會計師事務所規模、品牌與競爭程度對審計公費之影響：中國之實證

Auditor Size, Brand Name Reputation, Market Competition and Audit Fees: Evidence from China

10.6552/JOAR.2009.49.2

林嬋娟(Chan-Jane Lin)；林孝倫(Hsiao-Lun Lin)

審計公費 ； 會計師事務所規模 ； 會計師事務所品牌聲譽 ； 國有企業 ； Audit fees ； Auditor size ； Brand name reputation ； State-owned enterprise

會計評論

49期（2009 / 07 / 01）

35 - 72

繁體中文

中國資本市場無疑是近年來成長最快速的市場，會計師在其中扮演的角色也逐漸引起各方重視。在西方國家，Big4同時也是規模最大、歷史最悠久，最具品牌聲譽的會計師事務所，在許多資本市場中，具有壟斷簽證業務的地位。但在中國，審計市場發展時間短暫，會計師事務所數量眾多，規模較小，Big4在上市公司審計業務的市場佔有率並不高，部分省（市）中卻有審計業務高度集中於某一本土會計師事務所的情形，這些中國審計市場的特色，提供一個完整檢視審計訂價理論的機會。 本文利用2002至2007年中國A股上市公司所揭露之6,657筆審計公費資訊，分析會計師事務所規模、品牌、競爭程度對於審計公費的影響。實證結果印證過去文獻對於會計師事務所特性與審計公費關係的推論，無論是事務所之規模、品牌或市場佔有率對於審計公費都存在顯著正向影響。本文亦發現，在中國市場中，除了Big4結盟所外，規模較小的事務所也可以藉由與其他國際知名會計師事務所結盟，取得公費溢酬；而不同品牌對審計公費的影響存在差異，與Big4結盟的會計師事務所，比其他國際會計師事務所之成員所可以收取更高的審計公費。最後，本文分析會計師事務所對於中國國有上市公司審計業務之訂價策略，實證結果顯示，事務所對國有企業收取較低之審計公費，且Big4相較於其他會計師事務所對國有企業之審計收費，有顯著降低的情形。

This study examines the determinants of audit fees in China and focuses on whether audit pricing is affected by auditor size, auditor brand name reputation, and market competition individually. The special characteristics of audit market in China, including that Big 4 auditors are not the largest auditors, neither Big 4 auditors nor other audit firms have taken a leading position in public audit market, provide an opportunity to conduct a comprehensive analysis of the fees determination. Based on the data for firms listed in Shanghai and Shenzhen stock exchanges from 2002 to 2007, we find that larger auditors (measured by assets audited by audit firm and total revenues of the audit firm) tend to charge higher audit fees. In addition, the results indicate that brand name fees premium exists for clients audited by both Big 4 and auditors affiliated with other international accounting firms. We also find that the regional leading auditor can earn fees premium. At last, the analyses show that auditors charge lower audit fees to state-owned clients, and Big 4 relatively offer more discount in order to earn more business potential in the future.

