会计师事务所合并、审计质量控制与上市公司审计需求——基于合并后客户流向的分析

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浙江财经学院硕士学位论文

摘要

2007 年，会计师事务所的第三次合并浪潮开始。发生在国内的这次合并浪潮

不仅包括市场化的动因（如为提高竞争力而扩大事务所规模；为进入其他地域的

审计市场而合并当地的事务所；扩大市场份额等），还包括行政诱导的动因（如获

得H股和证券期货审计资格、金融审计资格、国资委大型国有企业审计资格等）。

伴随着此次合并浪潮，我们可以看到，一些客户发生审计师变更。2007-2009

年间内资非十大会计师事务所的客户在合并后两年内发生审计师变更的平均概率

是8.97%，高于在此期间发生审计师变更的市场平均概率 6.93%。另外，合并后的

会计师事务所对特定客户的依赖度降低，从而审计独立性提高。并且由于合并后

的会计师事务所会因规模效应而提高审计效率，会计师事务所合并后发现客户财

务报表错报漏报的能力也会提高，因此会计师事务所合并后的审计质量提高了。

在这样的背景下，将合并后审计师变更的动因做进一步的讨论和研究，一方面可

以检验合并的效果，另一方面更能看出客户的审计需求特征，尤其是客户是否需

要高质量的审计。

合并后客户审计师变更概率高的原因可能包括：合并使会计师事务所管理上

和文化上难以融合，客户和会计师事务所的重新组合，客户希望规避审计质量的

提高等。本文以我国 2007-2009 年合并成为内资十大所（大所）的全部内资非十大

所（小所）为研究对象，对内资非十大所客户在合并后发生审计师变更的动因进

行研究，了解会计师事务所和上市公司的关系磨合调整过程，并提出监管政策建

议，从而弥补了我国现有研究的一些不足，进一步丰富和完善我国的审计理论。

为研究客户在合并后发生审计师变更的动因，本文从客户结构特征及其变化、

会计师事务所合并和客户组合管理、盈余管理水平、审计收费这四个方面建立假

设和模型进行实证分析。研究结果表明：（1）规模大、成长性增高、融资需求大

的客户更倾向于选择大所，而规模小、成长性降低、融资需求小的客户则更倾向

于变更到小所；（2）风险高的公司在会计师事务所合并后更可能变更到小所，并

且发生审计师变更的客户的风险显著高于未发生审计师变更的客户。这表明合并

后的会计师事务所在客户选择这个质量控制环节更加谨慎；（3）在变更前，变更

到小所的客户的盈余管理水平与变更到其他大所的客户无显著差别，但显著高于

不发生审计师变更的客户。变更到小所的客户在变更前后、未发生审计师变更的

客户在合并前后的盈余管理水平差距不大。这表明在会计师事务所合并后，盈余

管理水平高的客户更倾向于发生变更，而合并后的会计师事务所没有直接提高未

浙江财经学院硕士学位论文

发生审计是变更的客户的审计质量，而是通过减少盈余管理水平高的客户来提高

其整体的审计质量；（4）变更到小所、未发生审计师变更以及变更到其他大所的

三类客户相比较，他们在变更前的审计收费无明显差距。未发生审计师变更的客

户在合并前后，变更到小所的客户在变更前后的审计收费也均无显著差距。这表

明审计费用不是客户发生审计师变更重点考虑的因素。

根据研究结果，笔者认为：（1）合并后客户发生审计师变更的原因更可能是

由于客户希望规避审计质量的提高，而不是为了节约审计费用；（2）未发生审计

师变更的客户的情况表明，在我国，上市公司审计需求在一定程度上表现为融资

需求，即为公司融资提供便利，降低融资成本；（3）合并促使会计师事务所加强

了审计质量控制，对高风险客户的选择采取了更谨慎的态度，在一定程度上达到

了合并的效果。本文研究表明，监管部门要加强会计师事务所变更披露的监管力

度，加强对合并后会计师事务所审计质量的监管，完善上市公司聘任和解聘会计

师事务所的程序，加强对变更到小规模会计师事务所的上市公司的关注。

关键词：会计师事务所；合并；审计师变更；审计质量控制；审计需求

浙江财经学院硕士学位论文

III

ABSTRACT

The third merger wave of audit firm began in 2007. This merger wave occurred in

domestic is not only because of marketization，such as to access to other local audit

market through merger with the local audit firm，expand the scale in order to improve

their own competitiveness，and to enlarge the market share，but also because of

administrative guide. The administrative guide including the related entry threshold

which is improving all the time，such as audit qualification of H share，Securities and

the large state-owned enterprise .

The average proportion of domestic non-top ten clients who changed auditors

within two years after the merger was 8.97%，higher than the average proportion of

market during year 2007-2009. In addition，the audit firm merger will reduce its

dependence on specific clients and improve its independence. The scale effect brought

by merger will also help to enhance audit efficiency and audit techniques，thereby

improving the ability of discovery the accounting problem in client financial statements.

