췢外部늿审짳计볆和뫍现쿖金뷰股막利샻的뗄公릫司쮾治훎理샭角뷇色즫:ꎺ?쳦替代듺抑틖或믲互뮥补늹*쒾?캺魏锋럦?ꆾ【햪摘튪要ꆿ】本놾文컄借뷨鉴본?La???P?o?rt?a?l ?e?t a??l.ꎮ ?(?20??0?0)?쳡提出돶的뗄两솽个룶竞뺺争헹性탔理샭论싛:ꎺ结뷡果맻理샭论싛与폫替쳦代듺理샭论싛，ꎬ利샻用폃?Lo?g?i?st?i?c?뫍和?To?b?i?t믘回归맩랽方램法볬检퇩验了쇋췢外늿部审짳볆计和뫍쿖现金뷰股막利샻在퓚公릫司쮾治훎理샭中훐扮냧演퇝的뗄是쫇替쳦代듺뮹还是쫇互뮥补늹角뷇色즫。ꆣ结뷡果맻表뇭明쏷，ꎬ注힢册닡?믡会计볆师쪦的뗄外췢部늿审짳计볆与폫现쿖金뷰股막利샻之횮间볤呈돊显쿔著훸负뢺相쿠关맘关맘系쾵，ꎬ外췢部늿审짳计볆在퓚降붵低뗍管맜理샭层닣与폫股막东뚫之횮间볤的뗄代듺理샭冲돥突춻方랽面쏦?是쫇现쿖金뷰股막利샻的뗄一튻种훖可뿉替쳦代듺治훎理샭机믺制훆，ꎬ从듓而뛸支횧持돖股막利샻支횧付뢶的뗄替쳦代듺理샭论싛，ꎬ后뫳续탸的뗄一튻系쾵列쇐稳컈붡健性탔检볬验퇩也튲支횧持돖这헢一튻?R只맛见뗣点。ꆣ?【ꆾ맘关볼键듊词ꆿ】췢外늿部짳审볆计现쿖뷰金막肢샻利代듺理샭成돉本놾?튻一、ꆢ引틽言퇔?自ퟔ?Mod?g?i?l?a?n?l?i?和뫍M?il?l?er??(1?9?6??1?)쳡提돶出막股샻利헾政닟策컞无맘关싛论틔以살来ꎬ，릫公쮾司막股샻利헾政닟策뻍就돉成캪为톧学쫵术뷧界퇐研究뺿的뗄죈热点뗣和뫍?쪵实컱务界뷧关맘注힢的뗄焦붹点뗣。ꆣ股막利샻政헾策닟的뗄代듺理샭理샭论싛认죏为캪，ꎬ现쿖金뷰股막利샻是쫇董뚭事쫂会믡和뫍股막东뚫监볠督뚽管맜理샭层닣活믮动뚯，ꎬ降붵低뗍管맜理샭层닣与폫?投춶资者헟之횮间볤代듺理샭成돉本놾的뗄一튻种훖手쫖段뛎?(E?a?s?t?e?r?b?r?o?o?k，ꎬ1??98??4;ꎻ J?e??ns?e??n,ꎬ 1??9?8?6;ꎻ S?m?i?t?h和뫍W?aa뫼t邸ts?，ꎬ，?1?9?92?)?。ꆣ슽陆쿍贤캰伟和뫍王췵?建붨琼쟭?(?20?1?1??)죏认캪为ꎬ，듺代샭理问컊쳢题뗄的듦存퓚在쪹使得뗃컒我国맺짏上市쫐公릫司쮾迫웈于폚股막东뚫的뗄压톹力솦而뛸倾쟣向쿲于폚支횧付뢶更룼多뛠的뗄现쿖金뷰股막利샻。ꆣ现쿖?金뷰막股利샻与폫公릫司쮾财닆务컱信탅息쾢质훊量솿也튲存듦在퓚相쿠关맘关맘系쾵，ꎬ注힢册닡会믡计볆师쪦的뗄高룟质훊量솿审짳计볆不늻仅뷶提쳡升짽了쇋公릫司쮾财닆务컱报놨告룦环뮷境뺳的뗄质훊?量솿?(F?r?a?n?c?i?s和뫍凹Y?，u?，ꎬ?20?0?9?)?，ꎬ뛸而쟒且쓜能릻够폐有킧效制훆约풼企웳业튵的뗄机믺会믡主훷义틥行탐为캪，ꎬ提쳡高룟盈펯余폠的뗄信탅息쾢含몬量솿(王?췵艳퇞艳퇞等뗈，ꎬ2?0?0?6?)?，ꎬ?듓从而뛸代듺理샭成돉本놾较뷏高룟的뗄公릫司쮾更룼有폐可뿉能쓜聘울请쟫高룟质훊量솿的뗄外췢部늿审짳计볆师쪦(曾?퓸颖펱和뫍叶튶康뾵涛쳎，ꎬ?2?00?5?)?。ꆣ因틲此듋，ꎬ高룟훊质量솿的뗄外췢?部늿审짳计볆在퓚降붵低뗍代듺理샭冲돥突춻上짏也튲扮냧演퇝着ퟅ重훘要튪角뷇色즫(?C?h?o?i?和뫍?Wo?n?g?ꎬ，2??0?07?;ꎻ ?Fa?n?和뫍W?o?n?g?ꎬ，?2?00?5?;ꎻ J??e?ns??e?n뫍和?Me?c?k?l?in?g?ꎬ，??1?97?6?)?。ꆣ웤其쯼它学톧者헟就뻍公릫司쮾治훎理샭机믺制훆对뛔审짳计볆质훊量솿的뗄影펰响쿬关맘系쾵进뷸行탐了쇋较뷏为캪详쿪细쾸的뗄实쪵证횤研퇐究뺿(余?폠宇폮莹펨和뫍刘쇵启웴亮쇁，ꎬ??20?0?7?;ꎻ肖키作ퟷ平욽，ꎬ2?0?0?6?)?，ꎬ떫但对뛔폚于现쿖뷰金股막利샻和뫍注힢册닡会믡计볆师쪦外췢部늿审짳计볆之횮间볤的뗄关맘系쾵研퇐究뺿较뷏少짙，ꎬ特쳘别뇰是쫇两솽者헟在퓚降붵低뗍?公릫司쮾代듺理샭冲돥突춻方랽面쏦是쫇替쳦代듺还뮹是쫇互뮥补늹关맘系쾵的뗄研퇐究뺿更룼为캪少짙见볻。ꆣ这헢一튻问컊题쳢的뗄回믘答듰对뛔公릫司쮾股막利샻政헾策닟制훆定뚨、ꆢ注힢册닡会믡计볆?쪦师审짳计볆选톡择퓱以틔及벰完췪善짆公릫司쮾治훎理샭监볠督뚽机믺制훆具뻟有폐重훘要튪的뗄现쿖实쪵意틢义틥和뫍理샭论싛意틢义틥。ꆣ??La?? Po??rt?a ?et? a?l?.ꎮ ?(?2?00?0?)?提쳡出돶和뫍检볬验퇩了쇋股막利샻的뗄两솽种훖竞뺺争헹性?짺代듺理샭模쒣型탍=ꎺ结뷡果맻模쒣型탍和뫍替쳦代듺模쒣型탍。ꆣ结뷡果맻模쒣型탍假볙?设짨，ꎬ춶投资者헟保놣护뮤越풽好뫃，ꎬ管맜理샭层닣迫웈于폚中훐小킡股막东뚫的뗄压톹力솦派엉发랢更룼多뛠地뗘现쿖金뷰股막利샻。ꆣ根룹据뻝这헢种훖模쒣型탍，ꎬ本놾文컄认죏为캪，ꎬ高룟质훊?量솿的뗄外췢部늿审짳计볆导떼致훂更룼高룟质훊量솿的뗄财닆务컱信탅息쾢，ꎬ外췢部늿股막东뚫能쓜更룼好뫃的뗄监볠督뚽管맜理샭层닣:ꎻ反랴过맽来살，ꎬ高룟质훊量솿的뗄外췢部늿审짳计볆迫웈使쪹?管맜샭理层닣将붫手쫖中훐的뗄多뛠余폠现쿖金뷰以틔股막利샻的뗄形탎式쪽支횧付뢶给룸股막东뚫。ꆣ因틲此듋，ꎬ结뷡果맻模쒣型탍预풤期웚高룟质훊量솿的뗄外췢部늿审짳计볆与폫较뷏高룟的뗄股막利샻?支횧付뢶相쿠关맘。ꆣ这헢一튻观맛点뗣得뗃到떽L?a??Po?r?t?a? e?t a?l?.ꎮ (? 2?0?0?0? )?实쪵证횤结뷡果맻的뗄支횧持돖。ꆣ?L?a?? P?o?r?t?a? e??t a?l?.ꎮ (? 2?0?0?0? )?뗄的쳦替듺代模쒣型탍认죏为캪，ꎬ现쿖金뷰股막利샻能쓜够릻替쳦代듺法램律싉对뛔中훐小킡股막东뚫的뗄保놣护뮤。ꆣ在퓚这헢个룶模쒣型탍中훐，ꎬ?由평于폚릫公司쮾뛔对未캴来살资本놾的뗄潜잱在퓚需탨要튪，ꎬ具뻟有폐弱죵投춶资者헟保놣护뮤的뗄公릫司쮾具뻟有폐和뫍股막东뚫建붨立솢良솼好뫃声짹望췻的뗄动뚯机믺。ꆣ根룹据뻝这헢种훖观맛?点뗣，ꎬ本놾文컄认죏为캪，ꎬ当떱公릫司쮾没쎻有폐支횧付뢶更룼多뛠股막利샻或믲者헟支횧付뢶较뷏低뗍股막利샻，ꎬ内쓚部늿人죋为캪了쇋降붵低뗍代듺理샭成돉本놾，ꎬ有폐支횧付뢶更룼多뛠费럑用폃?给룸注힢册닡会믡计볆师쪦以틔监볠督뚽财닆务컱报놨告룦信탅息쾢的뗄动뚯机믺，ꎬ从듓而뛸替쳦代듺理샭论싛预풤期웚审짳计볆质훊量솿与폫股막利샻支횧付뢶负뢺相쿠关맘。ꆣJ?o?h?n?和뫍?K?n?y?a?z?e?v?a? (?2?0?0?6?)?基믹于폚美쏀国맺的뗄样퇹本놾数쫽据뻝证횤实쪵了쇋替쳦代듺理샭论싛。ꆣ?·ꆤ魏캺锋럦，ꎬ重훘庆쟬大듳学톧经뺭济볃与폫工릤商짌管맜理샭学톧院풺，ꎬ邮폊政헾编뇠码싫ꎺ4?0?0?0?3?0?，ꎬ电뗧子ퟓ邮폊箱쿤zꎺ也??w?e?i?@1?2?6?.ꎮc?o??m.ꆣ本놾文컄是쫇中훐央퇫高룟校킣基믹本놾科뿆研퇐业튵务컱费럑(?项쿮目쒿批엺准ힼ号뫅zꎺ?C?D?J?S?K?1?0?0?2?0?7?)?的뗄阶뷗段뛎性탔成돉果맻。ꆣ?췲7?6?랽 ?쫽뻝