1. Aharony, J.,C. W. Lee,T. J. Wong.(2000).Financial packaging of IPO firms in China.Journal of Accounting Research,38,103-126.
2. Allen, F.,J. Qian,M. Qian.(2005).Law, finance, and economic growth in China.Journal of Financial Economics,77,57-116.
3. Bandyopadhyay, S. P.,J. L. Kao.(2001).Competition and Big 6 brand name reputation: Evidence from the Ontario municipal audit market.Contemporary Accounting Research,18,27-64.
4. Chan, D. K.(1999)."Low balling" and efficiency in a two-period specialization model of auditing competition.Contemporary Accounting Research,16,609-642.
5. Chan, K. H.,K. Lin,P. L. L. Mo.(2006).A political-economic analysis of auditor reporting and auditor switches.Review of Accounting Studies,11,21-48.
6. Chen, C.,S. Chen,X. Su.(2001).Profitability regulation, earnings management, and modified audit opinions: Evidence from China.Auditing: A Journal of Practice and Theory,20,9-30.
7. Chen, J. P.,X. Su,X. Wu.(2007).Market competitiveness and Big 5 pricing: Evidence form China's binary market.The International Journal of Accounting,42,1-24.
8. Chow, C. W.,J. L. Ho,P. L. L. Mo.(2006).Toward understanding Chinese auditors' structuring of audit approaches, client acceptance decisions, risk assessment, and stringency of imposed reporting standards.Journal of International Accounting Research,5,1-23.
9. Craswell, A. T.,J. R. Francis.(1999).Pricing initial audit engagements: A test of competing theory.The Accounting Review,74,201-216.
10. The effect of audit market deregulation on the pricing of brand name reputation
11. Craswell, A. T.,J. R. Francis,S. L. Taylor.(1995).Auditor brand name reputations and industry specializations.Journal of Accounting and Economics,20,297-322.
12. DeAngelo, L. E.(1981).Auditor size and auditor quality.Journal of Accounting and Economic,3,183-199.
13. DeAngelo, L. E.(1981).Auditor independence, lowballing and disclosure regulation.Journal of Accounting and Economic,3,113-127.
14. DeFond, M. L.,J. R. Francis,T. J. Wong.(2000).Auditor industry specialization and market segmentation: Evidence from Hong Kong.Auditing: A Journal of Practice & Theory,19,49-66.
15. DeFond, M. L.,T. J. Wong,S. Li.(2000).The impact of improved auditor independence on audit market concentration in China.Journal of Accounting and Economics,28,269-305.
16. Fan, J. P. H.,T. J. Wong.(2005).Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia.Journal of Accounting Research,43,35-72.
17. Ferguson, A. C.,J. R. Francis,D. J. Stokes.(2006).What matters in audit pricing: Industry specialization or overall market leadership?.Accounting and Finance,46,97-106.
18. Firth, M.,P. M. Y. Fung,O. M. Rui.(2006).Corporate performance and CEO compensation in China.Journal of Corporate Finance,12,693-714.
19. Francis, J.(1984).The effect of audit firm size on audit prices: A study of the Australian market.Journal of Accounting and Economics,6,133-151.
20. Francis, J.,E. Wilson.(1988).Auditor change: A joint test of theories relating to agency costs and auditor differentiation.The Accounting Review,63,663-682.
21. Frankel, R.,M. Johnson,K. Nelson.(2002).The relation between auditors' fee for nonaudit services and earnings management.The Accounting Review,77,71-105.
22. Hay, D. C.,W. R. Knechel,N. Wong.(2006).Audit fee: A meta-analysis of the effect of supply and demand attributes.Contemporary Accounting Research,23,141-191.
23. Lin, Z. J.(2004).Auditor's responsibility and independence: Evidence from China.Research in Accounting Regulation,17,167-190.
24. Low, L.,P. Tan,H. Koh.(1990).The determination of audit fee: An analysis in the Singapore context.Journal of Business Finance and Accounting,17,285-295.
25. O''keefe, T.,R. King,K. Gaver.(1994).Audit fees, industry specialization, and compliance with GAAS reporting standards.Auditing: A Journal of Practice & Theory,13,41-55.
26. Palmrose, Z. V.(1986).Audit fee and audit size: Further evidence.Journal of Accounting Research,24,97-110.
27. Qian, Y.,edited by M. Aoki,H. K. Kim.(1995).Corporate Governance in Transition Economies: Insider Control and the Role of Banks.Economic Development Institute of the World Bank.
28. Seetharaman, A.,F. A. Gul,S. G. Lynn.(2002).Litigation risk and audit fee: Evidence form UK firms cross-listed on US market.Journal of Accounting and Economics,33,91-115.
29. Simunic, D. A.(1980).The pricing of audit services: Theory and evidence.Journal of Accounting Research,18,161-190.
30. Simunic, D. A.(1984).Auditing, consulting, and auditor independence.Journal of Accounting Research,22,679-702.
31. Simunic, D. A.,M. T. Stein.(1996).The impact of litigation risk on audit pricing: A review of the economics and the evidence.Auditing: A Journal of Practice and Theory,15,119-134.
32. Working paper, Yale University
33. Thornton, D. B.(2001).Discussion of competition and Big 6 brand name reputation: Evidence from the Ontario municipal audit market.Contemporary Accounting Research,18,65-69.
34. Wang, Q.,T. J. Wong,L. Xia.(2008).State ownership, the institutional environment, and auditor choice: Evidence from China.Journal of Accounting and Economic,46,112-134.
35. Watkins, A. L.,W. Hillison,S. E. Morecroft.(2004).Audit quality: A synthesis of theory and empirical evidence.Journal of Accounting Literature,23,153-193.
36. Xiao, J. Z.,Y. Zhang,Z. Xie.(2000).The making of independent auditing standards in China.Accounting Horizons,14,69-89.
37. Yang, L.,Q. Tang,A. Kilgore,J. Y. Hong.(2001).Auditor-government associations and auditor independence in China.The British Accounting Review,33,175-189.
38. 上市公司造假，會計師行首次判賠
39. 中國證券監督管理委員會簡稱證監會(2006)。誰審計中國證券市場－證券期貨相關審計市場分析。北京:中國證券監督管理委員會首席會計師辦公室。
40. 王善平、李斌(2004)。我國上市公司審計收費影響因素的實證分析。財經理論與實踐，2，68-71。
41. 吳溪(2007)。審計失敗中的審計責任認定與監管傾向：經驗分析。會計研究，6，53-61。
42. 李明輝(2006)。試論會計師的刑事責任－兼談我國相關法律之修訂與完善。審計研究，6，58-66。
43. 李爽、吳溪(2004)。中國證券市場審計及相關服務收費信息首次披露的特徵及其含意。中國註冊會計師，2，50-58。
44. 周天勇、夏徐遷(2008)。發展和改革藍皮書－中國改革開放30年。北京:中國社會科學文獻出版社。
45. 財會信報(2007)
46. 張奇峰、張鳴與戴佳君(2006)。中國審計訂價實證研究述評。會計研究，6，87-93。
47. 漆江娜、陳慧霖、張陽(2004)。事務所規模、品牌、價格與審計質量。審計研究，3，59-65。
48. 劉斌、葉建中、廖瑩毅(2003)。我國上市公司審計收費影響因素的實證研究。審計研究，1，44-47。
49. 韓洪靈與陳漢文(2007)。中國上市公司初始審計的訂價折扣考察－來自審計師變更的經驗證據。會計研究，9，83-96。

