实现我国上市公司审计市场（以下简称“审计市场”）福利最大化，需要合理的政策管制。目前我国审计市场还处于发展进程中，关于我国审计市场福利决定因素的研究也还处于探索阶段。本书针对我国政府管制下的审计市场福利进行了较为系统的理论与经验研究。通过对比分析我国与西方各国的审计市场结构，发现我国审计市场政策的制定既需要借鉴英美等国的经验，又需要结合我国审计市场独有的特点，不能照搬硬套。进而，我国政府对审计市场管制和引导的方向和程度受到社会的密切关注。本书采用规范分析和实证检验相结合的方法，以公共利益理论、福利经济学理论、产业组织理论和审计需求理论为基础，探讨了我国政府近年来相关政策的经济效果。首先，本书运用离散选择模型，基于审计市场的公司及会计师事务所特征，构建了我国审计市场的需求模型。该模型较好地模拟了我国上市公司对会计师事务所的选择，预测准确率高达82.27%—99.58%。随后，本书以审计需求模型为基础，从审计市场消费者（公司）的角度重点考察了我国政府近年来推进和探索的三类相关政策对我国审计市场福利的影响。

第一，通过分析我国审计市场结构和竞争现状，发现非“四大”会计师事务所与“四大”会计师事务所市场势力悬殊，其竞争状态会损害消费者剩余。通过反事实推理发现，任一“四大”会计师事务所退出审计市场，会导致我国审计市场结构更加割裂化，造成消费者剩余的大量损失，例如，KPMG（2013年）和PwC（2015年）退出审计市场带来的消费者剩余损失占当年所有样本公司审计费用之和的17.41%—21.97%。研究表明，通过做大做强中小会计师事务所，能使审计市场的供给更满足公司的需求，促进审计市场全面良性竞争，保障审计市场福利。

第二，探讨了在所有上市公司中推广会计师事务所强制轮换政策对消费者剩余的影响。一方面，会计师事务所与公司的长期合作关系会“日久生情”，会计师事务所强制轮换制能缓解其对执业独立性的损害，提高消费者获得的审计服务价值。另一方面，会计师事务所长期审计特定公司会“熟能生巧”，而会计师事务所强制轮换制使继任会计师事务所审计成本上升，专业胜任能力却下降，同时造成消费者成本上升和价值下降。研究结果表明，推广该政策给消费者带来的额外成本超过了价值，例如，10年轮换期会导致我国审计市场消费者剩余损失范围为421.313百万—423.837百万元，占当年所有样本公司审计费用之和的17.56%—21.67%；而4年轮换期损失范围为433.910百万—441.240百万元，占当年所有样本公司审计费用之和的18.28%—22.32%。

第三，以我国会计师事务所转制所提供的自然实验为契机，定量研究了会计师事务所转制为特殊普通制后对消费者剩余的影响，并结合我国各地区不均衡的法制环境及公司间不同的经营风险进行了深入分析。研究结果表明，会计师事务所转制后，审计市场消费者剩余显著上升，即会计师事务所转制给审计市场带来的效用大于成本，有利于审计市场的良好运行。该政策对法制环境较好地区及经营风险较高的公司的效果更显著。可见，特殊普通合伙制适用于我国的制度环境，有利于保障审计市场福利。为更好地实现该政策效果，应进一步健全各区域法律制度。

本书的主要贡献有以下三点：第一，本书从福利角度初步探索了我国审计市场的运行机理，拓展了我国审计市场的研究范畴。现有研究多聚焦探讨审计质量和审计定价等传统要素，而本书为我国审计市场研究提供了新的视角，并为定量研究审计市场福利提供了重要参考。第二，本书的研究丰富了公众对政府近年来引导和管制审计市场相关政策的认识，同时也为监管部门提供了更具体的理论参考。通过构建模型探讨研究了具有代表性的三类政策影响，不仅包括已实施政策对审计市场福利的影响，而且模拟了未实施政策和推广实施政策范围对审计市场福利的影响，这为定量研究政策效果提供了新的探索方向。第三，本书从动态角度丰富和拓展了审计市场结构的相关研究。现有研究多静态分析审计市场的结构特征，本书从动态角度分析我国独特的审计市场结构，通过探讨大、小客户市场的进入壁垒，剖析了审计市场供需不平衡状态的形成机制，为进一步优化我国审计市场结构、促进审计市场良性竞争提供了重要参考。

