CAJ | 학술논문

投资者认知是决定市场资源配置的重要因素，认知水平越高，公司价值越大。审计作为一种降低信息不对称的制度安排，能够影响公司信息传递，进而正向调节认知效应；审计还具有缓解代理冲突的功能，而代理成本与审计质量存在对应关系，因此审计质量也体现为对认知效应的负向调节。我国股市目前主要体现为后一种情况，表明审计提升公司价值的主要路径是缓解公司的代理冲突，公司对高质量审计的需求动机远比满足投资者信息需求的动机更为强烈。聘用大型事务所能够向市场投资者传递积极信号，对认知提升公司价值的效应有正向调节作用。审计模式选择需要考虑公司的信息传递特征，并与投资者对公司的认知水平相契合。
투자자인지시결정시장자원배치적중요인소，인지수평월고，공사개치월대。심계작위일충강저신식불대칭적제도안배，능구영향공사신식전체，진이정향조절인지효응；심계환구유완해대리충돌적공능，이대리성본여심계질량존재대응관계，인차심계질량야체현위대인지효응적부향조절。아국고시목전주요체현위후일충정황，표명심계제승공사개치적주요로경시완해공사적대리충돌，공사대고질량심계적수구동궤원비만족투자자신식수구적동궤경위강렬。빙용대형사무소능구향시장투자자전체적겁신호，대인지제승공사개치적효응유정향조절작용。심계모식선택수요고필공사적신식전체특정，병여투자자대공사적인지수평상계합。
Investor recognition is the basis of learning market efficiency and resources allocation efficiency; it affects firm val- ue through information diffusion about the fundamentals. As an institutional arrangement for reducing agency cost and informa- tion cost, audit impacts firm value through information diffusion. By an empirical testing, we find that reducing agency cost is the basic function of audit in Chinese market. It embodies that the main mechanism of raising finn value through improving au- dit quality is reducing the agency problem in the firms. It is more important than meeting the information need of investors. We also find that hiring big auditors delivers a positive signal to the investors of the market. It has a positive moderate function on investor recognition effect. So choosing the models of auditing should take the characters of the information diffusion of the firm into account and fit the level of investor recognition of the firms.