?폫与돉成熟쫬的뗄西컷랽方资놾本市쫐뎡场쿠相比뇈，ꎬ컒我国맺资놾本市쫐뎡场뻟具폐有쿔显著훸的뗄新탂兴탋和뫍转型탍쳘特征헷。ꆣ为캪了쇋引틽导떼我컒国맺证횤券좯市쫐场뎡的뗄健붡?康뾵平욽稳컈发랢展햹，ꎬ뇜避쏢免뫍和쿻消돽除짏上쫐市릫公司쮾랢发럅放现쿖뷰金股막利샻的뗄随쯦意틢性탔和뫍盲쎤目쒿性탔，ꎬ컒我国맺횤证监볠会믡于폚2?0?0?1?年쓪5?퓂月出돶台첨的뗄《ꆶ上짏?市쫐公릫司쮾新탂股막랢发行탐맜管理샭办냬法램》ꆷ明쏷좷确맦规定뚨，ꎬ퓚在对뛔짏上市쫐릫公司쮾랢发行탐탂新股막申짪请쟫进뷸行탐审짳核뫋时쪱，ꎬ必뇘须탫关맘注힢该룃公릫司쮾自냗上짏市쫐以틔?来살的뗄近뷼三죽年쓪历샺次듎分럖红뫬派엉息쾢情쟩况뿶，ꎬ尤폈其웤要튪关맘注힢现쿖金뷰股막利샻分럖红뫬占햼可뿉分럖配엤利샻润죳的뗄比뇈例샽。ꆣ2?0?0?6?쓪年证횤监볠会믡出돶台첨《ꆶ上짏市쫐?릫公司쮾证횤券좯发랢行탐管맜理办샭法냬)램)ꆷ，ꎬ뛔对짏上쫐市릫公쮾司쿖现뷰金막股샻利럖分엤配ퟷ作了쇋뷸进)튻늽步的뗄监볠뚽督和뫍맦规范랶，ꎬ将붫这헢→튻比뇈例샽规맦定뚨为캪不늻少짙于폚?2?0?%ꎥ0ꆣ 2?0?0?8?年쓪?10?月퓂《ꆶ맘关于폚탞修改룄짏上市쫐릫公司쮾쿖现金뷰럖分红뫬죴若룉干맦规定뚨的뗄决뻶定뚨》ꆷ又폖将붫该룃比뇈例샽修탞改룄为캪不늻少짙于폚?3?0ꎥ%ꎬ，同춬时쪱?要튪求쟳上짏市쫐公릫司쮾必뇘탫须对뛔쿖现金뷰股막利샻分럖红뫬政헾策닟作ퟷ出돶完췪整헻真헦实쪵的뗄披엻露슶等뗈。ꆣ基믹于폚转型탍经뺭济볃国맺家볒，ꎬ我컒国맺的뗄实쪵证횤检볬验퇩为캪解뷢?뻶决上짏述쫶争헹议틩，ꎬ特쳘别뇰是쫇外췢部늿审짳计볆和뫍现쿖金뷰股막利샻之횮间볤的뗄关맘系쾵提쳡供릩了쇋难쓑得뗃的뗄机믺会믡。ꆣ?놾本文컄基믹于폚我컒国맺?20?0?1?-ꆪ?2?0?09?年쓪期웚间볤的뗄大듳퇹样本놾짏上市쫐公릫司쮾쫽数据뻝，ꎬ以틔公릫司쮾支횧付뢶的뗄审짳计볆费럑用폃和뫍审짳计볆意틢见볻哑퇆变뇤量솿作ퟷ?캪为힢注册닡会믡计볆师쪦监볠督뚽财닆务컱报놨告룦生짺成돉过맽程돌的뗄代듺理샭变뇤量솿。ꆣ结뷡果맻发랢现쿖，ꎬ现쿖金뷰股막利샻与폫外췢部늿审짳计볆质훊量솿之횮间컊呈돊负뢺相쿠关맘关맘系쾵。ꆣ?而뛸且쟒，ꎬ퓚在控뿘훆制了쇋自ퟔ由평쿖现金뷰流쇷、ꆢ퓶增뎤长믺机믡会、ꆢ짏上쫐市쪱时间컊和뫍웤其它쯼폫与公릫司쮾相쿠맘关的뗄쳘特征헷뇤变量솿，ꎬ以틔及벰一튻系쾵列쇐稳컈健붡性탔检볬验퇩?后뫳，ꎬ这헢튻一研퇐뺿究结뷡싛论죔仍좻然不늻变뇤。ꆣ具뻟쳥体而뛸퇔言，ꎬ짳审볆计럑费폃用越풽高룟的뗄公릫司쮾，ꎬ现쿖뷰金股막샻利支횧뢶付的뗄概룅率싊越풽低뗍:ꎻ审짳计볆意틢见볻为캪标뇪?准ힼ컞无保놣留쇴意틢见볻时쪱，ꎬ现쿖金뷰股막利샻支횧付뢶越풽高룟，ꎬ而뛸且쟒这헢种훖结뷡果맻不늻受쫜内쓚生짺性탔问컊题쳢的뗄影펰响쿬。ꆣ?놾本文컄的뗄퇐研究뺿뿉可能쓜퓚在两솽룶个方랽面쏦丰럡富뢻了쇋己틑有폐文컄献쿗。ꆣ第뗚一튻，ꎬ基믹于폚?La??Po?r?t?a뗈等?(?20?0?0?)?的뗄막股샻利竞뺺争헹탔性理샭论싛，ꎬ提쳡?出돶쇋了힢注册닡믡会볆计师쪦뛔对财닆务컱报놨告룦生짺成돉过맽程돌的뗄独뛀立솢审짳计볆与폫公릫司쮾现쿖金뷰股막利샻之횮间볤存듦在퓚关맘系쾵的뗄假볙设짨。ꆣ扩삩展햹了쇋F?a??n和뫍W?o?n?g???(?2?00?5?)?ꆢ、C?h?o?i?뫍和W?o?n?g??(?2?0?07?)?뗄的퇐研究뺿，ꎬ为캪췢外部늿짳审计볆降붵뗍低듺代理샭돉成本놾的뗄重훘튪要角뷇色즫提쳡供릩了쇋实쪵证횤证횤据뻝。ꆣ第뗚二뛾，ꎬ拓췘?展햹了쇋现쿖金뷰股막샻利政헾닟策和뫍财닆务컱报놨告룦政헾策닟之횮间볤关맘系쾵的뗄视쫓野튰。ꆣ뺡尽管맜己틑有폐的뗄研퇐究뺿表뇭明쏷，ꎬ现쿖뷰金股막利샻与폫盈펯余폠质훊量솿?(S?k?i?nn?e?r??和뫍?So?l?te?s?ꎬ，?2?01?1?)?和뫍管맜理샭层닣自ퟔ愿풸性탔披엻露슶(??Hu?a?吨??，ꎬ?2?01?0?)?相쿠关맘，ꎬ떫但我컒쏇们的뗄뷡结果맻뷸进一튻늽步表뇭明쏷高룟质훊量솿的뗄外췢部늿审짳计볆?在퓚降붵低뗍管맜理샭层닣与폫股막东뚫之횮间볤的뗄代듺理샭问컊题쳢方랽面쏦扮냧演퇝着ퟅ重훘要튪角뷇色즫。ꆣ?놾本文컄余폠下쿂部늿럖分安낲업排如죧쿂下:ꎺ第뗚二뛾部늿럖分是쫇샭理论싛럖分析컶뫍和研퇐究뺿假볙设짨，ꎬ第뗚二죽部늿分럖是쫇样퇹本놾、ꆢ变뇤量솿和뫍研퇐究뺿方랽法램，ꎬ第뗚二죽?部늿分럖对뛔实쪵证횤结뷡果맻及벰其웤稳컈健붡性탔检볬验퇩进뷸行탐分럖析컶，ꎬ第뗚四쯄部늿分럖是쫇研퇐究뺿结뷡论싛。ꆣ?뛾二、ꆢ理샭싛论分럖析컶和뫍研퇐究뺿假볙设짨?(?튻一?)듺代샭理돉成놾本폫与막股利샻헾政策닟?M??i11?er?和뫍?Mod?i?g?li?a?n?i??(?9?6?1??)퓚在웤其뾪开뒴创탔性싛论컄文훐中쳡提돶出，ꎬ퓚在췪完美쏀市쫐场뎡中훐，ꎬ公릫司쮾股막利샻政헾策닟不늻重훘要튪。ꆣ然좻而뛸，ꎬ?쯦随뫳后뗄的理샭论싛퓚在放럅쯉松完췪쏀美性탔假볙设짨后뫳发랢现쿖，ꎬ쿖现뷰金막股샻利퓚在降붵뗍低췢外늿部막股东뚫与폫管맜理샭层닣之횮间볤的뗄代듺理샭冲돥突춻中훐扮냧演퇝着ퟅ重훘要튪角뷇?色즫(?E?a?s?te??rb?ro?o?kꎬ，1??9?8?4;ꎻ J?e??ns?e??n,ꎬ 1??98?6?)?。ꆣ웤其맛观뗣点쫇是ꎬ，평由폚于쿖现듺代릫公쮾司뻟具폐有쯹所폐有좨权뫍和뿘控制훆좨权分럖离샫的뗄特쳘征헷C??J?e?ns??e?n?和뫍?Me?c?k?l?i?n?g，ꎬ1??97?6? ?) ꎬ，맜管샭理닣层폐有냾剥뛡夺췢外늿部막股东뚫닆财富뢻的뗄动뚯믺机，ꎬ듓从而뛸ퟮ最大듳뮯化自ퟔ己벺的뗄私쮽利샻，ꎬ特쳘别뇰是쫇在퓚公릫司쮾资金뷰比뇈?投춶资机믺믡会多뛠的뗄情쟩形탎下쿂更룼是쫇如죧듋此。ꆣ因틲듋此，ꎬ붵降뗍低릫公司쮾듺代理샭돉成놾本的뗄一튻훖种랽方쪽式是쫇붫将公릫司쮾多뛠余폠的뗄资金뷰以틔现쿖金뷰股막利샻的뗄形탎?式쪽支횧付뢶给룸股막东뚫。ꆣ?쪵实횤证研퇐究뺿支횧持돖代듺理샭成돉本놾与폫股막利샻政헾策닟之횮间볤的뗄联솪系쾵。ꆣS?m?i?t?h和뫍W?a?tt?s?(?1?9?9?2?)?提쳡供릩的뗄证횤据뻝表뇭明쏷，ꎬ代듺理샭理샭论싛比뇈?信탅号뫅理샭论싛和뫍税쮰收쫕理샭论싛更룼好뫃地뗘解뷢释쫍了쇋公릫司쮾股막利샻政헾策닟。ꆣ?La???Po?r?t?a等뗈(??20?0?0?)?利샻폃用跨뿧国맺数쫽据뻝发랢现쿖，ꎬ现쿖金뷰股막利샻的뗄支횧?付뢶是쫇法램律싉对뛔中훐小킡股막东뚫利샻益틦保놣护뮤的뗄"ꆰ结뷡果맻"ꆱꆣ?Fe?n?n?和뫍?Li?a?ng?(??20?0?1?)?랢发现쿖，ꎬ쿖现뷰金막股利샻폫与管맜샭理层닣持돖有폐公릫司쮾的뗄股막票욱?以틔벰及막股욱票期웚좨权相쿠맘关。ꆣ陆슽쿍贤伟캰和뫍王췵建붨琼쟭?(?20?1?1??)죏认캪为ꎬ，듺代샭理컊问쳢题뗄的듦存퓚在쪹使뗃得컒我맺国짏上쫐市릫公쮾司웈迫폚于막股뚫东的뗄压톹力솦而뛸?倾쟣向쿲于폚支횧付뢶更룼多뛠的뗄现쿖金뷰股막利샻。ꆣ?(?뛾二?)듺代샭理돉成놾本폫与췢外늿部审짳计볆?注힢册닡会믡计볆师쪦的뗄듺代理샭角뷇色즫퓚在于폚쯻他们쏇对뛔公릫司쮾财닆务컱报놨表뇭的뗄精뺫确좷性탔和뫍正헽确좷性탔的뗄独뛀立솢保놣证횤?CJ??en?s??en?和뫍M?e?c?k?l?i?ng?ꎬ，?1??9?7?6;ꎻ ?Wa?t?ts?和뫍?Zi?mm?e?r?ma?n?，ꎬ1??9?8?3)?0ꆣ ?J?e?ns?e??n뫍和?Me?c?k?l?i?n?g(?1?9?7?6?)?提쳡出돶，ꎬ注힢닡册会믡计볆师쪦的뗄监볠督뚽功릦能쓜是쫇公릫司쮾为캪了쇋?