Professional Documents
Culture Documents
20114
317
NO4 2011
Serial NO317
CEO
1 1 2 2
1. 4000442.
32003
CEO
CEO
CEO
F239.43
Simunic 1980[1]
10
LowTan Koh1990Craswell Francis1999Johnstone Bedard2001[2- 4]
2001
200320042008[5- 7] Simunic1980[1]
Jussi
Petri2004[8]Jussi Petri 2004
[8]
CEO
CEO
2010- 12- 30
2010- 2011 SYLFF
CDJXS11021113
CEO
2007 [9]
CEO CEO
CEO CEO
200620072009[9- 11]
[12]
2007
2007[12]
2001- 2003
CEO CEO
2007- 2009 A
TsuiJaggi Gul 2001[13]
CEO CEO
CEO
CEO Fama
Jensen1983Kim Yi20062007Chen Liu2010[14- 17]
CEO
CEO CEO
2006[20]
CEO 2006
[10] CEO
2007
[9]
CEO 2009
[11]
CEO
CEO
2007[9] CEO CEO
CEO
111
2011 4 317
H1CEO CEO
CEO
TsuiJaggi Gul2001[13]
CEO CEO
H2
H3CEO
1
Audfee
ln(Audfee)
2
CEO CEO CEO
CEO CEO=1 CEO CEO=1
CEO=0 Growth
Growth= / = + /
CEO CEO
CEOGrowth
3
CEO
Simunic 1980
[1]
2003
[5]
2008
[7]
Size AR Loss
ln(Audfee)
CEO
CEO
Growth
CEO*Growth
ln(Size)
AR
Loss
=1 =0
Subs
Tenu
=1 =0
Big
=1 =0
D1
D1=1 D1=0
D2
D2=1 D2=0
D3
D3=1 D3=0
D4
D4=1 D4=0
2007
2007- 2009
1 2
3
B H 4
5 ST *ST
6 7
2596 2007 654 2008 896 2009 1046
113
2011 4 317
CEO
www.resset.cn EViews7.0
CEO
CEO=0
CEO=1
Audfee
Audfee
Audfee
2007
654
596128
474
72.48%
604305
180
27.52%
574597
2008
896
614226
623
69.53%
623621
273
30.47%
592788
2009
1046
653741
731
69.89%
659012
315
30.11%
641508
2007- 2009
2596
625588
1828
70.42%
632765
768
29.58%
608507
2 CEO CEO
CEO
CEO 2007[12] CEO
2007- 2009
CEO=1 CEO=0
CEO CEO=0
ln(Audfee)
13.149
13.082
0.546
16.588
11.513
CEO
0.296
0.000
0.457
1.000
0.000
Growth
2.948
2.394
2.034
19.533
0.422
CEOGrowth
0.889
0.000
1.730
19.485
0.000
ln(Size)
21.582
21.463
1.065
26.762
18.828
AR
0.086
0.062
0.084
0.607
0.000
Loss
0.127
0.000
0.333
1.000
0.000
Subs
2.708
2.646
1.386
10.247
0.000
Tenu
0.908
1.000
0.289
1.000
0.000
Big
0.440
0.000
0.497
1.000
0.000
D1
0.363
0.000
0.481
1.000
0.000
D2
0.215
0.000
0.411
1.000
0.000
D3
0.130
0.000
0.336
1.000
0.000
D4
0.059
0.000
0.236
1.000
0.000
CEO
CEO
Growth
S pe a rma n
CG
ln(Size)
AR
Loss
Subs
CEO
- 0.009
Growth
- 0.009
0.046**
CG
- 0.002
0.979***
0.150***
ln(Size)
0.063***
- 0.054***
- 0.070***
- 0.054*
AR
- 0.083***
0.006
- 0.029
- 0.001
- 0.175***
Loss
- 0.071***
- 0.026
0.003
- 0.027
- 0.122***
- 0.049**
Subs
0.238***
- 0.003
- 0.015
- 0.007
0.192***
- 0.013
0.011
Tenu
0.043**
0.030
0.025
0.033*
- 0.030
0.023
- 0.011
- 0.023
Big
0.240***
- 0.007
- 0.032*
- 0.011
0.117***
0.038*
- 0.023
- 0.047**
Tenu
0.005
4 Spearman
0.20
5 F 1%
F
R2 0.497 0.500
CEO CEO Growth
CEOGrowthCEO ln(Audfee) CEO
CEO
115
2011 4 317
1
Growth ln(Audfee)
2
CEOGrowth CEO
CEO
CEOGrowth CEO ln(Audfee)
CEO
CEO CEO
3
CEO
5
1
CEO
0.034**
0.017
0.010***
0.004
Growth
0.033**
0.017
- 0.047*
0.027
0.010**
0.004
CEOGrowth
6
- 0.037
0.030
0.006
0.004
0.003
0.004
0.027***
0.007
0.015***
0.005
0.024***
0.008
ln(Size)
0.320***
0.320***
0.321***
0.321***
0.321***
0.321***
AR
0.112
0.118
0.119
0.123
0.122
0.124
Loss
0.022
0.020
0.021
0.022
0.022
0.022
Subs
0.044***
0.044***
0.044***
0.044***
0.044***
0.044***
Tenu
0.099***
0.101***
0.099***
0.098***
0.098***
0.098***
Big
0.181***
0.182***
0.182***
0.181***
0.181***
0.181***
D1
0.082***
0.086***
0.084***
0.086***
