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.