降붵뗍低代듺理샭成돉本놾和뫍提쳡升짽公릫司쮾价볛值횵而뛸承돐担떣的뗄粘햳结뷡成돉本놾。ꆣW?a?tt?s?和뫍Z?i?mm?e?r?ma?n??(1??98?3?)?对뛔审짳计볆发랢展햹过맽程돌进뷸行탐详쿪细쾸?믘回맋顾뫳后죏认为캪，ꎬ힢注닡册믡会볆计쪦师짳审볆计횰职튵业的뗄랢发햹展늻不쫇是政헾뢮府许탭可뿉的뗄뷡结果맻，ꎬ뛸而是쫇뛔对市쫐뎡场降붵低뗍契웵约풼机믺会믡主훷义틥成돉本놾需탨求쟳的뗄?튻一种훖反랴应펦。ꆣ与폫这헢些킩理샭论싛预풤测닢一튻致훂，ꎬF?r?a?n?c?i?s和뫍?Wi?ls??o?n?(1??98?8?)?랢发现쿖，ꎬ막股东뚫뫍和맜管샭理닣层代듺理샭冲돥突춻以틔벰及所쯹有폐者헟和뫍债햮?权좨人죋代듺理샭冲돥突춻较뷏严퇏重훘的뗄公릫司쮾，ꎬ更룼可뿉能쓜转向쿲"ꆰ八냋大듳"ꆱ会믡计볆师쪦事쫂务컱所쯹，ꎬ因틲为캪他쯻们쏇提쳡供릩比뇈非럇"ꆰ八냋大듳"ꆱ更룼有폐效킧的뗄监볠?督뚽功릦能쓜。ꆣ?F?a?n?和뫍W?o?n?g??(?20?0?5?)?的뗄탂新탋兴쫐市场뎡횤证据뻝表뇭明쏷，ꎬ在퓚东뚫亚퇇国맺家볒，ꎬ代듺理샭问컊题쳢较뷏严퇏重훘的뗄公릫司쮾更룼可뿉能쓜聘울请쟫"ꆰ五컥大듳"ꆱ?췲랽쫽뻝7?7? ?
믡会计볆师쪦事쫂务컱所쯹。ꆣC?h?o?i?和뫍?Wo?n?g?(?2??0?07?)?也튲랢发现쿖，ꎬ퓚在춶投资헟者놣保뮤护뷏较죵弱뗄的맺国볒家ꎬ"ꆰ五컥大듳"ꆱ会믡计볆师쪦事쫂务컱所쯹在퓚公릫司쮾治훎?理샭中훐扮냧演퇝重훘要튪角뷇色즫。ꆣ王췵艳퇞艳퇞等뗈(?2??0?06?)?랢发쿖现，ꎬ룟高质훊量솿审짳计볆能쓜有폐效킧制훆约풼企웳业튵的뗄机믺会믡主훷义틥行탐为캪，ꎬ降붵低뗍代듺理샭成돉本놾，ꎬ?而뛸且쟒，ꎬ代듺理샭成돉本놾高룟的뗄公릫司쮾倾쟣向쿲于폚聘울请쟫大듳规맦模쒣的뗄会믡计볆师쪦事쫂务컱所쯹(高?룟雷샗和뫍张헅杰뷜，ꎬ2?0?1??1?)틔以벰及짳审볆计탐行튵业专튵业탔性强잿?的뗄믡会计볆师쪦事쫂务컱所쯹(谢?킻盛쪢纹컆，ꎬ?20?1?1?)?。ꆣ?(?죽三?)췢外늿部짳审볆计뫍和막股利샻政헾策닟?짏上述쫶文컄献쿗分럖析컶表뇭明쏷，ꎬ注힢册닡会믡计볆师쪦的뗄外췢部늿审짳计볆和뫍现쿖金뷰股막利샻在퓚公릫司쮾治훎理샭，ꎬ特쳘别뇰是쫇在퓚降붵低뗍公릫司쮾代듺理샭成돉本놾方랽面쏦?存듦在퓚相쿠关맘关맘系쾵。ꆣ然좻而뛸，ꎬ由평于폚公릫司쮾经뺭营펪的뗄外췢部늿环뮷境뺳差닮异틬，ꎬ外췢部늿审짳计볆与폫现쿖金뷰股막利샻之횮间볤的뗄关맘系쾵存듦在퓚两솽种훖竞뺺争헹性탔理샭?싛论:ꎺ结뷡果맻理샭论싛和뫍替쳦代듺理샭论싛。ꆣ?结뷡果맻理샭论싛认죏为캪，ꎬ高룟质훊量솿的뗄外췢部늿审짳计볆对뛔管맜理샭层닣活믮动뚯和뫍财닆务컱报놨表뇭提쳡供릩了쇋更룼透춸明쏷的뗄披엻露슶信탅息쾢，ꎬ外췢部늿股막东뚫能쓜更룼?뫃好地뗘评움价볛公릫司쮾的뗄代듺理샭问컊题쳢和뫍投춶资机믺会믡。ꆣ该룃理샭论싛得뗃到떽了쇋L?a??Po?r?t?a等뗈?(?2?0?00?)?쪵实证횤证횤뻝据的뗄支횧持돖。ꆣ相쿠反랴，ꎬ现쿖金뷰股막?샻利的뗄替쳦代듺理샭论싛认죏为캪，ꎬ高룟质훊量솿的뗄外췢部늿审짳计볆与폫现쿖金뷰股막利샻负뢺相쿠关맘。ꆣE?a?s?t?忘r?b?r?o?o?k?(1??98?4?)?죏认为캪，ꎬ监볠督뚽뫍和控뿘制훆代듺理샭人죋?뗄的쫖手段뛎可뿉以틔互뮥相쿠替쳦换뮻，ꎬ投춶资者헟选톡择퓱哪쓄一튻种훖手쫖段뛎的뗄关맘键볼取좡决뻶于폚他쯻们쏇的뗄成돉本놾。ꆣJ??o?h?n和뫍K?n?y?a??ze??va?(??20?0?6?)?基믹于폚美쏀?国맺的뗄퇹样本놾数쫽뻝据证횤实쪵了쇋替쳦代듺理샭论싛。ꆣ在퓚我컒国맺，ꎬ上짏市쫐公릫司쮾更룼多뛠地뗘通춨过맽发랢行탐证횤券좯而뛸获믱得뗃重훘要튪的뗄资金뷰来살源풴(?黄믆少짙安낲和뫍?张헅岗룚，ꎬ?20?0?1?;ꎻ陆슽正헽飞량和뫍叶튶康뾵涛쳎，ꎬ?2?00?的??。ꆣ뷡结뫏合我컒国맺램法律싉制훆度뛈놣保护뮤较뷏弱죵的뗄现쿖实쪵?(?Al?le??n等뗈，ꎬ?20?0?5?;ꎻ王췵鹏열，ꎬ2??00??8?)ꎬ,? 本놾文컄提쳡出돶以틔下쿂两솽个룶假볙设짨:ꎺ??Hl?:ꎺ高룟质훊量솿的뗄外췢部늿审짳计볆与폫公릫司쮾现쿖金뷰股막利샻支횧付뢶的뗄概룅率싊负뢺相쿠关맘:‘?ꎮ??H2?:ꎺ高룟质훊量솿的뗄外췢部늿审짳计볆与폫现쿖金뷰股막利샻支횧付뢶比뇈率싊负뢺相쿠关맘。ꆣ?三죽、ꆢ样퇹本놾、ꆢ变뇤量솿度뛈量솿及벰研퇐究뺿方랽法램??(튻一?)퇐研뺿究퇹样놾本?本놾文컄的뗄样퇹本놾包냼括삨2?0?0?1?-ꆪ?2?0?09?年쓪퓚在沪뮦深짮交붻易틗所쯹上짏市쫐且쟒发랢行탐A?막股的뗄非럇金뷰融죚샠类上짏市쫐公릫司쮾。ꆣ同춬时쪱，ꎬ剔쳞除돽缺좱失쪧?数쫽据뻝的뗄样퇹本놾公릫司쮾，ꎬ并늢采닉用폃?wi?ns?o?r?iz?a?t?i?o?n뗄的랽方法램뛔对쯹所有폐连솬续탸뇤变量솿的뗄异틬常뎣值횵进뷸行탐处뒦理샭，ꎬ最ퟮ后뫳得뗃到떽?1?0?93?5?个룶年쓪度뛈?观맛察달值횵。ꆣ本놾文컄所쯹有폐数쫽据뻝来살源풴于폚?C?S?M?AR?数쫽据뻝库뿢。ꆣ?(?뛾二?)퇐研뺿究랽方램法벰及뇤变솿量뛈度量솿?根룹据뻝分럖析컶的뗄内쓚容죝，ꎬ本놾文컄借뷨鉴본F?e?n??n和뫍L?i?a?ng?(?2?0?0??1)?、ꆢ?Gr?i?ns?t?ei?n뫍和M?i?ch?a?e?l?y?(?2?0?0?5)?的뗄股막利샻支횧付뢶模쒣型탍，ꎬ?뻟具体쳥如죧下쿂:ꎺ??P?a?y?o?u?t=? ?o ??+β?~?Au?d?i?t?+ ?2?Si?ze?+? ?3?Gr?o?w?t?h+? ? 4?B?T?M? +? ?s?De?b?t?+? ꆿ?6?F?C?F? ?+ ß?7??Ag?e?+?l?n?d?u?s??t.η?+? Y??e?ar? +? E?,? ( ꆢ1?)? 폫与볙假设짨一튻致훂，ꎬ我컒们쏇构릹建붨了쇋两솽个룶股막利샻支횧付뢶(?P?a?y?o?u?t?)?变뇤量솿:ꎺ第뗚一튻个룶因틲变뇤量솿是쫇股막利샻支횧付뢶哑퇆变뇤量솿?(?D?i?vi?de??nd?_? D?u?m??m?y )?ꎬ，볬检퇩验놾本컄文쳡提돶出뗄的뗚第튻一룶个볙假짨设ꆣ。죧如맻果公릫司쮾在퓚时쪱期웚t?支횧付뢶现쿖金뷰股막利샻，ꎬ则퓲该룃值횵为캪1?;ꎻ否럱则퓲为캪?0?。ꆣ믹基于폚D?i?vi?de??n?d_?? Du??m?my?指횸标뇪的뗄属쫴性탔，ꎬ我컒们쏇利샻用폃逻싟辑벭回믘归맩方랽法램(?L?o?g?is?t?i?c)?뾼考察달外췢部늿审짳计볆与폫公릫司쮾支횧付뢶现쿖金뷰?막股利샻룅概率싊的뗄关맘系쾵。ꆣ第뗚二뛾个룶因틲变뇤量솿是쫇现쿖金뷰股막利샻支횧付뢶比뇈率싊(??Di?vi?d?e?n?dy??a?y? )?ꎬ，쪵实횤证볬检퇩验놾本컄文提쳡出돶的뗄第뗚二뛾个룶假볙设짨。ꆣ??Di?vi?d?e?n?d?_?Pa?y??以틔公릫쮾司횧支뢶付룸给普웕춨通股막막股东뚫的뗄쿖现金뷰股막利샻与폫净뺻利샻润죳之횮比뇈度뛈量솿。ꆣ为캪了쇋볬检验퇩外췢部늿审짳计볆对뛔公릫司쮾支횧付뢶现쿖金뷰ꎮ股막利샻的뗄影펰响쿬，ꎬ我컒们쏇删즾除돽现쿖金뷰股막利샻为캪零쇣的뗄样퇹本놾，ꎬ从듓而뛸以틔计볆量솿经뺭济볃学톧中훐的뗄托췐比뇈方랽法램(?T?o?b?i?t?)