The Research On Shareholders’ Equity By Independent Audit Of The Protective Effect

Separation of two rights in modern enterprise system, due to the existence ofasymmetric information, enterprises are facing severe agency problem, this issue directlyleads the operator through the left and right management and decision-making of thecompany to seek for their own selfish interests, the equity interests of investors to bringinfringement, and our country is current in the shareholders’ rights and interestsprotection measures to do is still not perfect, from the company level, the listed companyof our country overall management level is low, the protection of shareholders rights isthe core issue of corporate governance, is also the company management to achieve themain goal.This paper attempts to find the support of independent audit can reduce agency costand improve agency efficiency evidence, in independent auditing to the equity agencycost control analysis, put forward to measure the two standards, one is to improve theefficiency of agency, another is to reduce the agency cost, the management fee rate wasobserved as the equity agency cost variable, the assets turnover rate as the agencyefficiency observed variables, examine whether independent audit can reduce agencycost, improve agency efficiency. At present our country exist generally in ListedCompanies in order to seek high quality audit and audit fees to pay high hiredwell-known domestic and foreign accounting firm phenomenon, then the audit costsreally worth it, this article selects the Shanghai A shares three years data as samples toanalyze and find out the answer. The research of independent audit to shareholder rightsand interests protection effect analysis, the type of audit opinion is an important influencefactor, when the agency conflict is serious when, from the operator to be issuednon-standard audit opinion possibility to increase, so will reduce the shareholders rightsviolations. From our country current shareholders of listed companies to protect therights and interests of the status quo, the scale of board of directors and the proportion ofindependent directors are the important factors influencing the equity agency cost,although it belongs to the internal influence shareholder rights protection effect, butprevious studies did not from empirical angle are discussed to prove, by selectingsamples for the linear regression analysis the scale of the board of directors has supervisory operator investor protection function, can the independent director system inChina s is not yet mature, members of the board independence is difficult to guarantee, sodid the equity agency cost form a significant effect.This article through the SPSS empirical analysis that the type of audit opinions and theprotection of shareholders rights results there was significant positive correlation, i.e.non-standard audit opinions can be effective in reducing agency cost, improve agencyefficiency, from the accounting firm scale, international accounting firms did not providesignificantly better than domestic CPA firm protection effect, but well-known accountingfirms can bring the remarkable reputation effect, resulting in a demonstration forindependent audit can effectively protect the interests of shareholders to provide evidenceand to find out the influencing factors of linear relationship. In conclusion, thegovernment should encourage medium and small firms development, at the same timethe renowned firm should strive to improve their audit quality, establish the reputationeffect.