题目：Switching Costs and Market Power in the Auditing: Evidence from a Structural Approach
时间：2023年12月15日（周五）14:00-17:00
地点：浙江大学紫金港校区管理学院A423
主讲人：朱爱勇教授，西南财经大学
主讲人简介：
朱爱勇，西南财经大学会计学院教授，入选西南财经大学“光华百人计划”。2014年获得德国曼海姆大学经济学博士学位，博士期间2010-2011耶鲁大学访问，2012-2014德国央行访问学者。2014-2022年在武汉大学经济与管理学院任职，2019-2021德国美因茨大学访问教授。主要研究方向为资本市场的审计需求与审计竞争，先后在Review of Accounting Studies, The Accounting Review等期刊上发表论文，同时主持国家自然科学基金青年项目等。
讲座摘要：
This study provides novel evidence on the magnitude of switching costs in auditing. We use a discrete choice approach to infer switching costs from clients’ auditor choices. The demand estimation reveals that switching costs matter and that they differ by the direction with switching from non-Big 4 to Big 4 auditors being associated with the greatest switching costs. Counterfactual analyses of forced auditor switches indicate that switching costs are substantial, ranging from 0.7 billion US dollars (14.2% of audit fees) to 1.2 billion US dollars (24.0% of audit fees) when aggregated across all clients. Counterfactual analyses of voluntary auditor switches show that the audit market would become highly dynamic and more concentrated if switching costs were removed. Furthermore, clients would gain consumer surplus of up to 306 million US dollars (5.4% of audit fees) in this scenario. Overall, our study documents the important role of switching costs to understand audit market dynamics.
中文摘要：
这篇文章利用离散选择模型对审计市场上的置换成本进行量化分析，并提供了新颖的研究发现：置换成本的存在显著影响了上市公司的审计选择，其规模大小与转换方向有关，从非四大会计事务所向四大会计事务所产生的转换成本最大。强制轮换的反事实结果表明：每年置换成本的平均规模为6亿8千万至12亿美元左右，大致为整个市场审计费用的14%到24%。而自愿轮换的反事实分析发现当置换成本完全被补贴消除后，整个审计市场会变得更加波动又高度集中，而且上市公司的消费者剩余平均每年大约会增加3亿美元，即审计费用的5.4%左右
文章链接：https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4166004