1. 高偉娟,姚人鈺,林世銘(2021)。編製及確信準則對企業社會責任報告書可讀性之影響。會計評論，72，1-34。
2. 黃鈴雯,林昭伶(2022)。會計師集中度、市佔率與審計公費。輔仁管理評論，29(2)，43-79。
3. 林嬋娟,林孝倫(2013)。臺灣審計研究之回顧與前瞻。會計審計論叢，3(1)，1-47。
4. 林孝倫、何佳蓉(2013)。影響中國上市公司審計公費揭露與否與揭露品質之因素分析。當代會計，14(1)，57-86。
5. 林孝倫、卓佳慶、林孝倫、卓佳慶(2014)。中國會計師事務所經營效率分析：合併的影響。臺大管理論叢，24(S1)，175-202。
6. 顏寶恭、盧文民、楊凱筑、周漢忠、何東興(2016)。植基於效率分解資料包絡分析法探究政府審計機關之績效。當代會計，17(2)，209-233。
7. 楊東錦、陳皆碩、林芳綺(2015)。審計公費調降之決定因素：公司治理之觀點。中華會計學刊，11(2)，241-290。
8. (2020).Does corporate social responsibility affect cost of capital in China?.Asia Pacific Management Review,25(1),1-12.
9. (2021).Analysis on the strategy of improving management consulting business performance: Evidence on a management consulting company established by an accounting firm.Asia Pacific Management Review,26(3),137-148.
10. (2024)。臺灣與亞洲鄰近市場審計公費水準以及決定因子之比較。會計審計論叢，14(1)，1-32。