Mutual Fund Holdings,Social Trust Environment,and the Determination of Audit Opinion
【中文摘要】证券投资基金（以下简称基金）已成为我国上市公司的最大机构投资者，但其持股是否对上市公司审计意见有影响，而社会信任环境是否对二者之间的关系具有中介和调节作用？本文基于我国沪深上市公司2006～2013年的数据，分析了基金持股对公司审计意见的影响，并分析在基金不同持股比例和不同产权性质的条件下，社会信任环境对二者关系的中介作用机制，结果表明，基金持股会增加公司获得“清洁”意见的可能性，而且在基金高持股公司和国有控股企业中更加显著。进一步研究发现，社会信任环境弱化了基金持股对 公司获得“清洁”审计意见的正面作用，且该效应在基金低持股公司和民营企业中较为显著。 【Abstract】Mutual funds have become the largest institutional investors of listed companies in China. Whether mutual fund holdings affect a listed company's audit opinion, and whether social trust environment moderates the relation are the questions that this study attempts to answer. Based on a sample of companies listed on the Shanghai and Shenzhen Stock Exchanges during 2006-2013, we study the effect of mutual fund holdings on audit opinion for different ownership and property rights. In addition, the impact of social trust environment on audit opinion and the related mechanism have been explored. The result shows that mutual fund holdings increase the probability of getting a “clean” opinion，and this relation is more significant in the high fund shareholding companies and SOEs. We also find that social trust environment weakens the positive effect of mutual fund holdings on a “clean” audit opinion，and the weakening effect is stronger in private enterprises and low shareholding companies.