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主题： Reputational Losses and Auditor Demand: Evidence from a Structural Approach声誉损失与审计师需求:来自结构法的证据

主讲人：武汉大学 经济与管理学院 朱爱勇

主持人：西南财经大学  会计学院  金智

时间：2021年10月26日 上午9:15-10:45

举办地点：柳林校区通博楼D301会议室

主办单位： 会计学院

主讲人简介：朱爱勇，武汉大学经济与管理学院副教授，德国University of Mannheim，经济学博士学位。主要研究方向：资本市场审计需求和审计竞争。主持研究国家自然科学基金青年项目，同时已经发表论文在Review of Accounting Studies, The Accounting Review (conditionally accept)

内容简介：This study uses a structural approach to investigate the demand for auditor reputation. In the first step, we use the discrete choice model to estimate how sensitive clients are to changes in auditor reputation indicated by auditors' involvement in restatements. Our results reveal that clients avoid auditors with reputational losses at the audit firm level. Reputational losses at the audit office level only matters for audit demand when local competition is strong. Further, we find that clients pay less attention to reputational changes of their incumbent auditor than to alternative auditors, suggesting that it is easier for audit firms involved in restatements to retain their clients than to gain new clients. Furthermore, we find clients react more strongly to reputational losses of Big 4 audit than non-big 4 audit firms, implying that the sanctioning effect of a restatement announcement is stronger for them. In the second step, we use the parameters obtained in the demand estimation to perform counterfactual analyses. We find that the reputational loss from involvement in restatements is up to 3.8 million US$, associated with a market share loss of up to 4.3%.

  本研究采用结构化方法研究审计师声誉的需求。在第一步中，我们使用离散选择模型来估计客户对审计师参与重述所表明的审计师声誉变化的敏感性。我们的研究结果显示，在审计事务所层面，客户会避免声誉受到损失的审计师。审计署层面的声誉损失只有在地方竞争激烈时才会影响审计需求。此外，我们发现客户对现任审计师的声誉变化的关注程度低于继任的审计师，这表明参与重述的审计事务所更容易留住客户，而不是获得新客户。此外，我们发现，与非四大审计事务所相比，客户对四大审计事务所声誉损失的反应更强烈，这意味着发布重述的制裁效应对他们更强。在第二步中，我们利用在需求估计中得到的参数进行反事实分析。我们发现，涉及重述的声誉损失高达380万美元，与市场份额有关的损失高达4.3%。