볬检퇩验模쒣型탍(1?)?。?ꆣ?模쒣型탍(?1??)뗄的뷢解쫍释뇤变솿量뚨定义틥죧如下쿂zꎺ?根룹据뻝A?n?d?e?r?s?o?n?e??t a??ꎮ??????뫍?????????ꎮ??????뗄퇐뺿쮼슷ꎬ놾컄틔솽훖랽램뛈솿췢늿짳볆훊솿?l. (1993)和Engelet al. (2010)的研究思路，本文以两种方法度量外部审计质量?(?Au?d?i?t?)ꎺ:튻一훖种쫇是짳审볆计럑费폃用뗄的ퟔ自좻然뛔对数쫽(??Au?d?i?t?_F?e?e?)?ꎬ，쇭另튻一훖种是쫇审짳计볆틢意见볻哑퇆变뇤量솿?(?Au?d?i?t?_?Du??mm?y?)?。ꆣ죧如果맻公릫?司쮾当떱年쓪审짳计볆意틢见볻为캪标뇪准ힼ无컞保놣留쇴意틢见볻，ꎬ则퓲该룃值횵为캪1，?ꎬ否럱则퓲为캪零쇣。ꆣ根룹据뻝前잰面쏦的뗄假볙设짨，ꎬA??ud?i?t F?e?e?前잰的뗄系쾵数쫽符럻号뫅为캪?ꆪ负뢺号뫅ꎻA?u?d?i?t?_?Du??mm?y??잰前的뗄系쾵数쫽符럻号뫅为캪正헽号뫅。ꆣꎮ除돽了쇋外췢늿部审짳볆计变뇤量솿之횮外췢，ꎬ本놾文컄还뮹包냼括삨了쇋如죧下쿂可뿉能쓜影펰响쿬现쿖金뷰股막利샻和뫍外췢部늿审짳计볆的뗄变뇤量솿(??F?a?ma?和뫍?Fr?e??nc??h，ꎬ?2??00?1?;ꎻ F??ra??nc?i?s? et? ?a?l.ꎮ,ꎬ 2??00??5?):ꎺ (??1?)릫公쮾司맦规쒣模?(S?i?ze?)?ꎬ，틔以ퟜ总资产닺的뗄自ퟔ然좻对뛔数쫽度뛈量솿;ꎻ(?2?)?릫公司쮾增퓶뎤长机믺会믡(?G?r?o?w?t?h)?，ꎬ?틔以헋账쏦面市쫐价볛比뇈?(?B?T?M)?和뫍销쿺售쫛增퓶长뎤率싊?(?Sg?r??o?wt?h)?度뛈量솿，ꎬ账헋面쏦市쫐价볛比뇈以틔账헋面쏦权좨益틦/ꎯ?(췐托뇶宾?Q*?总ퟜ资产닺)?度뛈量솿;ꎻ??(?3?)资닺产뢺负햮债싊率?(?De?b?t?)?ꎬ，以틔总ퟜ뢺负햮债与폫ퟜ总资产닺之횮比뇈度뛈量솿ꎻ(?4?)?ퟔ自평由쿖现뷰金쇷流水쮮平욽，ꎬ借뷨鉴본F?e??n?n뫍和?Li?a?n?g(?2?0??01?)? 的뗄랽方램法，ꎬ以틔(?利샻润죳总ퟜ额뛮+?닆财컱务럑费폃用튻一뺭经펪营ퟢ租쇞赁쯹所횧支뢶付뗄的쿖现뷰金一튻릺购붨建만固뚨定资닺产、ꆢ컞无形탎资닺产和뫍웤其它쯼长뎤期웚资产닺所쯹?支횧付뢶的뗄现쿖金뷰+?뒦处훃置만固뚨定资产닺、ꆢ컞无形탎资닺产和뫍其웤他쯻长뎤期웚资产닺而뛸收쫕回믘的뗄现쿖金뷰净뺻额뛮)?ꎬIퟜ总资产닺度뛈量솿公릫司쮾的뗄自ퟔ由평现쿖金뷰流쇷:ꎻ?췲7?8?랽? 쫽뻝
???짏쫐쓪쇤?????ꎬ튻ꆭꆭ??튻튻ꆣퟮ뫳ꎬ놾컄뮹뿘훆쇋탐튵만뚨킧펦????????뫍쓪뛈만뚨킧펦?(5)上市年龄CAge)，以土市时间度量。最后，本文还控制了行业固定效应(Indus町)和年度固定效应?(?Ye?a?r?)?。ꆣ?쯄四、ꆢ实쪵횤证볬检验퇩结뷡果맻及벰分럖析컶?(?튻一?)릤工뻟具뇤变솿量폐有킧效탔性볬检퇩验?평由폚于컒我쏇们뾼考달察솽两훖种뿉可替쳦代듺治훎理샭믺机制훆的뗄关맘系쾵，ꎬ因틲此듋，ꎬ놾本컄文的뗄结뷡맻果뿉可能쓜受쫜同춬时쪱性탔偏욫见볻的뗄影펰响쿬?(?Wo?ol?d?r?i?dg?e?，ꎬ??2?0?02?)?ꆣ。캪为뷢解뻶决헢这个룶问컊쳢题，ꎬ本놾文컄借뷨鉴본E?n?g?e?l?e??t? a?ꎮ??????뗄랽램ꎬ펦폃릤뻟뇤솿램???맀볆쒣탍???ꆣ?l. (2010)的方法，应用工具变量法CIV)估计模型(1)。根룹据뻝己틑有폐外췢部늿审짳计볆方랽面쏦的뗄文컄献쿗，ꎬ我컒쏇们选톡定뚨公릫司쮾财닆政헾年쓪度뛈末쒩与폫公릫司쮾公릫布늼经뺭注힢册닡会믡计볆师쪦审짳计볆的뗄财닆务컱报놨表뇭日죕?期웚之횮间볤的뗄天쳬数쫽?(?Da?y?s?)?作ퟷ为캪本놾文컄的뗄工릤具뻟变뇤量솿。ꆣ作ퟷ为캪一튻个룶有폐效킧的뗄工릤具뻟变뇤量솿，ꎬ?I?V必뇘须탫싺满足ퟣ两솽个룶要튪求쟳(??Wo?o?l?dr?i?dg?e?，ꎬ??20?0?2?)?。ꆣ?튻一是쫇?I?V뇘必须탫与폫内쓚生짺变뇤量솿쿠相关맘，ꎬ即벴公릫司쮾닆财政헾쓪年度뛈쒩末与폫公릫司쮾公릫布늼经뺭注힢册닡会믡计볆师쪦审짳计볆的뗄财닆务컱报놨表뇭日죕期웚之횮间볤?뗄的쳬天쫽数폫与外췢늿部审짳볆计쿔显著훸쿠相关맘。ꆣ컄文쿗献뇭表明쏷，ꎬ힢注닡册믡会볆计쪦师审짳볆计财닆컱务报놨뇭表的뗄时쪱间볤越풽长뎤，ꎬ公릫司쮾支횧付뢶的뗄审짳计볆费럑用폃越풽多뛠?(?H?a?y?? e?t a?l?.ꎮ,ꎬ 2?0?0??6 )?ꆣ。놾本컄文럖分뇰别틔以짳审볆计럑费폃用뫍和짳审볆计틢意볻见퇆哑뇤变솿量为캪因틲变뇤量솿，ꎬ以틔工릤具뻟变뇤量솿和뫍模쒣型탍(?1?)?훐中뗄的뿘控制훆变뇤?量솿为캪解뷢释쫍变뇤量솿进뷸行탐O?L?S?回믘맩归，ꎬ检볬验퇩工릤具뻟变뇤量솿的뗄系쾵数쫽是쫇否럱显쿔著훸。ꆣ结뷡果맻发랢现쿖，ꎬ?Da?y?s?与폫?Au?d?i?tF?e?e?之횮间볤的뗄关맘系쾵?ꆪ呈돊显쿔著훸正헽相쿠关맘关맘系쾵，ꎬ说쮵明쏷注힢册닡会믡计볆师쪦审짳计볆的뗄天쳬数쫽越풽长뎤，ꎬ公릫司쮾支횧付뢶的뗄审짳计볆费럑用폃越풽高룟。ꆣ同춬样퇹，ꎬ?Da?y?s?与폫??Au?d?i?t?_D u??m?my??之횮间볤的뗄关맘系쾵呈돊显쿔著훸负뢺相쿠关맘关맘系쾵，ꎬ说쮵明쏷힢注册닡믡会计볆쪦师审짳计볆的뗄天쳬数쫽越풽长뎤，ꎬ릫公司쮾믱获뗃得럇非뇪标准ힼ审짳计볆意틢见볻?的뗄룅概率싊풽越大듳。ꆣ这헢些킩研퇐究뺿结뷡论싛说쮵明쏷本놾文컄选톡定뚨的뗄工릤具뻟变뇤量솿满싺足ퟣ有폐效킧工릤具뻟变뇤量솿的뗄第뗚一튻个룶要튪求쟳。ꆣ?表뇭1??릤工뻟具变뇤솿量有폐效킧性탔检볬验퇩结뷡果맻?뇤솿????(?2?)? 变量(1) 0?.ꎮ?00?0?2?*?*? ??0?.ꎮ?04?3?7?*?*?*????????? Days ( 1ꎮ.?9?7?)? ?(-?1?8?.ꎮ4??0)?? ?0?.ꎮ?01?1?5?*?**?? 一?0?.ꎮ?0?5?2?5*?*?*??Ag?e?? ??ꎮ(6.?5?7)?? (?-?4?ꎮ.0??3)? ??0?.ꎮ1?8?8?2?*?*?*?? ?0.ꎮ4?5??13??**??* Siz?e? ????(26.ꎮ5??6)? 0??0?.ꎮ1?7?)?? ??????ꎮ????????ꎮ????????一***** BT肌f(?一튻1?.ꎮ9??6)???(8?.ꎮ?9?5)?? ?????ꎮ?????????ꎮ?????*** FCF ?(4?.ꎮ?8?5?)? ?(0?.ꎮ?0?4)?? ???????????ꎮ?????ꎮ?????* Sgrowth ( 1ꎮ.?6?6?)? ?(0?.ꎮ?2?3)?? ??????0.?ꎮ0??0?2?0?*뚾?**?? ??ꎮ????????*** Debt (5.ꎮ?6?0)?? (?-?3?.ꎮ5??7>?? ?9?.ꎮ?0?4?51?丰?*?*??-?4.ꎮ?3?4?3?2料??丰??C?on??st?a?nt? ???(51ꎮ.7??7)? ??ꎮ???() 行탐业튵哑퇆变뇤量솿?控뿘制훆?뿘控制훆?쪱时间컊哑퇆变뇤量솿?뿘控制훆?控뿘制훆?????????????4?0???4.ꎮ0??2*?*?* Hausman test (0.ꎮ0??00??0)? ???????????????????????Observation 10935 10935 R?2? ?0?.ꎮ3?6?9?3?? ???????ꆪ????????ꎮ??????*** Partia1 F-Stat (0.ꎮ0??00??0)? ?????????????ꎮ?????*** LRchi2 (0.ꎮ0?0?0??0)? ???????????ꎮ?????Pseudo R2 注힢ꎺz第뗚(?1??)삸栏삨括뫅号훐中뗄的쫽数值횵为캪t?值횵，ꎬ第뗚(?2?)?삸栏삨括号뫅中훐的뗄数쫽值횵为캪z?值횵*ꎻ*?튻*ꆢ、튻柿、ꆢ?*럖分뇰别뇭表쪾示춨通맽过?1ꎥ%、ꆢ?5ꎥ%、ꆢ?1?0ꎥ%的뗄显쿔?著훸性탔检볬验퇩。ꆣ下쿂同춬。ꆣ?췲랽쫽뻝7?9? ?
