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原文：Choi A, Kim J B, Lee J J, et al. Market for corporate control and demand for auditing: evidence from international M&A laws[J]. Review of Accounting Studies, 2023: 1-45.
Market for corporate control and demand for auditing:
evidence from international M&A laws
Abstract：We investigate whether and how the market for corporate control affects the demand for audit service in a cross-country setting. In so doing, we exploit the staggered enactments of merger and acquisition (M&A) laws as an exogenous shock that substantially increases takeover pressure. We find that firms are more likely to choose Big 4 auditors in the period after the enactment of M&A laws, suggesting that the takeover pressure heightened by the passage of M&A laws increases the demand for audit verification and assurance by high-quality auditors. We also find that the enactment of M&A laws leads to greater demand for Big 4 auditors through two channels: managerial commitment to curtailing agency problems and the enhancement of board monitoring. We further show that improved auditor quality facilitates creditors’ and investors’ reliance on accounting information, as reflected in greater use of accounting-based debt covenants and enhanced earnings informativeness, respectively, in the post-enactment period. Overall our results suggest that auditors play a key role in strengthening corporate governance after the enactment of M&A laws.
公司控制权市场与审计需求：
来自国际并购法的证据
摘要：文章研究了在跨国情境下，公司控制权市场是否以及如何影响企业对审计服务的需求。为此，文章利用并购法（M&A）的分阶段颁布增加企业面临的收购压力作为外生冲击。研究结果表明，在并购法颁布后，企业更倾向于选择四大会计师事务所作为审计师，这表明并购法的通过所带来的收购压力加剧了企业对高质量审计验证和保证服务的需求。文章还发现，并购法的颁布通过两个渠道增加了对四大审计师的需求：一是管理层承诺减少代理问题，二是董事会监督的加强。进一步的分析结果表明，审计师质量的提升有助于增强债权人和投资者对会计信息的依赖，体现为并购法颁布后的债务契约中更多使用基于会计信息的条款以及盈余信息含量的提升。总体而言，文章研究结果表明，在并购法颁布后，审计师在加强公司治理方面发挥了关键作用。
亮点：（1）文章揭示了公司控制市场与外部审计需求之间的重要关联，为理解公司控制市场与审计师选择这两种不同但紧密相关的治理机制之间的相互作用提供了新的视角。（2）现有关于公司治理与审计关系的研究大多忽视了治理特征的内生性问题，文章通过考虑潜在的内生性，进一步证明了公司控制市场的有效性对审计师选择的影响。（3）文章拓展了关于并购法后果的研究文献，支持了并购法的颁布增加了企业对外部审计验证和鉴证需求的观点。
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原文：De Franco G, Guan Y, Zhou Y, et al. The Impact of Credit Market Development on Auditor Choice: Evidence from Banking Deregulation[J]. Journal of Accounting Research, 2024, 62(2): 589-634.
The Impact of Credit Market Development on Auditor Choice:
Evidence from Banking Deregulation
Abstract：We exploit the staggered state‐level adoption of the Riegle‐Neal Interstate Banking and Branching Efficiency Act (IBBEA) to examine how banking deregulation and the resulting increase in bank competition affect firms’ auditor choices. We find that an exogenous increase in the degree of interstate branch banking deregulation leads to a reduction in firms’ propensity to engage a Big N or industry expert auditor. This main result, when combined with our cross‐sectional analyses, offers evidence suggesting that deregulation leads to less demand for higher quality auditors because (1) firms have increased access to credit, which reduces the benefits of higher audit quality; (2) entering banks’ lending expertise substitutes for higher quality financial statements; (3) incumbent banks with less lending expertise seek to protect their rents by preferring that borrowers provide lower quality financial statement information; and (4) external stakeholders delegate their monitoring to banks to a greater degree, resulting in less demand for higher quality financial statements. As such, our study sheds light on how the U.S. credit market's infrastructure shapes firms’ auditor choice decisions.
信用市场发展对于审计选择的影响：
来自银行业放松管制的证据
摘要：文章利用里格尔-尼尔州际银行与分支机构效率法案（Riegle‐Neal Interstate Banking and Branching Efficiency Act，IBBEA）在不同州分阶段实施的情况，探讨银行业放松管制及随之而来的银行竞争增加如何影响企业的审计师选择。研究发现，州际分支银行业务的放松管制程度的外生性增加，会降低企业聘用“四大”或行业专家审计师的倾向性。结合横截面分析的结果，研究表明放松管制减少了对高质量审计师的需求，其原因可能在于：（1）企业获得信贷的渠道增加，从而降低了对高质量审计的需求；（2）新进入银行的放贷专业知识可以替代对高质量财务报表的需求；（3）放贷专业知识较弱的现有银行为了保护其垄断利润，更愿意借款人提供较低质量的财务报表信息；（4）外部利益相关者将更多的监督责任委托给银行，从而降低了对高质量财务报表的需求。因此，文章研究揭示了美国信贷市场基础设施如何影响企业的审计师选择决策。
亮点：（1）文章通过考察美国州际银行和跨州分支机构的分阶段放松管制，研究了信贷市场发展对公司审计师选择的影响，扩展了审计师选择决定因素的相关文献，同时较好地排除了信贷市场发展对审计师选择的干扰。（2）先前的研究表明，审计服务会对贷款决策产生重要影响，质量更高的审计使公司能够更顺利地进入债务市场，并享受较低的融资成本。文章研究从相反方向提供了证据，揭示了债务相关因素如何影响公司对审计服务的需求，从而补充了现有研究。
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原文：Ege M S, Kim Y H, Wang D. The demand for internal auditors following accounting and operational failures[J]. The Accounting Review, 2023, 98(7): 185-210.
The demand for internal auditors following accounting and operational failures
Abstract：Using a comprehensive database of U.S. internal auditor job postings, we find that firms are about 10 percent more likely to post an internal auditor job after the revelation of accounting and operational failures. Also, the demand for internal auditors is stronger when a failure is more severe. Among firms posting internal auditor jobs, firms demand higher-quality internal auditors in response to a failure compared with when there has not been a recent failure. We find evidence of internal audit demand spillovers through connected directors, which helps mitigate concerns that the primary results are due to replacing internal auditors that recently left or due to endogenous links between hiring internal auditors and failure revelations. Overall, our evidence suggests that firms demand internal auditors to help ensure high-quality financial reporting and effective operations.
会计和运营失败后对内部审计师的需求
摘要：利用美国内部审计师职位发布的综合数据库，文章发现，在会计和运营失败事件曝光后，企业发布内部审计师职位的可能性提高了约10%。此外，企业失败程度越严重，对内部审计师的需求越强烈。在发布内部审计师招聘信息的企业中，与近期没有发生失败事件的企业相比，发生失败事件的企业更倾向于招聘高质量的内部审计师。文章发现内部审计需求通过关联董事产生溢出效应的证据，这有助于缓解研究结果可能由于最近更换离职内部审计师或招聘内部审计师与失败揭露之间存在内生性问题的担忧。总体而言，文章结果表明，公司需要内部审计师来帮助确保高质量的财务报告和有效的运营。
亮点：（1）文章利用内部审计师职位发布的独特数据，拓展了关于内部审计职能（IAFs）对财务报告和运营结果影响的研究。（2）文章提供了内部审计需求溢出效应的实证证据，表明投资内部审计有助于企业规避重大失败。（3）文章揭示了负面事件后企业对人力资本，尤其是对高质量审计师的需求增加，丰富了关于企业人力资本需求的相关研究。
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总编：游家兴
解析：卫晓明
审校：凌运 陈俊鑫
编辑：潘芳妍
