本文選題：民營上市公司 + 政治聯(lián)系��； 參考：《南京財(cái)經(jīng)大學(xué)》2011年碩士論文

【摘要】：企業(yè)的政治行為對企業(yè)的競爭優(yōu)勢和生存發(fā)展都有著非常重要的影響。相比于國有企業(yè)，政治聯(lián)系對民營企業(yè)的生存、經(jīng)營和發(fā)展有著尤其重要的作用。作為漸進(jìn)式改革的社會主義市場經(jīng)濟(jì)國家，中國的各種制度雖然還不是很完善，但民營企業(yè)在這種情況下仍得到了迅速的發(fā)展，研究民營企業(yè)的政治聯(lián)系有助于從國際視角解釋這種現(xiàn)象。因此，關(guān)于民營企業(yè)的政治聯(lián)系對公司價值影響的研究在中國具有很大的意義。 對于政治聯(lián)系與公司價值的關(guān)系，國內(nèi)外的研究發(fā)現(xiàn)政治聯(lián)系既可能提升公司價值也可能會損害公司價值。但從審計(jì)師選擇這個角度的研究還相對較少。我國的市場化改革已經(jīng)取得了舉世矚目的成績，但是由于地理、歷史等多方面的原因，各地區(qū)的市場化進(jìn)程并不一致。市場化進(jìn)展程度較低的地區(qū)，政府對經(jīng)濟(jì)與司法的干預(yù)程度會較大，從而對當(dāng)?shù)仄髽I(yè)的干預(yù)就較多，，政治聯(lián)系對企業(yè)的影響就會越大，而當(dāng)審計(jì)師的選擇也受到政府干預(yù)的影響時，外部審計(jì)的公司治理功能自然會受到影響。公司具有政治聯(lián)系會不會影響到審計(jì)師的選擇從而影響外部審計(jì)的公司治理功能？如何影響？外部審計(jì)的公司治理功能是否會受到公司外部環(huán)境的影響，從而影響到公司價值的提升？ 本文采取了理論聯(lián)系實(shí)際，規(guī)范研究與實(shí)證研究相結(jié)合的方法。首先對學(xué)術(shù)界關(guān)于政治聯(lián)系、審計(jì)師選擇、公司價值及其相互關(guān)系的研究狀況進(jìn)行梳理；再從理論方面層層分析，提出本文的假設(shè)；最后選取2006-2010年期間所有在深圳、上海證券交易所上市的民營上市公司為樣本，選擇變量，構(gòu)建相應(yīng)的回歸模型，采用SPSS17.0統(tǒng)計(jì)軟件對樣本公司進(jìn)行實(shí)證研究分析，包括描述性統(tǒng)計(jì)、相關(guān)性檢驗(yàn)，運(yùn)用Logistic回歸模型分析企業(yè)政治聯(lián)系與審計(jì)師選擇的相關(guān)性，采用多元線性回歸模型分析檢驗(yàn)企業(yè)政治聯(lián)系、審計(jì)師選擇與公司價值的相關(guān)性。 結(jié)果表明，（1）民營上市公司的政治聯(lián)系對公司價值的影響受到法治水平的制約，法治水平越低，政治聯(lián)系對公司價值影響越顯著。（2）民營上市公司的政治聯(lián)系影響審計(jì)師選擇。具有政治聯(lián)系的民營上市公司傾向于選擇低質(zhì)量的審計(jì)師；沒有政治聯(lián)系的民營上市公司則傾向于選擇高質(zhì)量的審計(jì)師。（3）民營上市公司的審計(jì)師選擇可以在一定程度上發(fā)揮公司治理的作用，選擇高質(zhì)量審計(jì)師有助于提升公司價值，并且以審計(jì)師選擇為中間紐帶，政治聯(lián)系對公司價值的影響程度會得到顯著提升，即政治聯(lián)系對公司價值的影響還需要以審計(jì)師選擇為傳導(dǎo)機(jī)制，外部審計(jì)質(zhì)量的高低可以放大或縮小政治聯(lián)系對公司價值的影響。
[Abstract]:The enterprise's political behavior has a very important influence on the enterprise's competitive advantage and survival and development. Compared with state-owned enterprises, political connections play a particularly important role in the survival, management and development of private enterprises. As a socialist market economy country with progressive reform, although China's various systems are not yet very perfect, private enterprises have still developed rapidly under such circumstances. Studying the political connection of private enterprises helps to explain this phenomenon from an international perspective. Therefore, it is of great significance in China to study the influence of the political connection of private enterprises on corporate value. As to the relationship between political relationship and corporate value, domestic and foreign studies have found that political connection can not only enhance corporate value but also damage corporate value. But the research from this angle of auditor choice is still relatively few. China's market-oriented reform has made remarkable achievements, but due to geographical, historical and other reasons, the process of marketization in different regions is not consistent. Where the degree of marketization is relatively low, the degree of government intervention in the economy and the judiciary will be greater, thus more intervention will be made on local enterprises, and the greater the impact of political ties on enterprises, When the choice of auditor is also affected by government intervention, the corporate governance function of external audit will be affected naturally. Will the company's political connection affect the auditor's choice and thus the corporate governance function of the external audit? How? Will the corporate governance function of external audit be affected by the external environment of the company, thus affecting the promotion of corporate value? This paper adopts the method of combining theory with practice, normative research and empirical research. First of all, it combs the academic research on political connection, auditor selection, corporate value and their interrelationship. Then, it analyzes the theoretical aspects and puts forward the hypothesis of this paper. Finally, it selects all of them from 2006 to 2010 in Shenzhen. Shanghai Stock Exchange listed private listed companies as a sample, select variables, build the corresponding regression model, using SPSS 17.0 statistical software for empirical analysis of the sample companies, including descriptive statistics, correlation test. Logistic regression model is used to analyze the correlation between corporate political relationship and auditor selection, and multivariate linear regression model is used to test the relationship between corporate political relationship and auditor selection and the correlation between auditor selection and corporate value. The results show that: 1) the influence of political connections on corporate value of private listed companies is restricted by the level of rule of law. The lower the level of rule of law is, the more significant the influence of political connections on corporate value is. 2) the political connections of private listed companies affect the choice of auditors. Private listed companies with political connections tend to choose low-quality auditors; Private listed companies without political connections tend to choose high-quality auditors.) the choice of auditors of private listed companies can play the role of corporate governance to a certain extent, and choosing high-quality auditors can help to enhance the value of the company. And with auditor selection as the intermediate link, the influence of political connection on corporate value will be significantly enhanced, that is, the influence of political connection on corporate value also needs to be conducted by auditor selection. The quality of external audit can enlarge or reduce the influence of political connection on company value.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：F239.4;F276.5;F224

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