0.085***
0.086***
D2
0.033
0.039*
0.036
0.038*
0.037*
0.039*
D3
0.017
0.018
0.017
0.018
0.017
0.018
D4
- 0.096***
- 0.095***
- 0.096***
- 0.095***
- 0.095***
- 0.095***
5.903***
5.876***
5.851***
5.882***
5.852***
5.867***
Adj- R2
0.497
0.498
0.498
0.500
0.499
0.499
F- statistic
234.11***
234.56***
215.60***
216.82***
216.66***
200.15***
A
CEO A
A CEO
CEO
CEO
CEO
Bowerman O
Connell1990[24] CEO
1
2
ln(Audfee)=1CEO+2Growth+3(CEOGrowth)+
5 2
ln(Audfee)=- 0.037CEO+0.003Growth+0.024(CEOGrowth)+5.867
CEO 3
CEO CEO
CEO CEO CEO=0 3
4
ln(Audfee)=0.003Growth+5.867
CEO CEO=1 3
ln(Audfee)=- 0.037+0.003Growth+0.024Growth+5.867
ln(Audfee)=0.027Growth+5.830
4 5 1
CEO-dominated
ln(Audfee)
CEO
1.5425.872 CEO
Non-CEO-dominated
5.867
5.830
(1.542, 5.872)
Growth
CEO
TsuiJaggi Gul
2001[13] TsuiJaggi
Gul 2001[13] AR Loss
117
2011 4 317
20 Big20 10
CEO
CEO
CEO
2003[5] 5
[1]Simunic. The Pricing of Audit ServicesTheory and Evidence[J]Journal of Accounting Research198018161- 190.
[2]LowL.PTanand HKohThe Determination of Audit FeesAn Analysis in the Singapore Context[J]Journal
of Business Finance and Accounting1990(1)285- 295
[3]A Craswelland FrancisPricing Initial Audit EngagementsA Test of Competing Theories[J]Accounting Review
1999(4)201- 216
[4]JohnstoneK. M.and J. BedardEngagement Planning, Bid Pricing and Client Response in the Market for Initial
Attest Engagements[J]The Accounting Review2001(4)199- 220.
[5]
[J]2003(1)44- 47
[6]
[7]
[J]2008(9)126- 129
[J]2004(2)13- 18
[8]Jussi Nikkinenand Petri SahlstronDoes Agency Theory Provide a General Framework for Audit Pricing[J]International Journal of Auditing2004(11)15- 30
[9][J]2007(5)65- 71
[10]
[J]2006(2)72- 79
CEO
[11][J]2009(12)71- 83
[12] [J]2007(5)72- 79
[13]Judy SLTsuiBikki Jaggiand Ferdinand AGulCEO DominationGrowth Opportunitiesand Their Impact
on Audit Fees[J]Journal of AccountingAuditing and Finance2001(1)189- 208
[14]Fama EF. and MCJensenSeparation of Ownership and Control [J]Journal of Law and Economics
198326301- 326
[15]Kim J. and C. YiOwnership Structure Business Group Affiliation Listing Status and Earnings Management
Evidence from Korea[J]Contemporary Accounting Research2006(2)427- 464
[16][J]2007(6)34- 37
[17]Ken Y Chenand Jo- Lan LiuEarnings ManagementCEO Domination and Growth Opportunities [J]International
Journal of Public Informaion Systems2010(1)43- 69
[18]Jensen MC.Presidential Address The Modem Industrial Revolution Exit and the Failure of Iniemal Control
Systems[J]Joumal of Finance199318831- 880
[19]
[J]2005(2)
81- 91.
[20]
[J]2006(6)87- 93
AbstractBy making us of the data of Chinas listing companies from 2007 to 2009, this paper
analyzes the influence of CEO domination and the growth factors on audit pricing. The results indicate that because of the high agency costs in listed companies of China, both CEO domination and
growth factors have significant positive influence on audit pricing. However, since there are a lot of
Chinese listed companies at the initial growth stage, the influence of CEO domination on audit pricing does not depend on the growth factors.
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