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Introduction引言
要保证公司运行良好，好的财务制度必不可少，其中一个推荐就是双审核制度。对上市公司来说，财务制度可以保证其信息真实，安全可靠。
Independent and effective audit services can mitigate the negative impact of a greater degree of information asymmetry on the stock market may bring. Needless to say, in terms of information disclosure of listed companies to ensure the authenticity of such accounting firm's audit services has an important influence.
从经济学的角度考察，会计师事务所的审计服务是否能够保持独立性、并且保持具有公信力的专业水准，那就要取决于特定的市场环境、市场结构下，对于这种独立性的审计服务的需求和供给两个方面互动的过程。对于会计师事务所而言，在能够保持专业水平和独立性的条件下，同样是基于会计师事务所作为理性的经济主体在对风险与收益进行权衡选择的结果，所以就要促使会计师事务所提供独立有效的服务，有效的办法是在微观角度通过制度调整等诱导措施改变其在特定环境下的风险收益平衡。 From an economic point of inspection, whether the accounting firm's audit services to maintain independence and maintain professional standards of credibility, then depending on the particular market environment, market structure, this independence of audit services for the needs and Two aspects of the process of interaction of supply; For the purposes of accounting firms, which are able to maintain the independence and professionalism in the provision of audit services, is based on the same accounting firm as a rational economic agents to weigh the risks and benefits of selected As a result, thus providing an independent accounting firm to promote effective services, effective way is through the system at the micro angle adjustment measures induced to change their risk-benefit balance in a particular environment, from the perspective of industry accounting firm, will have to examine the reality economic environment whether there is demand for an independent audit services, as well as existing firms can supply these needs, if reality does not produce valid for independent audit services needs, and existing market players are also difficult to provide compliance with audit services required, then the introduction of international accounting firms to external forces of supply and demand changes in the market structure and the state of the current market, accounting firms, one of the measures that should be taken into account.
The above analysis can be regarded as China's securities market is basically theoretical support for the introduction of the current international accounting firms in the context of two-trial system. December 31, 2001, China Securities Regulatory Commission issued a "public offering of securities of the Company Disclosure and Presentation Rules No. 16 - A-share companies to implement the Interim Provisions supplementary audit" (hereinafter referred to as the 16th requirements), and its main contents : starting to raise financing in the securities market, and then when the placement of additional financing, employ domestic accounting firms with securities qualification, according to China's Independent Auditing Standards in accordance with Chinese accounting standards for its accounting system and information disclosure norms statutory financial reports prepared audit; Meanwhile, the China Securities Regulatory Commission and employ special permission from the Ministry of Finance of the international accounting firms, according to internationally accepted auditing standards in its accounting and information disclosure supplement according to international financial reporting standards prepared to supplement the audit. This introduction of international accounting firms in the audit services (mainly the global "top five accounting firms", usually referred to as the "Big Five") is the current system of securities industry called "double trial system."
Repartition market interests will inevitably lead to controversy, for example, in the U.S. market, some small accounting firms accused several industry organizations, intermediaries and listed companies Select the "Big Five" international accounting firm for small accounting firm discrimination and so on. The China Securities Regulatory Commission introduced two trial system, will naturally be criticized for the domestic market accounting submissively give it an international accounting firm. Especially momentary shock U.S. Anlong event is exacerbated by the controversy, as Enron auditor Arthur Andersen as received widespread criticism that end, the domestic market but also for the international accounting firm Arthur Andersen, etc. Can China market perform independent audit accused expressed doubts and speculation.
So, leaving aside the emotional debate, we need to discuss is whether the current stock market environment in China, whether the demand for an independent CPA audit services? Whether existing accounting firms can provide highly efficient independent audit services? If you want to introduce the "Big Five" international accounting firm, then, whether these large international firms have a stronger incentive to provide independent high level of service?
