CAJ | 학술논문

基于股价波动同步性新视角，以2003~2011年的中国上市公司为样本，对国际“四大”会计师事务所提供的审计质量是否显著高于国内“非四大”这一问题进行了检验。研究结果表明：国际“四大”审计的上市公司的股价波动同步性与“非四大”没有显著差异，因此两者提供的审计质量差异不显著。进一步对各“四大”事务所的单独检验结果发现，安永华明、毕马威华振、德勤华永和普华永道中天的审计质量与“非四大”的差异均不显著。最后按照会计准则、投资者保护程度、终极控股人性质及管理层持股等方法将样本分组检验，发现在各种不同的内外部治理环境下审计质量仍然没有显著差异。
기우고개파동동보성신시각，이2003~2011년적중국상시공사위양본，대국제“사대”회계사사무소제공적심계질량시부현저고우국내“비사대”저일문제진행료검험。연구결과표명：국제“사대”심계적상시공사적고개파동동보성여“비사대”몰유현저차이，인차량자제공적심계질량차이불현저。진일보대각“사대”사무소적단독검험결과발현，안영화명、필마위화진、덕근화영화보화영도중천적심계질량여“비사대”적차이균불현저。최후안조회계준칙、투자자보호정도、종겁공고인성질급관리층지고등방법장양본분조검험，발현재각충불동적내외부치리배경하심계질량잉연몰유현저차이。
Using Chinese listed companies data from 2003 to 2011 as samples,the paper exam-ines the issue that whether the international “Big 4”accounting firms (Ernst & Young,KPMG, Deloitte,and Price Waterhouse Coopers)provide significantly higher audit quality than China's accounting firms based on the new perspective of stock price synchronicity.The empirical results show that:there is no significant difference for stock price synchronicity between the companies audited by international “Big 4”and“non-Big 4”in China,indicating that the audit quality differ-ences between them are not significant.Further test based on the “Big 4”accounting firms sepa-rately finds that the audit quality differences between Ernst & Young,KPMG,Deloitte,and Price Waterhouse Coopers and “non-Big 4”are not significant.Finally the paper divides the sam-ple into several sub-samples in accordance with accounting standards,investor protection degree, the nature of the ultimate controller and managerial ownership,and finds that the audit quality differences are still not significant in a variety of different internal and external governance envi-ronments.