Annual Report 2005–06

研究 Research 51 這 項研究由香港中文大學會計學院黃德尊教授、上海財經大學會計學院夏立軍教授和香港中 文大學公司治理中心研究員王黔博士於二零零五年九月完成。研究結果顯示,中國審計水平 上升的障礙在於國有企業「為了方便勾結,寧願選擇本地的小規模會計師事務所」。 這項研究考察了一九九三年至二零零三年期間不同類型上市公司的選擇會計師事務所的情況。結果 顯示,在二零零三年,四百七十九家地方政府控制的上市公司中,有百分之六十二選擇了本地(同一 省、自治區或直轄市)的小規模會計師事務所(按客戶總資產排名全國前十位以外的事務所)為其執 行審計業務,而在二百一十一家非政府控制的上市公司中,只有百分之四十五選擇本地的小規模會計 師事務所。 在上述時期,平均來說,中國的地方政府控制了百分之八十以上的上市公司,而地方政府對股市和銀 行都有很大影響。由於可依靠政治關係而非經濟績效進入市場,並且更容易獲得國有銀行的貸款以 及股票上市資格,因此「地方政府控制的公司比非政府控制的公司選擇高質量會計師事務所的動機 更弱」。 這項研究還發現,本地的小規模會計師事務所較少以「非標準審計意見」來質疑客戶的帳目,而地方 政府也常常試圖影響當地的小規模會計師事務所,要求它們提出有利於公司股票發行的標準審計意 見,以增加當地官員的政治資本。 不過,在那些政府較少干預經濟,以及信貸市場或法制環境較佳的地區,地方政府控制的公司與非 政府控制的公司在選擇高質素事務所上沒有顯著區別。 A study entitled ‘State Ownership, Institutional Environment and Auditor Choice: Evidence from China’ conducted by Prof. Wong Tak-jun of the CUHK School of Accountancy, Prof. Xia Lijun of the School of Accountancy of the Shanghai University of Finance and Economics, and Dr. Wang Qian, research fellow of the CUHK Centre for Institutions and Governance in September 2005, found that China’s efforts to improve auditing standards are impeded by state-owned enterprises (SOEs). In 2003, 62% of the 479 SOEs polled chose small auditors in their home regions, as opposed to the 45% of the 211 private-sector firms. China’s regional governments control over 80% of listed companies and have a strong influence over equity markets and banks. With relatively easy access to markets due to political and not economical reasons, and fewer difficulties when obtaining credit from state banks or listing privileges in the stock exchanges, SOEs have weaker incentives than non-state firms in hiring quality auditors. Small auditors also issued fewer ‘modified opinions’ to question clients’ accounts, and local governments are often tempted to influence small auditors to render opinions favouring IPOs so to enhance their political capital. However, in regions where governments are less involved in the economy and credit markets or have better legal environments, both SOEs and non-state firms hired similar numbers of high-quality auditors. 傑 出 研 究 計 劃 Outstanding Research Project 國有股權、制度環境與審計師選擇:中國的證據 State Ownership, Institutional Environment and Auditor Choice: Evidence from China Research