袁卫秋, 李萍. 审计师行业专长可以提高现金持有价值吗？——来自于沪深上市公司的经验证据[J]. 财经论丛, 2018, 34(1): 70-79.

YUAN Weiqiu, LI Ping. Can Auditor Industry Specialization Improve the Value of Cash Holdings？——Evidence from China's Listed Companies in Shanghai and Shenzhen[J]. , 2018, 34(1): 70-79.

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