International experience国际经验
To compare differences in audit services accounting firms of different sizes offered, you first need to analyze the market structure and market characteristics of audit services market. From the economic sense, audit services as an important service activities, and generally have a lot of different products and markets important feature, for example, can not be sold wholesale audit services, and almost every service products to a certain extent is unique; in the audit services market in terms of the degree of product differentiation, price differences, and audit services purchased by those who should have the knowledge of the market, compared with the usual products are basically different. Summed together, audit services market is an important characteristic is the difference between the product and the price distinction is obvious, but the consumer market in retaliation, as well as the opportunity to take proactive measures and other aspects are very limited. These are all factors auditing services firms of different sizes differ.
In this market environment, the large accounting firms have a stronger reason to provide independent high level of motivation for audit services, mainly based on the following reasons: the
First, the accounting firm as a rational economic agents, whether they provide independent high level of service usually depends on the risk-return trade-off. Under the same conditions in other cases, the customer base is usually an accounting firm owned by the larger accounting firms to which a particular customer pressure and the possibility to hide their relatively small. The audit services, the larger customer base, accounting firms can save a considerable scale start-up costs of audit services (that is, the initial cost of providing learning when customers are familiar with audit services), while customers of the possibility of change is relatively firm small; If a large accounting firm for consideration to the interests aspects under pressure to hide the true customer accounting information, then. Large accounting firms will obviously lose more benefits than smaller accounting firms. Thus, a strong customer base accounting firm is likely to provide relatively more independent, relatively higher efficiency audit services.
Secondly, the accounting firm is also a source of income concentration independence of its audit services provided important factors. Reality shows that when an audit of income or several listed companies accounted for the entire revenue provided by the accounting firm of a large proportion of the time, the firm at the time of the audit client would often difficult to maintain a good independence. For this reason, some U.S. accounting academic community requires its members to disclose those audit revenues accounted for more than 5% of the total revenue of the firm clients. In fact, one of the important reasons not well perform an independent audit of the U.S. role in the Enron incident Andersen, Andersen is too dependent on the income from Enron's.
Third, from the international accounting profession, the main measure of audit quality leads and reference standards commonly used are: professional level (that is, the ability to collect audit evidence accountant), litigation may face pressure (ie accountants audit failures may be subject to the possibility of potential loss), customer buying firm independent audit opinion (that is, the auditor or the interests of the pressure induced by the customer, such as disclosure of information can not be true.) Industry experts of international accounting firms to relatively stronger, as a result of an audit opinion questions after purchase large accounting firms will be far greater than the losses suffered by small firms, which usually is the possibility of an independent audit opinions of customers buy large firms occurred relatively small. Meanwhile, despite the large and small accounting firms are likely to face pressure of litigation, but usually in large international accounting firms involved in legal proceedings against the firms have a relatively good record.
In addition, from the international market, as an objective proof, qualified accounting firm hired by the listed company, in fact, has become an important signal to affect investors' decision-making behavior, international experience shows that higher quality audit services enable companies owners and investors get more quality accounting information so that listed companies are willing to pay a higher level of audit fees for large accounting firms.#p#分页标题#e#
So, just from a different scale, large accounting firms are more likely to provide more independence, efficiency is relatively higher service providing audit services in the market, and therefore under-developed market economy, large accounting firms audit services competition in the market has certain advantages, it also continue to integrate international accounting firm, as well as one of the important reasons for the industry concentration increased steadily push.
In contrast, China's current CPA market, and this is just the international trend showing the opposite trend, namely the large accounting firms occupied domestic market share tends to decline in some type of small firms are affiliated to divide up these large firm's market share, which reflects the current from one point of view of competition in the domestic market accounting firms to some extent toward the disorder. On China's stock market, if CPA violation, may be canceled securities qualification, because of the large accounting firms listed clients much more than small firms, so if the securities have been canceled because of irregularities practitioners qualifications, the greater the loss of a large accounting firm, which has a large accounting firm to maintain a stronger motivation for independence on economic motives. However, in the current market environment, with listed companies often need more accountants, with different levels of government intervention in the securities of a listed business reality is that some large accounting firms in China's market share because of its Higher declining independence, coupled with the lack of good brands CPA market pressure from defects lawsuits is not high, and the firm's governance structure and an external management system, etc., making the violation exit costs relatively firm low, so that the increased concentration of market consolidation trend does not appear on the current market accounting firm. According to statistics, from 1981 CPA system recovery so far, concerned the implementation of "shall not engage in lifelong CPA" punishment for practitioners, but about 10 people.
