| Since the1990establishment of the Shanghai Stock Exchange, China’s capital market has been well developed. However, numerous studies show that is still not enough to improve our current stock market development in recent years, become more and more domestic and international economic instability, especially in this year’s domestic economy has experienced a financial crisis in2008, the rapid growth of the real estate market for10years, gold and oil prices rose fell, Europe and the lack of growth momentum in developed economies, many external factors have led in recent years, China’s stock market is almost stagnant. The current Chinese capital market investors still do not cultivate a certain maturity, because the securities market regulatory system, asset prices, or stock issuance, etc., are inadequate to establish, in this context, as a solution or suppressed third-party independent audit of the credit crisis received widespread concern in the community. CPA audit quality directly determines whether orderly market forward, it is precisely because of this, the CPA audit independence, as well as a certified public accountant in the audit opinion what factors are subject to all other issues academics and practitioners are widely concerned issue. This article as a starting point in this context, examine the factors after2007the new accounting standards and auditing standards in the implementation of new types of audit opinions influence through a combination of theoretical analysis and empirical methods, using empirical evidence obtained data were analyzed and summarized in order to get appropriate conclusions and policy efforts to make constructive suggestions.In summing up the previous hypotheses scholars to study and understand the new auditing standards, based on the factors set herein variables regression model to our country in2007-2012in the Shanghai and Shenzhen A-share market listed companies as samples, using logistic regression analysis of factors listed in the company’s audit opinion empirical analysis and research to achieve the following objectives:By theoretical analysis, the main factors to explore the type of audit opinion from the following aspects:the audit environment (macroeconomic, policy, regulations, etc.), the audit market supply side (cost dependent characteristics CPA), the audit market demand side (companies governance structure, financial position, earnings management motivation) and so on.Empirical part, we build relationships with the model type of audit opinion between various factors, using logistic regression analysis of the impact on the listed company’s audit opinion for empirical research.Finally, based on theoretical and empirical research, put forward some reasonable suggestions.On the basis of specific research purposes, this article through five chapters explain the contents of the study, the chapters are arranged introduction, literature review, theoretical foundation, empirical analysis, conclusions and policy recommendations. Chapters focus on the literature review in the summary analysis, the theoretical basis of the model building and selection, the empirical analysis of the empirical results, the most important conclusion of the study is part of the fifth chapter. Specific arrangements and the main content of each chapter are:Chapter I:Introduction. Introductory part of the description of the writing of this article, including the background, meaning, purpose, research ideas, methods and expected contributions and so on.Chapter2:Literature Review. This part of the research literature from abroad starting from the audit environment, audit market demand side and the supply side of the audit market in the past three levels of review of the literature.Chapter3:theoretical basis. This chapter mainly explain the theory, including the audit to explain the theory of dynamic type of audit opinion analysis, and2007-2012years of Chinese listed companies published case type of audit opinion has done a detailed analysis and interpretation.Chapter4:An Empirical Analysis. This section includes sample selection, selection, data processing, empirical processes and empirical results of the study period, the comments focused on the empirical analysis of the results. Chapter5:Conclusion and policy recommendations. This chapter focuses on the text of the chapter, the empirical results are further in-depth analysis of the economic significance of the resulting main conclusions are:(1) the listed company’s financial information, the company’s own risk and firm characteristics variables significantly affect the audit opinions types of factors, in addition, the legal environment is also very significantly affect the audit opinion issued. After the new accounting standards and the implementation of new auditing standards, the CPA profession has been rapid development, literacy occupational groups are mature, independent audit oversight played a role in the capital market, the development of the market this year, the audit should be affirmed;(2) China’s capital market development, there are still many defects listed companies due to the dominance of the situation persists, the control rights of large shareholders is very powerful, able to directly influence decisions auditors issue an audit opinion when done, outside directors, the Independent Commission did not play its due role, was not able to effectively reduce the likelihood of non-standard audit opinions issued by type appear; Therefore, this year the development of China’s capital market and the audit market as a whole is worthy of recognition, but in the company of Chinese listed companies governance, there are some deficiencies, as a regulator, specific analysis should be carried out according to the specific circumstances, to ensure that China’s capital market and the audit market continued healthy development.The main contribution of this paper is:(1) system combing the results of empirical research, enrich our audit opinion on its impact on listed companies Empirical research factors. In this paper, the results of a comprehensive study of the past, for the first time from the audit environment, audit market supply side, the demand side of the market and other aspects of the audit depth discussion of factors affecting the type of audit opinion, provide more substantial and reliable empirical evidence and theoretical basis for research;(2) impact factors of the new accounting standards and auditing standards in the implementation of the new listed company audit opinion type of comprehensive in-depth empirical research to fill the gaps in the relevant field of study. Although previous studies scholars in related fields already concerned about the new accounting standards and auditing standards in the implementation of the new audit opinion on the type of impact, the majority of research studies have certain depth, but the scope of the study is still lack of breadth, keeping previous research paper on the basis of the depth, breadth of research focused on the expansion, in order to obtain comprehensive and reliable conclusions.Two factors in this article from the audit and the audit market environment the main aspects of the type of audit opinion research.Among them, the audit environmental factors, including legislation, policies and macroeconomic environment. Audit market factors were analyzed from two aspects of supply and demand, supply-side factors, including the cost of dependent firms and firm characteristics, including firm size, organization, office and off-site auditing; demand side factors from earnings management motivation, financial situation and to explore three aspects of corporate governance, which mainly measure the impact of the financial information of listed companies continued surplus capacity on the type of audit opinion, corporate governance from the ownership concentration, the ratio of independent directors and several aspects, such as whether to establish an audit committee to conduct investigations. Finally, based on empirical analysis over the control variables added robustness test, control variables include firm size, firm risk, the complexity of the audit business, last year’s audit report disclosures type, time and firms to disclose the change and so on.Finally, based on the empirical results, the paper from the perspective of regulators, investors, listed companies advice and other CPA firms and stakeholders put forward policy recommendations, I believe that China’s capital market and the audit market in the current trend with further good development, exclusion problems in corporate governance issues, contribute positive force for China’s socialist reform, opening up and the great rejuvenation of the Chinese nation. |
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