Research On The Demand Of Certified Public Accountants From The Perspective Of Ownership Characteristics

The certified public accounting system is the product of market economy,which is not only a kind of institutional arrangement that supervises the social and economic,but also a modern service industry that provides intellectual support and professional services for other industry development.This argument highlights the importance of audit and non-audit services provided by accounting firms in promoting capital market development and investment environment.Since the establishment of market economy,the regulatory authorities have recognized the importance of the system of certified public accountants.To promote the healthy and stable development of certified public accountant industry,the regulators have made a series of attempts,such as promoting accounting firm decoupling the restructuring and meagering restructuring reform.However,this promoting mechanism which has improved the supply service quality of the accounting firm,has lacked the proper incentive and governance mechanism on which the certified public accountants of the enterprise improve the level of demand the of high service quality.Based on the theories of economics,supply and demand of cultivating high quality audit services and non-audit services is the fundamental force to promote the development of health industry.On the other hand,audit services and non-audit services markets in China are in a buyer's market and the dominant pattern of buyers in the market will be difficult to change in a short term.Although currently in China,the demand of certified public accountants service has expanded,the demand for high quality audit service are seriously inadequate.Negative news of non-audit services has caused damage to the auditing independence of enterprises in China,where lacks of demand for non-audit services with high quality.Therefore,this study researches points of view and driving mechanism of certified public accountants service demand,focusing on corporate hiring of different quality of audit and non-audit services of incentive problems,mining causes of inadequate demand of high quality service demand in enterprises.It is not only beneficial for guiding the capital market actively hiring high quality certified public accountants service that promotes the development of industry,but also for regulatory policies to make up for the lack of demand system vulnerability to provide intellectual support.There are few studies documenting non-audit services demand influence mechanism.Although some foreign scholars already addressed the issue,the demand mechanism has been explained through a principal-agent conflicting theory,in other words,the serious agencyconflicts in enterprises send high signal in order to pass the audit independence and lower levels of non-audit services demand.This theory offers explanation that does not conform to our country system background and the present situation of non-audit services demand.Concerning the document of audit service demand drive mechanism while more,but the perspective of a single,focus on internal governance mechanism and external system environment of a particular aspect,ignore the corporate governance structure is a complex system,the mutual influence between the internal mechanism and regulation of market and legal environment,lead to reveal on research conclusion is only from a certain factors to influence enterprise audit service demand,but not in-depth analysis of the factors between the drive mechanism of audit service requirements.On the previous literature research,the author based on the stakeholder perspective to build a service demand of audit and non-audit services demand theory analysis framework and empirical test,the influence factors according to the influence degree is divided into internal and external causes,on the basis of the mechanism of power,external cause is the internal cause is the adjustment effect model was constructed.In this paper,in order to strengthen the enterprise audit service requirements are the result of game integrated stakeholders,in terms of theory,resolve principal-agent problems of listed companies in our country,deeply clear within multiple principal-agent relationship of listed companies,principal-agent chain related personnel will affect demand for auditing services,and through institutional economics game analysis to clarify stakeholders behavior decision-making mechanism;In terms of influence factors analysis,the audit service is regarded as a kind of economic goods using the classical economics to elaborates the mechanism of its requirements,and use the system of interdependence between mechanism from two aspects of micro and macro impact on audit service requirements.Although at present the influence mechanism for enterprise non-audit services need not forming the theoretical model,but considering the enterprise as a collection of a series of contract,the hiring of non-audit services behavior are influenced by the persons involved in the contract,it will also be enterprise needs non-audit service level as the result of comprehensive games stakeholders.Then,based on the perspective of game equilibrium of stakeholders to build an empirical model,both internal driving factors equity features from two dimension measure of quality and quantity,and from the viewpoints of both static and dynamic test.External aspects respectively from the company level,market level and legal level adjusted selecting related index analysis,the company level of management and the independent directors based on rational economic man hypothesis can maintain its independent enterprise shareholders and outside biochemical is a kind of institutional arrangement,with the change of management power and change the effectiveness of the independent director and shareholder of the enterprise behavior decision-making in different ways.Empirical research based on the reform ofnon-tradable shares after the capital market environment,2007-2016 Shanghai and Shenzhen two city at the same time to purchase audit services and non-audit services listed companies as research samples,through descriptive statistics analysis,correlation analysis and regression analysis to complete the empirical test,and through the analysis of the empirical results of the research conclusion;At the same time in order to guarantee the reliability of the research conclusion,the service demand of audit and non-audit services demand,respectively,by changing the research samples and narrowing the scope of non-audit services research,as well as the robustness test through variable substitution in two ways.In this paper,through empirical study on the following conclusions:(1)overall,the current phase relative to non-audit services demand,enterprise demand higher levels of audit services,result in aggregate demand influence mechanism on certified public accountants service empirical results consistent with the driving mechanism of audit service demand;(2)the equity characteristics of static index demand for audit services and non-audit services similar requirements influence the results,and the equity of different characteristics of two types of service requirements have different functions,including state-owned enterprises and two rights separation degree of larger companies demand of audit services and non-audit services level are low,the first big shareholder shareholding demand for two types of services was positively u-shaped relation,and small and medium-sized shareholders as the checks and balances is increased at the same time improve the level of corporate audit services and non-audit services demand;(3)equity characteristics index of dynamic changes in equity balance degree and institutional investors holding the audit service requirements and the impact of non-audit services demand,same type of two classes of service demand and institutional investors vary,the influence of stable institutional investors prefer high quality audit services,but the similar to transactional institutional investors are high demand for quality of non-audit services,and no substantive difference;(4)the degree of two rights separation and equity balance degree of audit service requirements and the impact of non-audit services demand restricted by certain external conditions,and different external conditions with different adjustment,from the point of overall adjustment result,most of the regulation mechanism of the external cause is not consistent with the theoretical analysis,this phenomenon is rooted in the capital market efficiency level is weak,at the same time subject to shareholders' decision-making mechanism and service delegate mechanism,lead to the stronger the board governance efficiency and good external system environment is difficult to have governance effect on actual controllers,also make an error on the part of small and medium-sized shareholders cognitive and not fully take advantage of a good system to maintain their own rights and interests.The empirical results of this paper show that the two rights caused by the high degree ofseparation agent conflict does not prompt companies hiring high quality audit services,implicit levels of availability of Chinese capital market and the capital markets of developed countries there are differences,the weakening of the capital market environment that the actual controllers of two rights separation degree is higher in the implementation of opportunism behaviors for the economic consequences of less,to the implementation of irregularities is a disguised form of incentive mechanism;At the same time,the weak efficiency of capital market makes the independent director system,market conditions and legal environment difficult to play the proper governance role.This conclusion explains enterprises lack of demand for high quality audit services and non-audit services part of the reason,and some of the mechanism,the mechanism of hard work for our country to provide theoretical basis to further improve the level of capital market efficiency,and enhancing the effectiveness of cognition,investors in the capital markets for the investment decision to provide theoretical guidance,promoting institutional reform to regulators,formulate measures to guide enterprises to choose its own high quality service for certified public accountants to provide empirical evidence.