?二뛾是쫇?IV뇘必须탫与폫第뗚二뛾阶뷗段뛎回믘归맩模쒣型탍的뗄残닐差닮不늻相쿠关맘?(L?a?r?c?k?e?r?뫍和R?u?s?t?ic??us?，ꎬ????ꎻ????????ꎬ?????ꆣ쯤?2010; Wooldridge, 2002)。虽然좻工릤具뻟变뇤量솿的뗄有폐效킧性탔要튪求쟳可뿉以틔通춨过맽第뗚一튻阶뷗段뛎回믘归맩模쒣型탍进뷸行탐检볬验퇩，ꎬ但떫由평于폚真헦实쪵的뗄残닐差닮是쫇不늻可뿉观맛察달的뗄，ꎬ因틲此듋，ꎬ?第뗚二뛾个룶要튪求쟳不늻能쓜被놻直횱接뷓检볬验퇩。ꆣ然좻丽뛸，ꎬ根룹据뻝相쿠关맘文컄献쿗，ꎬ注힢册닡会믡计볆师쪦完췪成돉财닆务컱报놨表뇭所쯹需탨要튪的뗄时쪱间볤与폫公릫司쮾是쫇否럱支횧?付뢶现쿖金뷰股막利샻以틔及벰支횧付뢶现쿖金뷰股막利샻的뗄多뛠少짙没쎻有폐显쿔著훸相쿠关맘关맘系쾵。ꆣ同춬时쪱，ꎬp?a?r?t?ial? ?F ?-s?t?at?i?st?i?c值횵以틔及벰L??R卡뾨方랽值횵也튲表뇭明쏷，ꎬ?本놾文컄的뗄模쒣型탍不늻会믡受쫜到떽弱죵工릤具뻟变뇤量솿的뗄困삧扰죅(??La?r?c?k?e?r?和뫍R?u?s?t?ic??us?，ꎬ?2?01?0?)?。ꆣ?(?뛾二?)쪵实횤证볬检퇩验뷡结맻果벰及럖分析컶?뇭表?2是쫇全좫样퇹本놾下쿂的뗄L?o?g?i?st?ic?和뫍?To?b?i?t回믘归맩结뷡果맻。ꆣ第뗚(?1?)?和뫍(?2?)?栏삸是쫇以틔?Di?vi?d?e?n?d?_ Du??mm?y??캪为因틲变뇤量솿进뷸行탐?的뗄?Lo?g?i?st?ic?回믘归맩结뷡果맻:ꎻ第뗚(3??)?和뫍?(?4)?栏삸是쫇以틔D?i?vi?de??n?d?_P?a?y?为캪因틲变뇤量솿进뷸行탐的뗄T?o?b?i?t回믘归맩结뷡果맻。ꆣL?o?g?i?st?ic?回믘归맩?뷡结果맻表뇭明쏷，ꎬL?R?c?h?i?2通춨过맽?1ꎥ%뗄的显쿔著훸性탔检볬验퇩，ꎬP?s?e??ud?o?? R?2럖分뇰别为캪0?.ꎮ?2?3?78?和뫍队?ꎮ2?5?7??4，ꎬ쮵说쏷明놾本컄文뗄的쒣模型탍能쓜뷏较好뫃地뗘?解뷢释쫍公릫司쮾是쫇否럱支횧付뢶现쿖金뷰股막利샻的뗄问컊题쳢(??Ho?s?ma?e?r?뫍和?Le??me?s??h?o?wꎬ，2?0?0??0)?。ꆣ뛔对폚于审짳计볆费럑用폃组ퟩ(第?뗚(1??)?栏삸)?A??ud?i?t? F?e?e?? 的뗄系쾵数쫽为캪튻-0?.ꎮ?0?91?4?ꎬ，뛸而쟒且춨通过맽1??0ꎥ%的뗄显쿔훸著性탔检볬验퇩，ꎬ쮵说明쏷릫公司쮾횧支付뢶的뗄审짳计볆费럑用폃越풽高룟，ꎬ릫公司쮾횧支뢶付现쿖뷰金막股利샻的뗄概룅率싊?뇭表?2?P?a?y?o?u?t?与폫?Au?d?it?之횮间볤的뗄关맘系쾵结뷡果맻?뇤变量솿?(?1?)? (?2?)? (?3?)? ?(4?)?? ????????????ꎮ????????ꎮ????????* *** Audit Fee 튻( -1?.ꎮ8??6)?? ?튻?ꎮ???() ??????????2??ꎮ.?0?9??4?3?*?*?*? ??ꎮ?????좭??*** Audit_D ummy ?04.ꎮ7?6?)?? 0??3?.ꎮ7?6?)? ?튻?ꎮ????퓗탒??튻?ꎮ????럮탒????ꎮ??????????ꎮ???????*** *** 一***一***Ag?e?? ??(-2?7?.ꎮ1?8??)? ?(-??26?ꎮ.5?8??)? (?-?2?1?.ꎮ1?6?)?? ?튻??ꎮ????( ??1?ꎮ.?05?1?2?*쒾*탒*?? 0?.ꎮ9?9?1?2?*?*?*?? 0?.ꎮ2?9?4?1? **?*? ??0.ꎮ1?4?7?4?*?*?*?? Si?z?e ????(29.ꎮ5??2)?? (?3?1?.ꎮ9??8)?? ?0?4?.ꎮ0?1?)? (? 1??4ꎮ.?2?2?)? ??????ꎮ??????????ꎮ??????????ꎮ???????ꎮ????????*** *** 一*** BTM (?-?3?.ꎮ8?1? ?)? ?(-?3?.ꎮ7??4)?? (?-?1?.ꎮ0??0)? (?一?7?.ꎮ?4?8)???????ꎮ?????????ꎮ?????????ꎮ?????쪮???ꎮ????????*** *** *** *** FCF (? 1??9.ꎮ4??5)?? 0??7?.ꎮ5??9)?? ?0?6?.ꎮ7?7?)? 0??4?.ꎮ0?9?)?? ?????????-0?ꎮ???????ꎮ??????ꎮ???????ꎮ?????.0010 一一 Sgrow也?(-0?.ꎮ6?2??)? (?-?0?.ꎮ6?6??)? ?(?-0?ꎮ.?8?0?? (?-?0?.ꎮ9??0)? ??????-??4.ꎮ?5?5?8?0忡??*??-?4.ꎮ?2?7?9?8忡??*??-?1?.ꎮ?26?6?3?*?*?*? ??-1?.ꎮ1??31??5?**??* Debt ꆪ(-2?5?.ꎮ1??3)?? (??-2?3?.ꎮ1?8?)?? ?(-?2?3?ꎮ.?48??)? (?-?2?0?.ꎮ5?7?)?? ????ꎮ???????????ꎮ??????????ꎮ?????????-4ꎮ.?0?2?6?2?材?**** *** *** ??Co??n?st?a?nt? ????ꎮ????????ꎮ???????ꎮ????????ꎮ????() () ) () 行탐业튵哑퇆变뇤量솿?控뿘制훆?控뿘制훆?控뿘制훆?뿘控制훆?쪱时间볤哑퇆变뇤量솿?控뿘制훆?控뿘制훆?뿘控制훆?뿘控制훆??????????????????????????????????????observations 10935 10935 10935 10935 ??????????ꎮ???????ꎮ?????????ꎮ???????ꎮ?????LRchi2 *** () *** () P?s?e??ud?o? ?R2? ?0?.ꎮ?23?7?8? ?0?.ꎮ2?5?7?4?? ??????????????ꎮ???????ꎮ??????????ꎮ???????ꎮ??????*** () *** () Waldchi2 튻一阶뷗段뛎回믘归맩??ꎮ?????럡쓪???ꎮ??????????0.?0?020*** *** Days (9.ꎮ8??0)? (?-?2?3?.ꎮ9??4)?? ?????????????????????6?.ꎮ1?9?*ꆱ*? 9?7?.ꆣ2?3??**?*? Wald test of exogeneity (0.ꎮ0?1??2?8?)? (?0?.ꎮ0??00??0)? u??nc?e?n?s??o?re?d?? o??bs??e?r?va?t?io??ns?? ?56?8?1? ?5?6?8?1? 췲8??0랽? 쫽뻝