关键词：审计市场；消费者剩余；会计师事务所强制轮换；特殊普通合伙制会计师事务所

Abstract

To maximize the benefits of the auditing market for listed companies in China（hereinafter abbreviated as“audit market”）,proper government policy controls are needed.At the same time,appropriate policies must be made based on a clear understanding of China's audit market welfare and its determinants.At present,China's auditing market is still in the process of development.The research on the welfare of China's audit market is also in the exploratory stage.This paper conducts a systematically theoretical and empirical research on the audit market welfare under government control.Through comparison and analysis of the structure of our country's audit market with that of Western countries,our country's unique audit market structure determines that our government's policies need to learn from Britain,the United States,and other countries,but also combine with our own characteristics.Therefore,the direction and degree of the Chinese government's control and guidance of the audit market has attracted the attention of the society.This paper uses a combination of normative analysis and empirical test to explore the economic effect of relevant policies of the Chinese government in recent years on the basis ofPublic Interest Theory,Welfare Economics Theory,Industrial Organization Theory and AuditingDemand Theory.First of all,this paper uses the discrete selection model,based on the characteristics of the company and the audit firm in the audit market,and builds the demand model of China's audit market.This model better simulates the selection of audit firms by listed companies in Chi na,and the forecasted accuracy rate is as high as 82.27%-99.58%.Subsequently,based on the audit demand model,this paper focuses on the impact of three types of related policies that our government has promoted and explored in recent years on China's audit market welfare.

First,through the analysis of the structure and competition of China's audit market,it was found that the gap of market power between non“Big 4”audit firms and“Big4”audit firms,the current state of competition in China's audit market will undermine consumer surplus.Through counterfactual reasoning,it was found that any“Big4”audit firm's withdrawal from the audit market would lead to a more severe fragmentation of the audit market structure in China,resulting in a surplus of consumer surplus of 418.229 million yuan（KPMG quitted in 2013）to 433.751 million yuan（PwC quitted in 2015）,which accounted for 17.41%-21.97% of the total sum of the audit fees of all sample companies for the year.Research shows that by making the small audit firms bigger and stronger,the supply of the audit market can be more satisfied with the needs of the company,and comprehensive and healthy competition in the audit market can be promoted to ensure the audit market welfare.

Second,the paper discusses the impact of the promotion of the audit firm's mandatory rotation policy on all listed companies on consumer surplus.On the one hand,the long-term cooperation relationship between the audit firm and the company will“be agrowing love”.The mandatory rotation system of the audit firm can ease its damage to the independence of the practice and increase the value of the audit service received by consumers.On the other hand,the accountant's affairs the long-term audit of specific companies will be“learning effects”and the firm's mandatory rotation system will increase the audit costs of successor firms,while the professional competence will decline.At the same time,consumer costs will increase and the value will decline.The results of the study show that the additional costs incurred by the promotion of the policy to consumers exceeds the value.For example,the 10-year rotation period will result in an audited consumer residual loss range of 421.313 million yuan-423.837 million yuan,accounting for all sample companies of the year.The proportion of the audit fees and the sum of 17.56%-21.67%; and 4 years of rotation loss range from 433.910 million-441.240 million yuan,accounting for the 18.28%-22.32% proportion of the total audit fees of all sample companies in the year.

Third,using the natural experiment provided by the transformation of audit firms in China as an opportunity to quantitatively study the impact of the transformation of audit firms into special common systems on consumer surplus,combined with the uniqueinstitutional environment in which the legal environment in each region of China is uneven.The company has in-depth analysis of different business risks.The results of the study show that after the conversion of audit firms,the consumer surplus in the audit market has risen significantly,that is,the utility brought by the conversion of audit firms to the audit market is greater than the cost,which is conducive to the sound operation of the audit market.The effect of this policy is even more pronounced in companies with a better legal environment and higher operating risk.It can be seen that the special general partnership system is suitable for the institutional environment in China and is conducive to safeguarding the audit market welfare.In order to better achieve the effect of this policy,the regional legal system should be further improved.

The main contributions of this paper are three points.First,this article explores China's audit market from the perspective of welfare,and expands the scope of China's audit market.The existing research focuses on the traditional elements such as audit quality and audit pricing.This paper provides a new perspective for China's audit market research and provides a reference for the quantitative study of audit market welfare.Second,the research in this article has enriched the government's understanding of the guidance and regulation of auditing market policies in recent years,and also provided a more general and intuitive theoretical reference for regulators.By studying three representative policy orientations,the study in this paper not only discusses the impact of implemented policies on auditing market welfare,but also simulates the impact of non-implemented policies and the scope of implementation policies on auditing market welfare,which provides a new direction for quantitative study of policy.Third,this article enriches and expands the research on the audit market structure from a dynamic perspective.The current study studies the structural characteristics of the audit market by static analysis.This paper analyzes the unique audit market structure in China from a dynamic point of view,discusses the entry barriers for large and small customer markets and analyzes the fragmented state of imbalance between supply and demand in the market,which provides a reference for optimizing China's audit market structure and promoting a healthy competition in the audit market.

Key Words: Audit Market; Consumer Surplus; Mandatory Audit Firm Rotation; Special General Partnership Audit Firm