The Empirical Research On The Relationship Of Ownership Structure And Demand For High-quality Audit

As an important part of the corporate governance system,ownership structure not only affects the operation of the corporate governance mechanism ,but also relates to the vital interests of the investors in the stock market. In China's emerging market,deputy problem of equity makes external audit an important supplement to the internal mechanism.Therefore,from the perspective of equity structure, resaerching the demand for high quality audit is of great significance in the formation of reasonable ownership structure..This theses analyzes the effects of structure from the individual shareholder level, the majority shareholder level, the level of all the shareholders as well as the market level.In the empirical part,we made five related assumptions on these four levels, select 1392 samples,and establish regression model with state-owned shares proportion,corporate shares proportion,degree of balance and degree of concentration as independent variables.We also select 456 paired samples in the model of share liquidity.The empirical results indicate that corporate shares proportion,mamagement held share and degree of balance are positively related to the demand for high-quality audit,while the concentration of ownership is in inverted U relationship with it .The results also show that state-owned shares proportion is negative related to the demand for high-quality audit, but this relationship is not remarkable and this can be attributed to the reduction of state-ownerd shares and the promotion of full circulation of stock market. Besides, the equity division reform improves the share liquidity,and then makes the demand for high-quality audit of listed companies increase significantly.On the basis of the above theoretical and empirical result, combined with the actual situation ,this theses concludes with some policy recommendations as guidance of listed companies to form a reasonable share structure .