The lack of independence of the audit services of high demand for voluntary institutional environment缺乏自愿需求高独立性审计服务的制度环境
Usually in the perfect market environment, there will be a voluntary audit services market, or that spontaneous demand for audit services: investors want to get high-quality accounting information to make investment decisions, management hopes to get an independent audit firm confidence in the market, the listed company after the independence of people think after stronger auditing firm can obtain a higher premium. Under the impetus of these voluntary demand, accounting firms also have an incentive to provide independent auditing services.
However, unlike the case of developed market economies under the stark contrast, the Chinese market, the current phase of the accounting firm, usually require a lower independence of listed companies need to be able to actively cooperate with the firm. Based on the current environmental and institutional conditions to see China's securities market, the listed qualifications to obtain access to plenty of cheap money usually means power, listing qualifications become quite scarce resources firms listed companies usually just want to fit in to the company to provide eligibility for listing support compliance or non-compliance, but do not necessarily want it to provide independent audit services. The current review of key financial indicators surfaces qualifications listed company must have a business point of view is more than three consecutive years of 10% of net assets, ie if the company's results in recent years have reached ROE of over 10%, in theory You can apply for financing in the primary market. At high price-earnings ratio, premium only once the IPO is to accumulate a large amount of capital reserve. Thus, it is possible to stimulate business listing eligibility manipulated in order to pursue the book "profits" from the report. According to the accounting department of Renmin University of China Yang Geng new crane on listed companies and accounting firms to change the situation analysis, since 1995, the company changed the accounting firm's total number of listed A-share listed companies in proportion upward trend year by year from 1995 The 0.7% rise to 6.06% in 1999, and one of the listed company's accounting firm to replace two main reasons to buy accounting policy that listed companies to change their disagreement on the firm's accounting policies, in turn hired its accounting firm consensus on the policy from the perspective of a securities company, the intense competition in the primary market makes the securities company will focus on listed companies to meet a variety of expectations, the firm normally required is relatively cooperation. While in developed securities market, stock underwriters generally require the issuer to hire an accounting firm to market prestige as its presiding office, in order to increase the confidence of investors and the issue of the chances of success.
The current number of state-owned enterprises listed on many belong to local government control, so companies listed in some places often means reduce the financial burden and increase the performance of local leaders, then, if the actual control of the enterprise and in the hands of local government officials, then, in order to meet listing qualifications, it may induce forced CPA fraud.
Looking further ahead, even after the companies listed, not the flow of public shares to dominate this particular ownership structure, making the state-owned shares and legal person shares occupied the absolute controlling stake, the public authority's almost impossible to play a hand vote, vote with their feet too often only an afterthought remedial measures. Under this arrangement, the public is difficult to disclosure of information by focusing on accounting have become long-term investors, and usually evolve speculators seeking short-term interests. Placement of listed companies to maintain eligibility, or in order to avoid being delisted and special treatment, as well as some insider trading and market manipulation needs, but also to stimulate the listed company's independent accounting firm audits to exert pressure and influence.
On the one hand is the reality, the lack of demand for voluntary independent audit services market environment, on the other hand, there are many problems CPAs from the supply industry: China is actually divided into CPA examination and examination had had two species, the industry standard for practice varies; many CPAs basically by the administrative departments or institutions organized enough conditions to produce a large number of firms, but at lower prices to compete for market fraud even accommodate customers, and a large number of small firm's business is often highly concentrated in a few customers who; from the governance structure, the vast majority of firms with a limited liability.
American Anlong event美国安龙事件
After the China Securities Regulatory Commission decided to introduce the "Big Five" international accounting firms, the implementation of two-trial system, the outbreak of Anlong incident triggered a national accounting firm for the "Big Five" firm rebound.