풽越뗍低:ꎻ对뛔于폚审짳计볆意틢见볻组ퟩ(?第뗚(?2??)삸栏)?中훐?Au?d?i?t?_?D?u?m?my??뗄的쾵系쫽数为캪??2.ꎮ?0?9?4?3?ꎬ，뛸而쟒且춨通맽过?1ꎥ%뗄的쿔显훸著탔性볬检퇩验ꎬ，쮵说?쏷明힢注닡册믡会볆计쪦师出돶具뻟的뗄审짳计볆意틢见볻为캪标뇪准ힼ无컞保놣留쇴意틢见볻，ꎬ则퓲公릫司쮾支횧付뢶现쿖金뷰股막利샻的뗄可뿉能쓜性탔越풽高룟。ꆣ?T?ob?i?t믘回맩归结뷡果맻表뇭明쏷，ꎬ??Wa?l?d뾨卡랽方횵值춨通맽过?1ꎥ%뗄的쿔显훸著탔性볬检퇩验，ꎬ뗚第튻一뷗阶뛎段回믘归맩的뗄?Da?y?s?춨通맽过?1ꎥ%뗄的쿔显훸著탔性볬检퇩验ꎬ，뛸而쟒且릤工뻟具뇤变솿量뗄的췢外짺生탔性?볬检퇩验럖分뇰别춨通맽过?5ꎥ%뫍和?1ꎥ%뗄的쿔显훸著탔性볬检퇩验ꆣ。뾨卡랽方횵值뫍和쿔显훸著탔性뇭表쏷明ꎬ，쒣模탍型뻜拒뻸绝뻟具폐有췢外짺生탔性볬检퇩验뷡结果맻，ꎬ틲因듋此컒我쏇们쪹使?폃用릤工뻟具뇤变솿量뷸进行탐?T?ob?i?t믘回맩归是쫇合뫏适쫊的뗄。ꆣ同춬样퇹地뗘，ꎬ?A?u?d?it? ?F?e?e뗄的系쾵数쫽为캪一튻?0ꎮ.?1?7?6?7ꎬ，뛸而쟒且춨通맽过?1ꎥ%뗄的显쿔著훸性탔检볬验퇩，ꎬ?쮵说쏷明릫公쮾司횧支뢶付的뗄짳审볆计费럑폃用풽越룟高，ꎬ릫公司쮾횧支뢶付뗄的쿖现뷰金막股利샻풽越少짙ꎻ?Au?d?i?t?D?u?m?my?뗄的쾵系쫽数为캪?2.ꎮ?0?2?1?2ꎬ，뛸而쟒且춨通맽过?1ꎥ%??뗄的쿔显훸著탔性볬检퇩验，ꎬ쮵说쏷明힢注닡册믡会볆计쪦师돶出뻟具뗄的짳审볆计틢意볻见캪为뇪标ힼ准컞无놣保留쇴틢意见볻，ꎬ퓲则릫公司쮾횧支뢶付的뗄쿖现金뷰막股利샻풽越多뛠。ꆣ这헢킩些结뷡?맻果뇭表明쏷ꎬ，룟高훊质솿量뗄的췢外늿部짳审볆计폫与쿖现뷰金막股샻利횧支뢶付的뗄룅概싊率뫍和쿖现뷰金막股샻利횧支뢶付比뇈率싊돊呈负뢺쿠相맘关맘关系쾵，ꎬ횧支돖持쿖现뷰金막股利샻的뗄替쳦?듺代理샭论싛。ꆣ?뾼考察달웤其它쯼뿘控制훆뇤变솿量뗄的系쾵数쫽뫍和符럻号뫅可뿉以틔发랢쿖现，ꎬ除돽增퓶뎤长机믺믡会?(?Sg?r??o?wt?h)?췢外，ꎬ쯹所폐有뿘控훆制뇤变솿量都뚼춨通过맽?1ꎥ%뗄的쿔显?훸著탔性볬检퇩验。ꆣ뻟具体쳥而뛸言퇔，ꎬ公릫司쮾规맦模쒣(??Si?z?e)?뫍和自ퟔ由평现쿖뷰金流쇷?(?F?CF?)?폫与릫公쮾司횧支뢶付쿖现金뷰股막利샻的뗄概룅싊率和뫍횧支付뢶现쿖金뷰股막?샻利的뗄뛠多少짙돊呈正헽相쿠关맘关맘系쾵:ꎻ而뛸公릫司쮾짏上市쫐时쪱间볤?(?Ag?e?)?ꆢ、퓶增뎤长믺机믡会?(?B?T?M)?뫍和债햮务컱?(?De?b??t?)뗄的쾵系쫽数캪为뢺负ꎬ，쮵说쏷明헢这?킩些뿘控훆制뇤变솿量폫与릫公쮾司횧支付뢶쿖现金뷰막股샻利的뗄概룅싊率和뫍횧支付뢶쿖现金뷰막股利샻的뗄多뛠少짙呈돊负뢺相쿠关맘关맘系쾵，ꎬ即벴릫公쮾司맦规쒣模越풽듳大以틔벰及自ퟔ由평现쿖?뷰金쇷流풽越多뛠，ꎬ公릫쮾司횧支뢶付쿖现뷰金막股샻利的뗄뿉可能쓜탔性풽越大듳，ꎬ而뛸쟒且횧支뢶付的뗄쿖现金뷰막股利샻풽越多뛠:ꎻ公릫司쮾짏上市쫐时쪱间볤풽越长뎤、ꆢ增퓶뎤长机믺믡会越풽?多뛠믲或헟者뢺负햮债풽越뛠多，ꎬ릫公司쮾횧支뢶付쿖现뷰金막股샻利뗄的뿉可쓜能탔性越풽킡小，ꎬ뛸而쟒且횧支뢶付的뗄쿖现뷰金막股利샻풽越少짙。ꆣ这헢킩些结뷡싛论与폫己틑有폐股막利샻研퇐究뺿?컄文献쿗相쿠一튻致훂。ꆣ??(죽三?)쏴敏룐感탔性볬检퇩验?为캪볬检퇩验本놾컄文结뷡맻果的뗄컈稳健붡性탔，ꎬ本놾컄文分럖别뇰作ퟷ了쇋以틔下쿂工릤作ퟷ(ꎺ1??)?跟룺随쯦?Fe??n?n和뫍L?i?a?n?g(??20??01?)?以틔벰及쇎廖샭理和뫍方랽芳랼?(??20??0?4)?뛔对公릫司쮾代듺理샭돉成本놾的뗄定뚨义틥，ꎬ뾼考察달了쇋代듺理샭成돉本놾对뛔两솽者헟关맘系쾵的뗄影펰响쿬ꎻ(??2)?以틔맜管샭理닣层돖持막股比뇈例샽、ꆢ第뗚一튻大듳股막?东뚫돖持막股比뇈샽例和뫍ퟮ最后뫳뿘控制훆人죋性탔质훊作ퟷ为캪股막权좨结뷡构릹变뇤量솿的뗄代듺理샭变뇤量솿，ꎬ考뾼察달了쇋股막权좨结뷡构릹对뛔两솽者헟关맘系쾵的뗄影펰响쿬(ꎻ3??)?以틔?쇴留듦存쫕收틦益ꎯ/ퟜ总资닺产듺代쳦替짏上쫐市쪱时볤间뛈度솿量릫公쮾司쯹所뒦处짺生쏼命훜周웚期뷗阶뛎段ꎬ，뾼考달察쇋了짺生쏼命훜周웚期뷗阶뛎段뛔对솽两헟者맘关쾵系뗄的펰影쿬响ꎻ(??的?틔以国맺际볊"ꆰ四쯄大듳"ꆱ?(몫韩东뚫京뺩，ꎬ2?0?0?8?)?作ퟷ为캪高룟훊质量솿外췢部늿审짳计볆的뗄替쳦代듺变뇤量솿，ꎬ考뾼察달了쇋会믡计볆师쪦事쫂务컱所쯹规맦模쒣对뛔两솽者헟关맘系쾵?的뗄影펰响쿬ꎻ?(?5)?剔쳞除돽支횧뢶付股막票욱股막利샻的뗄公릫司쮾样퇹本놾ꎻ(?6?)?쳞剔除돽支횧付뢶막股票욱股막利샻和뫍转增퓶股막本놾的뗄公릫司쮾(ꎻ7??)?以틔每쎿股막现쿖金뷰?막股利샻/ꎯ믹基놾本쎿每막股쫕收틦益듺代쳦替쎿每막股쿖现뷰金막股샻利ꎯ/믹基놾本쎿每막股쫕收틦益?(첯摊놡薄뺻净샻利죳润?)뛈度솿量막股샻利횧支뢶付率싊ꎻ(?8?)?以틔췐托宾뇶?Q듺代替쳦?펪营业튵收쫕益틦增퓶长뎤率싊度뛈量솿公릫司쮾增퓶长뎤믺机会믡，ꎬ以틔销쿺售쫛收쫕入죫的뗄对뛔数쫽代듺替쳦总ퟜ资产닺的뗄对뛔数쫽度뛈量솿公릫司쮾规맦模쒣。ꆣ结뷡果맻发랢现쿖，ꎬ本놾文컄?的뗄结뷡果맻基믹本놾不늻变뇤①。ꋙꆣ?五컥、ꆢ结뷡论싛?本놾文컄考뾼察달了쇋外췢部늿审짳计볆与폫现쿖金뷰股막利샻之횮间볤的뗄关맘系쾵。ꆣ以틔前잰的뗄理샭论싛和뫍实쪵证횤研퇐究뺿都뚼表뇭明쏷，ꎬ这헢两솽种훖监볠督뚽机믺制훆都뚼会믡降붵?低뗍代듺理샭成돉本놾。ꆣ因틲为캪注힢册닡会믡计볆师쪦为캪公릫司쮾财닆务컱놨报表뇭的뗄生짺成돉过맽程돌提쳡供릩了쇋独뛀立솢保놣证횤，ꎬ高룟质훊量솿的뗄外췢部늿审짳计볆将붫导떼致훂高룟质훊?量솿的뗄财닆务컱报놨告룦信탅息쾢。ꆣ这헢种훖高룟质훊量솿的뗄财닆务컱信탅息쾢允퓊许탭投춶资者헟更룼好뫃地뗘监볠督뚽和뫍评움价볛管맜理샭层닣活믮动뚯以틔及벰投춶资效킧率싊。ꆣ股막利샻?政헾策닟文컄献쿗提쳡供릩的뗄证횤据뻝表뇭明쏷，ꎬ董뚭事쫂믡会和뫍股막东뚫可뿉以틔利샻用폃现쿖金뷰股막利샻监볠督뚽管맜理샭层닣活믮动뚯和뫍降붵低뗍代듺理샭成돉本놾。ꆣ基믹于폚这헢些킩结뷡?果맻的뗄讨쳖论싛，ꎬL?a?P?o?r?t?a等뗈。??0?0?0?)?提쳡出돶和뫍检볬验퇩了쇋股막利샻的뗄两솽种훖竞뺺争헹性탔代듺理샭模쒣型탍:ꎺ结뷡果맻模쒣型탍和뫍替쳦代듺模쒣型탍。