暨南学报(哲学社会科学版)

作者：蔡卫星, 韦庆芳

单位：广东财经大学金融学院/珠三角科技金融产业协同创新研究中心副教授;韦庆芳,华侨大学经济与金融学院博士生。

关键词：四大会计师事务所,本土化改制,股价崩盘风险,自然实验

基金：国家社会科学基金重点项目“大数据驱动下中国地方金融风险监测与防控研究”(批准号:19AJY027)。

作为资本市场的重要主体,中介机构本土化是否有助于资本市场稳定仍然是一个未解之谜。本文重点关注会计师事务所这一重要中介机构。2011年,财政部颁布了关于“四大”会计师事务所本土化改制的政策要求,为本文研究提供了自然实验政策背景。本文采用双重差分模型估计了“四大”会计师事务所本土化改制对客户公司股价崩盘风险的影响,结果显示:“四大”会计师事务所本土化改制确实降低了客户公司股价崩盘风险,并且这种影响的主要性质在一系列稳健性检验中均保持不变。机制研究显示,“四大”会计师事务所本土化改制对客户公司股价崩盘风险的影响在对本地知识要求更高的样本中更加显著,从而证实了本土化改制提高了“四大”会计师事务所获取本地信息的能力。进一步研究发现,“四大”会计师事务所本土化改制对客户公司股价崩盘风险的影响在公司治理水平更差和业绩更差的样本中更为显著。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家社会科学基金重点项目“大数据驱动下中国地方金融风险监测与防控研究”(批准号:19AJY027)。"],"article":{"keywordList_cn":["本土化改制","股价崩盘风险","四大会计师事务所","自然实验"],"juan":"42","zhaiyao_cn":"作为资本市场的重要主体,中介机构本土化是否有助于资本市场稳定仍然是一个未解之谜。本文重点关注会计师事务所这一重要中介机构。2011年,财政部颁布了关于“四大”会计师事务所本土化改制的政策要求,为本文研究提供了自然实验政策背景。本文采用双重差分模型估计了“四大”会计师事务所本土化改制对客户公司股价崩盘风险的影响,结果显示:“四大”会计师事务所本土化改制确实降低了客户公司股价崩盘风险,并且这种影响的主要性质在一系列稳健性检验中均保持不变。机制研究显示,“四大”会计师事务所本土化改制对客户公司股价崩盘风险的影响在对本地知识要求更高的样本中更加显著,从而证实了本土化改制提高了“四大”会计师事务所获取本地信息的能力。进一步研究发现,“四大”会计师事务所本土化改制对客户公司股价崩盘风险的影响在公司治理水平更差和业绩更差的样本中更为显著。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6437","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6437","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2020/V42/I9/62","qi":"9","id":6437,"nian":2020,"bianHao":"2020-9-62","zuoZheEn_L":"CAI Weixing, WEI Qingfang","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2020","shouCiFaBuRiQi":"2020-07-27","qiShiYe":"62","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2020/V42/I9","lanMu_cn":"经济·管理","pdfSize":"1695","zuoZhe_CN":"蔡卫星, 韦庆芳","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6437","title_cn":"中介机构本土化降低了客户公司股价崩盘风险吗？——以“四大”会计师事务所本土化改制为例","jieShuYe":"83","keywordList_en":["Big Four accounting firms","localization","quasi-natural experiment","stock price crash of clients"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6437","zhaiyao_en":"Whether intermediaries can stabilize the market remains an enigma, especially considering their important role in the capital market. 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来源：2020年第9期

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