In fact, as a pursuit of profit maximization of market players, Arthur Andersen & Co. in providing audit services also face weigh the risks and benefits of the large accounting firms audit does not guarantee that the service will not be the problem of lack of independence, in fact, On the Development of American U.S. accounting industry there have been many incidents of fraud, even internationally renowned accounting firm being investigated on suspicion of fraud cases have been prosecuted and many, such as the SEC in 1985 for Ernst & Young for Hutton questioned the audit of the Company; 1987 SEC SEC accused KPMG illegal behavior in the two cases in the audit. Even if these problems occur, the U.S. accounting profession is still able to maintain a considerable overall credibility of the reason is that the U.S. market through a specific system design, the spontaneous formation of a different market players need for independent auditing services, while the regulatory authorities through the establishment of a sound monitoring and restraint mechanisms for audit market good balance.
Therefore, in the analysis of Anlong event on auditor independence and audit quality of service, the more noteworthy is the progress Anlong event also shows the mature market demand for accountants voluntary independent audit services This voluntary demand driven and strengthening of the United States securities regulatory authorities, the audit market has formed a relatively tight checks and balances mechanism, incentive and restraint mechanisms. If there is sufficient evidence to prove the existence of deliberate concealment of technical issues Andersen, then it is likely to face huge penalties, its credibility will be gone in the global industry. At this point, the different market players driven by self-interest and for providing checks and balances, U.S. regulators only provide legal means to achieve their own interests for these stakeholders, while a partner with unlimited liability regime allows accountants to assume the form of unlimited liability Business risk caused by error or fraud.
From the introduction of international accounting firms to proceed
Thus, in the current market environment, China's securities market is still relatively lacking spontaneity demand independence for audit services, the existing accounting firm governance structure and management system, also constrained the supply of independent auditing services, while dispersion and low-level issues such as China duplicate accounting firm also makes a credible audit quality brand is difficult to be formed by the spontaneous integration of markets in a short period of time, so that the introduction of international accounting firms to become independent audit activities to promote the securities market improved an important institutional innovation. In fact, in the short run, the introduction of international accounting firms are not necessarily on the market share of the domestic impact of the accounting firm, as the international "Big Five" during the time of the audit will need to supplement let out in accordance with the requirements of the domestic market has occupied share.#p#分页标题#e#
However, if the stock market to solve the independence of audit services fundamentally, you need to proceed further from the perspective of demand and supply two independent audit services:
First, the Chinese stock market to begin to cultivate a spontaneous demand for an independent audit, which of course the first is to improve the market mechanism and the listing qualification listed pricing mechanism, reasonable definition of the functional positioning the stock market and so on. From the perspective of different market players see, this includes: From the perspective of a listed company, to promote the state-owned shares in circulation, improving corporate governance structure, change the current "public share dominance" of the equity pattern, increasing market shares outstanding for the company's operations influence in listed companies to establish a stronger independence of the audit committee, the committee shall be a majority of independent directors with financial experience components. From the perspective of the underwriters, through the improvement of market-based mechanisms listed qualification and performance evaluation mechanism, the listed pricing mechanisms to promote the independence of the underwriters focus on high by hiring firms to potential investors as a "signal."
Secondly, from the perspective of supply independent CPA audit services to see to the full implementation of the CPA in partnership, the establishment of relevant civil compensation mechanism, improve the accounting firm's own governance structure; played intermediary organizations (mainly AICPA etc.) role, it has more independence and impartiality, both to safeguard the interests of the CPA profession, but also to assume regulatory responsibility and punishment unhealthy tendencies.
It is worth emphasizing that even the full implementation of the system innovation and market-oriented reforms currently China's securities market CPA market, it does not completely eliminate the independence of false accounting and auditing services lack of information and other issues, however, because there can be demand for independent audit services for spontaneity, but also has the ability to provide this market demand, coupled with restraint mechanism intermediary organizations and regulatory agencies to establish checks and balances through the market, then for improving the quality of accounting information disclosure to improve the credibility of the market there is no doubt considerable positive.
Main references参考文献
Zhao Yulong, 1998, "the disclosure of accounting information content of earnings - empirical data from the Shanghai Stock Market", in "Economic Research" 1998 Seventh
Li Shuhua, 2000, "auditor independence and improve audit market away from the" Shanghai Joint Publishing.
Aharony, J., 1998, Financial Packaging of IPO Firms in China, Working Paper, Hongkong University of Science and Technology.
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