The Correlation Studies Between Tunneling From Major Shareholders And Audit Opinion

The well capital market enriches financing channel,improve the efficiency of resource management and gathers head investors'confidence.But tunneling from major shareholders damage capital market,infuence natural management of listed company and investors'confidence. Certified public accoutants'auditing as mechanism of protecting inveators,should identify major shareholders'tunneling effictively and form right audit opinion! In practice, how the relation between major shareholders'tunneling and audit opinion is? How audit opinion distinguishs major shareholders'tunneling from listed comany. The arcticle tries to investigate the relation between major shareholders'tunneling and audit opinion in empirical research method.First,the article analyses the origin of theory of tunneling from the point of view of agency by agreement, then studies the tunneling from major shareholders,based on analysis of correlation between audit opinion and associated business of major shareholders'control, improriated capital and assurement for major shareholders.Second, based on above analysis,we use 2005-2006 year'data from shanghai stock exchange in empirical research method to prove the relation between tunneling from major shareholders and audit opinion. Empirical results show: there is distinct positive correlation between audit opinion and assurement for major shareholders; They have no distinct correlation between audit opinion and improriated capital;but there is distinct positive correlation between audit opinion and improriated capital in 2005; there is distinct negative correlation between audit opinion and improriated capital in 2006. This shown that we required listed company to achive paying off debt and have obtained material effects. The enforcement of《The notice of doing to clear up listed companies'improriated capital of major shareholders more well》in 2006 gain obvious effect. But we haven't discover there are distinct correlation between audit opinion and associated purchase,associated sale from listed company and major shareholdes. Empirical results make we clear,audit opinion can recognize improriated capital of major shareholders and assurement for major shareholders,but it can't identify associated business between major shareholders and listed company,we think it may be due to justice and fair associated business.Finally,based on theories and empirical research, the article puts forward to advance payoff quality of listed companies,enhance supervision of capital market and perfecte the system of CPA auditing to restrict tunnelling from major shareholders and improve auditing quality.