民营上市公司的政治联系、审计师选择与公司价值

发布时间：2018-06-14 20:40

本文选题：民营上市公司 + 政治联系　；参考：《南京财经大学》2011年硕士论文

【摘要】：企业的政治行为对企业的竞争优势和生存发展都有着非常重要的影响。相比于国有企业，政治联系对民营企业的生存、经营和发展有着尤其重要的作用。作为渐进式改革的社会主义市场经济国家，中国的各种制度虽然还不是很完善，但民营企业在这种情况下仍得到了迅速的发展，研究民营企业的政治联系有助于从国际视角解释这种现象。因此，关于民营企业的政治联系对公司价值影响的研究在中国具有很大的意义。对于政治联系与公司价值的关系，国内外的研究发现政治联系既可能提升公司价值也可能会损害公司价值。但从审计师选择这个角度的研究还相对较少。我国的市场化改革已经取得了举世瞩目的成绩，但是由于地理、历史等多方面的原因，各地区的市场化进程并不一致。市场化进展程度较低的地区，政府对经济与司法的干预程度会较大，从而对当地企业的干预就较多，，政治联系对企业的影响就会越大，而当审计师的选择也受到政府干预的影响时，外部审计的公司治理功能自然会受到影响。公司具有政治联系会不会影响到审计师的选择从而影响外部审计的公司治理功能？如何影响？外部审计的公司治理功能是否会受到公司外部环境的影响，从而影响到公司价值的提升？本文采取了理论联系实际，规范研究与实证研究相结合的方法。首先对学术界关于政治联系、审计师选择、公司价值及其相互关系的研究状况进行梳理；再从理论方面层层分析，提出本文的假设；最后选取2006-2010年期间所有在深圳、上海证券交易所上市的民营上市公司为样本，选择变量，构建相应的回归模型，采用SPSS17.0统计软件对样本公司进行实证研究分析，包括描述性统计、相关性检验，运用Logistic回归模型分析企业政治联系与审计师选择的相关性，采用多元线性回归模型分析检验企业政治联系、审计师选择与公司价值的相关性。结果表明，（1）民营上市公司的政治联系对公司价值的影响受到法治水平的制约，法治水平越低，政治联系对公司价值影响越显著。（2）民营上市公司的政治联系影响审计师选择。具有政治联系的民营上市公司倾向于选择低质量的审计师；没有政治联系的民营上市公司则倾向于选择高质量的审计师。（3）民营上市公司的审计师选择可以在一定程度上发挥公司治理的作用，选择高质量审计师有助于提升公司价值，并且以审计师选择为中间纽带，政治联系对公司价值的影响程度会得到显著提升，即政治联系对公司价值的影响还需要以审计师选择为传导机制，外部审计质量的高低可以放大或缩小政治联系对公司价值的影响。
[Abstract]:The enterprise's political behavior has a very important influence on the enterprise's competitive advantage and survival and development. Compared with state-owned enterprises, political connections play a particularly important role in the survival, management and development of private enterprises. As a socialist market economy country with progressive reform, although China's various systems are not yet very perfect, private enterprises have still developed rapidly under such circumstances. Studying the political connection of private enterprises helps to explain this phenomenon from an international perspective. Therefore, it is of great significance in China to study the influence of the political connection of private enterprises on corporate value. As to the relationship between political relationship and corporate value, domestic and foreign studies have found that political connection can not only enhance corporate value but also damage corporate value. But the research from this angle of auditor choice is still relatively few. China's market-oriented reform has made remarkable achievements, but due to geographical, historical and other reasons, the process of marketization in different regions is not consistent. Where the degree of marketization is relatively low, the degree of government intervention in the economy and the judiciary will be greater, thus more intervention will be made on local enterprises, and the greater the impact of political ties on enterprises, When the choice of auditor is also affected by government intervention, the corporate governance function of external audit will be affected naturally. Will the company's political connection affect the auditor's choice and thus the corporate governance function of the external audit? How? Will the corporate governance function of external audit be affected by the external environment of the company, thus affecting the promotion of corporate value? This paper adopts the method of combining theory with practice, normative research and empirical research. First of all, it combs the academic research on political connection, auditor selection, corporate value and their interrelationship. Then, it analyzes the theoretical aspects and puts forward the hypothesis of this paper. Finally, it selects all of them from 2006 to 2010 in Shenzhen. Shanghai Stock Exchange listed private listed companies as a sample, select variables, build the corresponding regression model, using SPSS 17.0 statistical software for empirical analysis of the sample companies, including descriptive statistics, correlation test. Logistic regression model is used to analyze the correlation between corporate political relationship and auditor selection, and multivariate linear regression model is used to test the relationship between corporate political relationship and auditor selection and the correlation between auditor selection and corporate value. The results show that: 1) the influence of political connections on corporate value of private listed companies is restricted by the level of rule of law. The lower the level of rule of law is, the more significant the influence of political connections on corporate value is. 2) the political connections of private listed companies affect the choice of auditors. Private listed companies with political connections tend to choose low-quality auditors; Private listed companies without political connections tend to choose high-quality auditors.) the choice of auditors of private listed companies can play the role of corporate governance to a certain extent, and choosing high-quality auditors can help to enhance the value of the company. And with auditor selection as the intermediate link, the influence of political connection on corporate value will be significantly enhanced, that is, the influence of political connection on corporate value also needs to be conducted by auditor selection. The quality of external audit can enlarge or reduce the influence of political connection on company value.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F239.4;F276.5;F224

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