Research on the Selection of “Shared Auditor”between Investing and Financing Parties of Listed Companies

Abstract

Abstract: Taking the listed companies with investment and financing relationships in China's capital markets from 2007 to 2015 as samples, this paper studies the two parties' choice of“shared auditors”and their influencing factors when the investing and financing parties establish shareholding relationships. The findings of the study show that the proportion of investors' investment, the leverage ratio of the financing party and the financing constraints of both parties all have an impact on the “shared auditors”. The investing party with higher proportion of investment or more financing constraints will be more inclined to share the auditors from the start with the financing party, while the financing party with higher leverage ratio would be more inclined to change the shared auditors and choose the “Big Four” firms that are the same as the investing party. The geographical factors and industry factors will strengthen the financing party's changing share of the auditors.

Key words: investing and financing characteristics, financing constraints, investment and financing relations, auditor changes, shared auditors

CLC Number:

F239.1

SUN Long-yuan, LI Xiao-hui, JIANG Ya-han. Research on the Selection of “Shared Auditor”between Investing and Financing Parties of Listed Companies[J]. Contemporary Finance & Economics, 2020, 0(4): 138-148.

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