ꆣ?本놾文컄基믹于폚我컒国맺上짏市쫐公릫司쮾的뗄实쪵际볊情쟩况뿶，ꎬ뛔对外췢部늿审짳计볆和뫍现쿖金뷰股막利샻之횮间볤的뗄关맘系쾵进뷸行탐了쇋实쪵证횤检볬验퇩，ꎬ结뷡果맻支횧持돖现쿖?金뷰股막利샻的뗄替쳦代듺理샭论싛。ꆣ也튲就뻍是쫇说쮵，ꎬ췢外늿部짳审볆计훊质솿量与폫公릫司쮾支횧付뢶现쿖金뷰股막利샻的뗄概룅率싊和뫍股막利샻支횧付뢶率싊呈돊显쿔著훸负뢺相쿠关맘关맘系쾵，ꎬ?而뛸且쟒在퓚考뾼虑싇不늻同춬的뗄外췢部늿审짳计볆质훊量솿度뛈量솿方랽法램、ꆢ模쒣型탍检볬验퇩方랽法램以틔及벰包냼括삨其웤它쯼可뿉能쓜影펰响쿬公릫司쮾现쿖金뷰股막利샻的뗄变뇤量솿后뫳，ꎬ?本놾文컄的뗄结뷡果맻仍죔然좻不늻变뇤。ꆣ?在퓚我컒国맺技춶资者헟保놣护뮤较뷏弱죵的뗄外췢部늿环뮷境뺳下쿂，ꎬ为캪降붵低뗍公릫司쮾股막东뚫和뫍管맜理샭层닣的뗄代듺理샭冲돥突춻，ꎬ降붵低뗍代듺理샭成돉本놾，ꎬ注힢册닡会믡?计볆师쪦事쫂务컱所쯹等뗈中훐介뷩机믺构릹应펦强잿化뮯对뛔上짏市쫐公릫司쮾财닆务컱信탅息쾢生짺成돉过맽程돌的뗄审짳计볆，ꎬ投춶资者헟在퓚关맘注힢现쿖金뷰股막利샻多뛠少짙的뗄同춬时쪱，ꎬ?更룼应펦关맘注힢公릫司쮾聘울请쟫的뗄注힢册닡会믡计볆师쪦事쫂务컱所쯹的뗄审짳计볆能쓜力솦。ꆣ?主훷要튪参닎考뾼文컄献쿗:ꎺ?韩몫东뚫京뺩.ꎮ2?0?0?8?.ꎮ所쯹有폐权좨结뷡构릹、ꆢ公릫司쮾治훎理샭与폫外췢部늿审짳计볆监볠督뚽[?J]?.ꎮ审짳计볆研퇐究뺿.ꎮ(?2?)?:ꎺ 5?5?-ꆪ6?4? ?陆슽贤쿍伟캰，ꎬ王췵建붨琼쟭.ꎮ2?0?1?1?ꎮ.릫公쮾司훎治샭理폫与쿖现뷰金막股샻利쿠相맘关性탔研퇐究뺿[?J?]?.ꎮ金뷰融죚评움论싛.ꎮ(?5?)?:ꎺ 9?1?-ꆪ9?8?.? ①ꋙ限쿞于폚篇욪幅럹，ꎬ本놾文컄没쎻有폐列쇐示쪾这헢些킩结뷡果맻。ꆣ?췲랽쫽뻝???81
许탭文컄彬뇲，ꎬ刘쇵猛쏍ꎮ.2?0?0?9?.ꎮ컒我国맺上짏市쫐公릫司쮾股막权좨结뷡构릹对뛔现쿖金뷰股막利샻政헾策닟的뗄影펰响쿬[?耳??ꎮ中훐国맺工릤业튵经뺭济볃.ꎮ?(1?2?)?:ꎺ ?1?28?ꆪ-1?3?8?.ꎮ? 余폠字폮莹펨，ꎬ刘쇵启웴亮쇁.ꎮ2?0?0?7?.ꎮ公릫司쮾治훎理샭系쾵统춳有폐助훺于폚提쳡高룟审짳计볆质훊量솿吗싰??[?J]?.ꎮ审짳计볆研퇐究뺿.ꎮ?(5?)?:ꎺ ?77?-ꎮ8?3?.ꎮ ?曾퓸펱颖，ꎬ叶튶뾵康涛쳎ꎮ.2?0?0?5?.ꎮ股막权좨结뷡构릹、ꆢ代듺理샭成돉本놾与폫外췢部늿审짳计볆需탨求쟳[?J]?.ꎮ会믡计볆研퇐究뺿.ꎮ(?1??0)?:ꎺ ?6?3-ꎮ7??0.ꎮ? 周훜中훐胜쪤，ꎬ陈돂汉몺文컄.ꎮ2?0?0?6?.ꎮ大듳股막东뚫资金뷰占햼用폃与폫外췢部늿审짳计볆监볠督뚽[?J]?.ꎮ짳审计볆研퇐究뺿.ꎮ?(3?)?:ꎺ 7??3-ꆪ8?1?.ꎮ? C?h?o?i?,ꎬ ?J.ꎮ旺?，ꎮꎬ?an?d? ?T. J?.ꎮ ?W?o?ng?.ꎮ ?20?0?7?.ꎮ A??ud?i?t?or?s?’ꆯ ?go??ve?m??a?n?c?e? ??f?un?c?t?i?on?s? ??an?d? ?l?eg?a??l ??e?nv?i?r?o?n?r?ne?nꋲt?s:ꎺ A?n? ??in?te??ma?t?i?o?na?l? i?n?ve?s??ti?g?a?t?io?n?[?J?]?.ꎮ ??C?on??te?m?p??or?a??ry?? Ac?c?o?u??n?ti?ng? ?R?e?se?a??rc?h?? 2?4 (?1??):ꎺ1?3?-ꆪ4?6?.ꎮ? ?E?n?ge?l?ꎬ?ꎮꎬ?ꎮ?ꎮ?????ꎬ????ꎮ???ꎮ????ꎮ??????????????????????????????????????????????????????????????????, E., R. M. Hay邸，and X. Wang. 2010. Audit committee compensation and the demand for monitoring ofthe fmancial reporting p?r?o?c?e??ss?[?J]?.ꎮ ?Jo??um??a?l ?o?f? Ac?c?o??un??ti?ng?? a??n?d ?E?co?n??om?i?cs? ?49? ?(1-?2?)?:ꎺ1?3?6?-?1?5?4?.ꎮ? ??ꎬ?ꎮ???ꎮꎬ??????ꎮ????ꎮ????ꎮ???????????????????????????????????????????????????????????????????????????????????Fan, J. P.丘，and T. J. Wong. 2005. Do extemal auditors perfo口na co甲orategovemance role in emerging markets Evidence 企om?Ea?s??t ?A?si?a[?J]?.ꎮ ?Jo??um??a?l ?o?f ?Ac?c?o??un??ti?ng? ?R?e?s?e?a?rc?h?? 4?3? (?1? )?:ꎺ3?5?-?7??2.ꎮ ??Ha?y?,? ?D.ꎮ C?.ꎮ,ꎬ W?.? R?.ꎮ K?n?e?c?h??e?l,ꎬ a?nd? ??N.ꎮ ?W?o?ng?.ꎮ 2?0?0?6?.ꎮ A??ud?i?t ?f?e?e?s?:ꎺ ?A? ?m?e?ta?-ꆪa??n?a?ly?s?i?s? o??f? t?he?? ?ef?f?e?c?t ??o?f? s?u??pp?l?y? ?a?nd? ?d??e?m?a?nd? ?a?t?tr?i?bu??te?s?[?J]?.ꎮ? ?C?on??te??m?po??r?a?r?y ?Ac?c?o??un??ti?ng?? R?e?s??e?arc?h?? 2?3? ?(1?)?:ꎺ1??41?-?1?9?1?.ꎮ ??Je?n?s?e??n,ꎬ M?.ꎮ c?.ꎮ,ꎬ a?n?d ?W?. ??H.ꎮ M?e?c?k??li?ng?.ꎮ 1?9??76?.ꎮ T?h??eo??r?y ?o??f? t?he? ?f?ir?m? -ꆪ?ma?na?g??e?r?ia?l ?b?e??ha?v??io??r,? a?g??en?c??y ?c?o??邸?，ꎬa?nd?? ?o?w?ne??rs?h?i?p ??s位??uc?t?u?r?e?[?J]?.ꎮ??Jo??um??a?l? ?o?fF?i?na?nc?i?al? E??c?on??om?i?cs? ?3 (?4??):ꎺ3?0?5?-ꆪ3?6?0?.ꎮ? ?La?r?c?k?e??r,? ?D.ꎮ F?.ꆪ, a?nd? ?T. ?o.ꎮ R?u??st?ic?u?s?.ꎮ 2?0?1?0?.ꎮ O??n ?t?he?? ?us?e? ??o?f i?ns?t?r?um?e?n??ta?l? v?a??ri?ab?l?es?? ?in ?a?c?c?o??un?ti?ng? ?r?e?s?e?a?rc?h?[?J?]?.