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本文研究审计师对大股东占用上市公司资金行为的监督作用。通过对1997年到2002年间的上市公司进行分析,我们发现随着大股东资金占用程度的加大,审计师更加倾向于出示非标准意见。在大股东占用资金最多的10%的公司年度中,审计师出示非标准意见的概率高达近50%。在控制了其他影响审计师意见的变量以后,大股东资金占用程度仍然是决定审计意见的一个非常显著的因素。这说明我国的审计师对中国资本市场出现的大股东资金占用问题有一定的认识,并且将其反映到审计师意见中去。我们进一步的分析发现: (1)被审计师出具了非标准意见的公司,其大股东占用资金反而更加持续。这说明审计师意见对公司的监督意义不大,公司并没有因为审计师的意见而减轻占用程度。(2)被审计师出具了非标准意见的公司,其大股东占用对未来的股票收益的负影响与其他公司并没有区别。这说明投资者对审计师的意见并没有给予足够的重视。本文的研究结果说明,审计师对大股东盘剥中小股东的现象进行了监督、对大股东资金占用严重的公司出示了更多的非标准意见,然而这些非标准意见并没有引起各方面的重视,一方面公司的治理并没有改善,另一方面投资者也没有因审计师的意见而避免更多的损失。
This paper studies the auditor’s role in supervising the large shareholders ’possession of listed companies’ funds. Through the analysis of listed companies from 1997 to 2002, we find that auditors are more inclined to produce non-standard opinions with the increase of funds used by major shareholders. In the corporate year in which the majority shareholder accounts for 10% of the funds, the auditor’s probability of producing non-standard opinions is as high as nearly 50%. After controlling for other variables that affect the auditor’s opinion, the amount of capital occupied by major shareholders is still a very significant factor that determines the audit opinions. This shows that our auditors have a certain understanding of the issue of occupation of capital by major shareholders in China’s capital market and reflect it in the opinions of auditors. Our further analysis found that: (1) companies issued by auditors with non-standard opinions, the majority of shareholders occupy funds but more sustainable. This shows that the auditor’s opinion on the company’s supervision is of little significance, the company did not reduce the degree of occupation because of the auditor’s opinion. (2) The company that issued the non-standard opinion by the auditor does not make any difference between the negative influence of the major shareholder on the return of the stock in the future. This shows that the views of investors on the auditors did not pay enough attention. The findings of this paper show that the auditors supervised the major shareholders ’exploiting the minority shareholders and presented more non-standard opinions to those companies that have the major shareholders’ funds. However, these non-standard opinions did not attract the attention of all parties. On the one hand, the governance of the company has not improved. On the other hand, investors have avoided any further losses due to the auditors’ opinions.