会计师事务所变更、会计信息质量与市场反应——基于我国上市公司由小所向大所变更的经验证据

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浙江财经学院硕士学位论文

III

摘要

本文选取 2004 至 2008 年间我国 A 股市场发生自愿性会计师事务所变更的上

市公司为研究样本，以会计师事务所的收入规模为标准，将上市公司事务所变更

类型区分为从小规模事务所向大规模事务所变更、相近规模事务所变更和从大规

模事务所向小规模事务所变更三类。

首先，本文对变更公司的各项财务指标进行了描述性统计分析，发现从小到

大变更事务所上市公司各项财务指标较好，而从大到小变更事务所上市公司各项

财务指标则相对较差。

其次，本文运用修正的 Jones 模型估算了变更公司的操纵性应计利润，并基

于从小规模事务所向大规模事务所变更的视角，分别进行了比较，发现从小到大

变更事务所的公司和从大到小变更事务所的公司在变更当年会计信息质量都有

所提高，相近规模变更则相对稳定。同时，本文比较了从小到大变更事务所公司

与其配对样本公司的操纵性应计利润，发现，事务所变更后，后任审计师虽然在

一定程度上抑制了变更公司的盈余操纵行为，但变更公司盈余操纵的程度依然较

大。为检验变更前后事务所规模与上市公司盈余管理行为的关系，本文进行了多

元回归检验，发现变更当年会计师事务所规模与操纵性应计利润有着较为显著的

负相关关系，而变更前年这一关系并不显著，由此，本文认为从小到大变更事务

所公司操纵性应计利润的降低并不在于大规模事务所的审计质量，而在于上市公

司自身提高了会计信息质量。本文也没有发现事务所从大到小变更后会计信息质

量有所降低的证据，其中的原因可能在于，从大到小变更事务所公司的质量相对

较差，后任审计师已经意识到其中蕴含的风险，采取了更为稳健的审计措施。

最后，为验证投资者对上市公司变更公告的反应程度，本文运用事件研

究方法检验了投资者对从小到大变更事务所上市公司和相近规模变更事务

所上市公司的市场反应问题，但没有发现显著差异，原因可能在于受上市公

司变更公告披露质量或投资者个人行为的影响，投资者并不关注会计师事务所变

更对会计信息质量带来的影响。

本文的研究结论有利于从一个新的角度来看待事务所变更问题，也为加

强对上市公司事务所变更行为的监管提供了理论依据。同时研究结论也有利于引

导投资者理性看待上市公司事务所变更行为。

关键词：会计师事务所；变更；操纵性应计利润；市场反应

浙江财经学院硕士学位论文

ABSTRACT

This paper selects companies that voluntary change auditor occurred in China

A-share market between 2004 and 2008 as research sample.According to the size of

the CPA firm's income ,listed companies are divided into three categories,they are

small-scale firms to large firms changes, similar scale firms changes, and from large

firms change to small firms .

Firstly, by described statistical analysis, this paper found that firms from small to

large changes with higher quality ,while listed companies that change from big to

small firms relatively poor quality .

Secondly, the thesis use of modified Jones model estimated discretionary accruals

of the three types of changes, at the same time ,based on list companies change from

large-scale CPA firm to small ,we found that accounting information quality are

improved except similar scale firms changes.This paper also compared the change

from small to large companies and their matching sample firm's discretionary accruals,

the thesis found that ,to some extent, the successor CPA inhibition of the company's

earningsmanipulation.Meanwhile,this paper tested the relationship between the CPA

firm's size and earnings management of listed companies by multiple regression test,

found that the CPA firm's size and discretionary accruals of list companies has a

negative correlation.Therefore,this paper argues that the audit quality of CPA firms

from small to large changes is not high as we thought, but listed companies improved

the quality of accounting information of theirself .This article also found no evidence

that show the quality of accounting information change of listed companies that from

big to small firms decreased .We think that the reason lies in the successor auditors

have realized the risks of companies that change firms from big to small,and took a

more cautious attitude. Finally, in order to verify the degree of response to change

behaviour of investors ,the paper examined listed companies that change CPA firms

from small to large and firms with similar scale in the use of event study method,but

found no significant difference ,this may due to the quality of information disclosure

or the personal conduct of investors, anyhow,investors are not concern about the

impact of the accounting firm change to the quality of accounting information.

Conclusions of this study is beneficial to the problem of change behaviour of

浙江财经学院硕士学位论文

listed companies in a new perspective , but also provide theoretical basis to strengthen

Supervision to the change behavior of listed companies .also ,the conclusions are

conducive to direct investors in view of the listed company's change behaviour with a

rational attitude.

Keywords: Accounting Agency; Change; Discretionary Accruals; Market Reaction

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摘要：

浙江财经学院硕士学位论文III摘要本文选取2004至2008年间我国A股市场发生自愿性会计师事务所变更的上市公司为研究样本，以会计师事务所的收入规模为标准，将上市公司事务所变更类型区分为从小规模事务所向大规模事务所变更、相近规模事务所变更和从大规模事务所向小规模事务所变更三类。首先，本文对变更公司的各项财务指标进行了描述性统计分析，发现从小到大变更事务所上市公司各项财务指标较好，而从大到小变更事务所上市公司各项财务指标则相对较差。其次，本文运用修正的Jones模型估算了变更公司的操纵性应计利润，并基于从小规模事务所向大规模事务所变更的视角，分别进行了比较，发现从小到大变更事务所的公司和从大到小...

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