ꎮ ?Jo??um?a?l? ?o?f A??cc?o??un?ti?ng? ??and? ??Ec?o??no??mi?cs?? 4??9 ?(?3)?:ꎺ1??86?-?2?0?5?.ꎮ ?T?h?e?? ?Ro?l?e?? o??f? Ex??t?e?rn?a??l? ?A?ud?i??t? a??nd?? C?a?s?h?? ?D?i?v?i?d?e?n?d? ?in?? C??o?r?po??ra?t?e?? ?Go??v?e?r?na?n?c?e?:ꎺ S??u?bs??t?i?t?ut?i??o?n? o??r? ?Co?m?p??le??m?e?n?t?a?r?y? W?e?i? F??e?ng? ??A?b?s?t?r?a?c?tꎺ: ?Ba??s?e?d? o?n? th??e? t?wo?? co?m?p??et?i?n?g? t?he?o?r?i?es?一??o?ut?c?o?me??t?h?e。??可?a?n?d?s?u?bs?ti?t?u?ti?o?n? t?h?e?or?y一??-p?r?o?po?s??ed??by?? La?? Po?r?t?al? ?e?t ?a?l.ꎮ (?2?0??00?)?ꎬ, ?the?? p?a??p?e?r? te?s?t?s ?the?? r?ol?e ?o??f? e?x?t?e?m?a?l? a??ud?i?t? an??d? c?a??s?h? d?i?v?id?e?n?d? i?n? co?叩??o?r?a?t?e?g??o?ve??ma?n?c?e?? us?i?ng?? L?o?g?i?s?ti?c ???????????????????????????????ꎮ??????????????????????????????????????????????????????????????????????????regression and Tobit regression. The result indicates that a negative association between extemal audit and cash d?i?v??i?d?e?n?d,ꎬ a??n?d? e??xt??e?m?al? a??u?di?t? ?i?s ?a??n? a?l?t?e?ma?t?i?v??e? ?me?c?h?a??ni??s?m? f??o?r? c??a?s?h? d?i??v?i?d?e?n?d? ?i?n? ?co?甲?o?r?a?t?e??g??o?ve??ma??nc??eꎬ, ?t?h?us?? ?the?? r??e?s?u?lt? ???????????????????????????????????????????????ꎮ????????????????????????????????????????????????????ꎮ?supports the substitution theory of dividend payouts. The result is robust to a series of sensitivity analyses. K?e?y??w?o?rd??s:ꎺ e?x??t?e?m?a?l? a??ud?i?t?,ꎬ c??a?s?h? d??i?v?i?de??n?d,ꎬ a?g?e??nc??y? ?co??s?t? ?』也?』?也..$11췍-..ꎮ.?\1?也.?.$?1튲1-..ꎮ.?\1也..$1?1-.?.$1짏1?-...\1也..$?11-ꎮ.?.$11ꎮ-.?.췍$11ꎮ-?..췍$1?1-..벺.\?1也.?.$1ꎮ1-?.?..?\1也.?.$?11-..$11-..$ꎮ1?1췍-...ꎮ\?1췍ι?占횹L?...\I?也』也?』?짏也.?.$?11-?.?..?\1횹ι?』也.짏.?$ꎮ1?1횹-.?..\?1也?』也짏」ꎮ也』?也』?짏也.?.$?11-?..?$1?1-?..$11-.ꎮ.?$ꆮ11-ꆪ.횷.$1ꆪ1-?..ꆣ$ꆪ1?1-.ꆪ.$?11-ꎮ.?.$11ꆪ?-...ꆪ\?1?짏也』ꆪ也』횷也..ꆪ.?\Ioꆪ!二?』?也(?짏上뷓接第뗚3?8?页튳)?믡会计볆师쪦事쫂务컱所쯹的뗄发랢展햹问컊题쳢研퇐究뺿。ꆣ西컷南쓏政헾法램大듳学톧蒋붯丽샶博늩士쪿从듓?J?e?ns??e?n和뫍M?e?c?k?l?i?n?g的뗄代듺理샭成돉本놾理샭论싛出돶发랢，ꎬ?分럖析컶比뇈较뷏了쇋会믡计볆师쪦事쫂务컱所쯹不늻同춬组ퟩ织횯形탎式쪽的뗄代듺理샭成돉本놾，ꎬ认죏为캪有폐限쿞责퓰任죎公릫司쮾型탍事쫂务컱所쯹代듺理샭成돉本놾最ퟮ高룟，ꎬ普웕通춨合뫏伙믯?型탍事쫂务컱所쯹次듎之횮，ꎬ特쳘殊쫢的뗄普웕通춨合뫏伙믯型탍事쫂务컱所쯹的뗄代듺理샭成돉本놾最ퟮ低뗍。ꆣ?财닆务컱会믡计볆领쇬域폲的뗄研퇐究뺿。ꆣ西컷南쓏政헾法램大듳学톧范랶伟캰红뫬教뷌授쫚在퓚分럖析컶可뿉得뗃利샻益틦本놾质훊的뗄基믹础뒡上짏，ꎬ提쳡出돶司쮾法램会믡计볆鉴본定뚨?可뿉得뗃利샻益틦应펦当떱是쫇营펪业튵利샻润죳，ꎬ并늢指횸出돶了쇋可뿉得뗃利샻益틦区쟸别뇰于폚现쿖实쪵实쪵现쿖的뗄营펪业튵利샻润죳，ꎬ建붨议틩最ퟮ高룟法램院풺或믲财닆政헾部늿应펦尽뺡?快뿬推췆出돶专门쏅的뗄可뿉得뗃利샻益틦赔엢偿뎥司쮾法램解뷢释쫍或믲鉴본定뚨工릤作ퟷ指횸引틽。ꆣ西컷南쓏财닆经뺭大듳学톧朱훬荣죙博늩士쪿考뾼察달了쇋不늻同춬盈펯余폠管맜理샭方랽式쪽?对뛔濒뇴死쯀企웳业튵状ힴ况뿶改룄善짆的뗄影펰响쿬，ꎬ并늢通춨过맽研퇐究뺿表뇭明쏷:ꎺ难쓑以틔被놻识쪶别뇰的뗄真헦实쪵盈펯余폠管맜理샭对뛔濒뇴死쯀企웳业튵状ힴ况뿶改룄善짆发랢挥믓了쇋?积믽极벫作ퟷ用폃，ꎬ而뛸易틗被놻识쪶别뇰的뗄应펦计볆盈펯余폠管맜理샭对뛔濒뇴死쯀企웳业튵状ힴ况뿶改룄善짆产닺生짺了쇋不늻利샻影펰响쿬:ꎻ濒뇴死쯀企웳业튵盈펯余폠管맜理샭行탐为캪隐틾?性탔化뮯程돌度뛈越풽高룟，ꎬ越풽有폐利샻于폚改룄善짆其웤状ힴ况뿶。ꆣ南쓏京뺩审짳计볆学톧院풺倪쓟敏쏴、ꆢ张헅耀튫中훐博늩士쪿基믹于폚我컒国맺特쳘殊쫢的뗄制훆度뛈背놳景뺰运퓋用폃?M?y?e?r?s和뫍?Ma?j?l?uf??(1?9?8??4)?的뗄쒣模탍型뿲框架볜，ꎬ对뛔上짏쫐市公릫司쮾配엤股막融죚资后뫳的뗄会믡볆计业튵绩벨及벰其웤影펰响쿬因틲素쯘进뷸탐行了쇋理샭论싛分럖析컶?뫍和实쪵证횤检볬验퇩。ꆣ?훐中国맺审짳볆计学톧믡会审짳볆计教뷌育폽分럖会믡首쫗届뷬审짳计볆博늩士쪿论싛坛첳成돉果맻丰럡硕쮶。ꆣ但떫在퓚论싛坛첳的뗄研퇐讨쳖过맽程돌中훐，ꎬ也튲发랢现쿖컒我国맺审짳计볆理샭?싛论研퇐究뺿中훐的뗄一튻些킩尚짐待듽改룄进뷸之횮处뒦。ꆣ例샽如죧，ꎬ一튻些킩研퇐究뺿缺좱少짙对뛔国맺外췢最ퟮ新탂文컄献쿗的뗄全좫面쏦阅퓄读뛁:ꎻ定뚨量솿模쒣型탍分럖析컶中훐，ꎬ变뇤量솿?的뗄짨设볆计좱缺少짙理샭论싛依틀据뻝:ꎻ对뛔问컊题쳢的뗄研퇐究뺿缺좱乏랦全좫面쏦性탔的뗄考뾼虑싇，ꎬ等뗈等뗈。ꆣ与폫会믡代듺表뇭均뻹认죏为캪缺좱少짙审짳计볆数쫽据뻝支횧持돖是쫇制훆约풼?审짳计볆理샭论싛研퇐究뺿的뗄关맘键볼因틲素쯘之횮一튻。ꆣ?췲8?2?랽? 쫽뻝
