The Impact Of The Ownership Structure Of Listed Companies On The Type Of Audit Opinion In China

The audit opinion issued by the accounting firm has a guiding role.To a certain extent,it can alleviate the problems arising from the information asymmetry between listed companies and external investors.The accounting firm audits the company's financial statements and expresses opinions.Investors can increase the degree of investor trust in financial statements.Investors will make a series of decisions based on the type of audit opinion issued by the company after assessing the company's profitability,financial status and investment risk.The shareholders not only provided capital for the establishment and development of the company,but also ultimately assumed the bankruptcy risk of the company,so that the shareholders would pay close attention to the audit opinions that may affect the operating conditions.The equity structure is the basis of corporate governance,it determines the organizational structure and management model of the listed company to a certain extent,determines the composition of the company's owner,further determines who is the real auditor,and ultimately has an impact on the audit opinion.Since the audit opinion is closely related to the interests of the various entities,each of the principals will respond from the perspective of their own interests.The majority of stakeholders will pay close attention to the ownership structure,therefore,study whether it will affect the audit opinion and what will affect is very necessary.This article starts from the principal-agent theory and the insurance theory,analyzes the mechanism of the ownership structure affecting the audit opinion,puts forward the corresponding hypothesis,selects A-share listed companies in China's Shanghai and Shenzhen Stock Exchanges as the sample for the period of 2012-2016.Firstly,descriptive statistics are grouped according to opinion types.From the group statistics,the differences between the two groups of indicators can be clearly seen.Then the correlation test is performed,and the relationship between variables can be roughly judged.Finally,logistic regression analysis is performed on the sample data to verify the hypotheses based on theoretical analysis.The following conclusions are drawn from the study:(1)State-owned shares,legal person shares,institutional investors and senior management The higher the proportion,the lower the probability that listed companiesare issued non-standard audit opinions;(2)The higher the concentration degree of ownership and the degree of equity checks,the less likely the listed companies are to issue non-standard audit opinions.Based on the conclusions drawn from this article,this paper concludes that listed companies can optimize the ownership structure by appropriately reducing state-owned shares,appropriately introducing institutional investors,reasonably determining the degree of equity concentration,and setting up a reasonable balance-of-equity mechanism to achieve the goal of improving corporate governance.