So the audit firm merger will improve audit quality. By discussing and researching the

cause of auditor changes under this circumstance，in one hand we can test the effect of

the merger，in the other hand we are able to know the characteristics of client's audit

demands，especially the need for high-quality audits.

The explanations for a lack of post-merger management and cultural congruence，

client-auditor realignment and flight from audit quality may account for the reason why

more clients change auditor after merger. This paper selects all the domestic non-Big

Ten as research samples which were merged into the domestic Big Ten during

2007-2009. By researching the causes of these samples’ auditor changes following the

audit firm merger，we can understand the congruence process of relationship between

audit firm and listed companies and put forward the supervision suggestions，so as to

make up for some shortage of existing research in our country and enrich or improve the

audit theories in our country.

In order to research the reason why clients change audit firm after merging，this

paper establishes hypothesis and model for empirical analysis from four aspects，

including client structural characteristics and its changes，the audit firm’s post-merger

client portfolio management practices，earningsmanagement level，and client incentives

浙江财经学院硕士学位论文

to save on audit fee. First of all，clients who have large size，high asset growth or high

financing demand tend to choose Big Ten，while customers who have small size，low

asset growth or low financing demand are more inclined to change to non-Big Ten.

Secondly，the high risk clients are more likely to change to non-Big ten after the

merger，and clients who change auditor are more risky. This suggests that auditor firms

are more cautious after merger. Thirdly，clients who changed to the non-Big Ten after

merger have the similar level of earningsmanagementwith clients who changes to

another Big Ten，but are higher than clients who do not change. Clients who changed to

the non-Big Ten after merger have the similar level of earningsmanagementbefore and

after change. Clients who do not change after merger also have the similar level of

earningsmanagement before and after merger. This indicates that clients have higher

earnings management level are more likely to change after merger and auditor firms

improve its audit quality by declining clients who have high earnings management level.

Finally，the audit fee are similar between clients who change to the non-Big Ten，do not

change and change to another Big Ten. Clients who do not change after merger have the

similar level of audit fee before and after merger. Clients who changed to the non-Big

Ten after merger also have the similar level of audit fee before and after change. This

demonstrates that audit fee is not the clients’ most concerned.

According to the research，our conclusions are including three aspects. In the first

place，our evidence does not support that the large loss of listed clients was primarily

attributable to audit fee saving. Rather，the evidence is more consistent with the flight of

some listed clients from high-quality audits. In the second place，clients who do not

change suggest that the audit demands of listed company are sometimes financing

demand in our country. In the third place，audit firm merger are strengthening the audit

quality control and more cautious about high risky clients. This makes the firm

achieving the effect of merger to a certain extent. According to our paper，we have some

policy suggestions for regulators. Firstly，strengthening the regulation of audit firm

change disclosure. Secondly，strengthening the supervision of audit quality after

merging. Thirdly，improving the procedures of dismissal of auditor firm by the listed

companies. Finally，paying more attention to the listed companies who change to small

firm.

Keywords：Audit Firm；Merger；Auditor Changes；Quality Control of Audit；Demand

for Auditing

浙江财经学院硕士学位论文

第一章绪论 ........................................................ 1

第一节研究背景 ................................................. 1

第二节理论意义与实用价值 ....................................... 3

第三节研究思路和创新点 ......................................... 4

第二章文献综述 .................................................... 7

第一节客户发生审计师变更的国内外文献综述 ....................... 7

第二节会计师事务所合并的国内外文献综述 ........................ 12

第三节合并背景下客户发生审计师变更的国内外文献综述 ............ 15

第四节小结 .................................................... 16

第三章合并背景下客户发生审计师变更的理论研究 ..................... 18

第一节概念框架 ................................................ 18

第二节会计师事务所合并后客户发生审计师变更的影响因素 .......... 19

第四章合并背景下客户发生审计师变更的实证研究 ..................... 21

第一节样本选择与数据来源 ...................................... 21

第二节合并背景下客户发生审计师变更的实证研究 .................. 23

第五章结论及研究展望 ............................................. 44

第一节研究结论与分析 .......................................... 44

第二节政策建议 ................................................ 46

第三节研究局限性与未来研究建议 ................................ 48

参考文献 .......................................................... 49

附录：作者在读期间发表的学术论文及参加的科研项目 .................. 54

致谢 .............................................................. 55

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摘要：

浙江财经学院硕士学位论文I摘要2007年，会计师事务所的第三次合并浪潮开始。发生在国内的这次合并浪潮不仅包括市场化的动因（如为提高竞争力而扩大事务所规模；为进入其他地域的审计市场而合并当地的事务所；扩大市场份额等），还包括行政诱导的动因（如获得H股和证券期货审计资格、金融审计资格、国资委大型国有企业审计资格等）。伴随着此次合并浪潮，我们可以看到，一些客户发生审计师变更。2007-2009年间内资非十大会计师事务所的客户在合并后两年内发生审计师变更的平均概率是8.97%，高于在此期间发生审计师变更的市场平均概率6.93%。另外，合并后的会计师事务所对特定客户的依赖度降低，从而审计独立性提高。并且...

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