管制、外部审计与配股融资——来自我国上市公司的经验证据

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1、不再得到反应。3．大所对配股公司盈余管理的抑制要显著高于其对非配股公司盈余管理的抑制，但是，大所只对配股公司的盈余管理进行显著的抑制，而对非配股公司的盈余管理没有表现出显著的抑制水平；并且，大所对所有样本公司(即配股公司和非配股公司)总体上并没有表现出比其他事务所显著高的审计质量。这说明，大所具有“相机决策”的理性经济人行为，对不同盈余管理的公司采取不同的审计质量进行审计，大所的审计质量并不是一贯的高。关键词：管制外部审计配股ABSTRACTChinaisatypicallytransitionaleconomywhichhascurrentlybeentransfo

2、rmingfromaplan—driventomarket-drivenmodel．Thoughcharacterizedbyapoorinstitution，thelegalenvironmentinChinaevolvedrapidlyinrecentyears．DuetoregulationembeddedinthetraditionalcultureandhistoryofChina,theregulationhasalmostprevailedoverotherschemes，suchaslegalgovernance．Basedonthespecialin

3、stitutionalsettingofChina,weseektoinvestigatetherelationshipbetweenregulation，externalauditing，andrightsissuesbyaddressingthefollowingquestions．DoestheregulationofrightsissuesmatterorbeeffectiveinthecapitalallocationintheemergingChinesestockmarket?Furthermore，howdoesthetoughnessofregula

4、tionofrightsissuesovertimeaffecttheinformationcontentofmodifiedauditopinionsandequity-financingbehaviorofChineselistedfirmswhodemandexternalfunds?Inaddition,doesbigauditoralwaysperformbetterasaneconomicagentthansmallauditorinthepoorinstitutionsettingofChina?UsingasampleofChineselistedfi

5、rms，wedocumentsomeevidencesasfollows．1．China’SregulationofrightsissuesWasgenerallyeffectivetoguidetheflowofcapita／tobetterperforminglistedfirmsduringthestudyperiod，basedontheaccountingandstockperformanceafterannouncementofrightsissueproposalapprovedattheboardmeeting，aswellaSthedirectand

6、indirecteffectoftheregulation．Furthermore，wefindtheregulationofrightsissuewasstricterandmoreeffectiveovertime．Thedetailevidencesfromthetestsofdirectandindirecteffectoftheregulationareasfollows．Inthetestsofthedirecteffectofregulation．itissignificanteffectivenessinbothofthetwodifferentreg

7、ulationperiodsintermsofaccountingperformance；howeveritissignificantlyeffectiveonlyinthelaterregulationperiodintermsofstockperformance．Inthetestsofindirecteffectofregulation，itissignificantlyeffectiveonlyinthelaterregulationperiodintermsofaccountingandstockperformancerespectivel