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。
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.
出处
《财经论丛》
CSSCI
北大核心
2018年第1期70-79,共10页
Collected Essays on Finance and Economics
基金
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
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
Auditor Industry Specialization
the Value of Cash Holdings
Controller’s Characteristic
Growth
Internal Control
