1. 国际五大意味着高审计质量吗？ - 来自我国 A 股市场的被步证据 刘峰教授 周福源先生 中山大学管理学院 讨论者 林自强 Kevin C.K. Lam 香港中文大学

2. 2 本文结论 1. Compared to Non_Big5, Big5s did not report lower discretionary accrual (DA) ( 相对于非国际五大的客 户，国际五大的客户没有报告更少的 可操控应计 ) ，并且 2. No significant association between DA and future profitability ( 其可操控 应计与企业未来的利润率并没有更强 的联系 )

3. 3 Institutional Differences ( 中国特色 )  Low litigation risk( 法律风险偏低 )  Limited liability of auditors( 审计事务所总体上 是公司制：有限责任 )  Civil lawsuits very limited  资本市场不允许民事诉讼  民事诉讼必须以证监会，财政部等正式 者果处 罚为前提  Protection of SOEs by regional governments ( 地方政府保护国有企业 )

4. 4 Contributions  Careful controls ( 结构严谨 )  Relevant and important ( 加强对 中国审计市场了解 )

5. 5 Discussion ( 讨论 )  Is higher accrual necessary bad? ( 应计多少是否 与好坏有关？ )  Can accrual reflect accounting quality in China? ( 应计数量能否代表会计素质 )  Motivation for auditors to work hard: is legal liability the only one? ( 诉讼是否唯一能对核数师 作出控制的工具 )  Research design ( 研究方法的商榷 )

6. 6 Is higher accrual necessarily bad?  Accrual can convey value relevant information: Demski & Sappinton (1987), Feltham & Ohlson (1996) ( 合适的应计能提供重要讯息 )  Good versus bad sides of earnings management: Subramanyan (1996): stock market responded positively to discretionary accruals consistent with managers on average using earnings management responsibly to reveal inside information about future earnings management ( 股市对 DA 的反应良好 : 意味大多数 管理层用 DA 提供讯息 )

7. 7 Can accrual reflects accounting quality in China?  What will managers do if they want to manage income in China? ( 管理层有其它更好操控盈利方 法吗？ )  Is accrual the most convenient method? ( 应计 操控是否最好的方法？ )  How about related party (i.e. transfer in / out from holding companies/ subsidiaries?) ( 关连 交易，母子公司的会计计算 )  What are the motives for earnings management in China? ( 中国盈利管理的目的在 哪里？ )  Ever-changing regulations: e.g. 2001 Big Bath motives for many firms ( 大清洗 )

8. 8 Incentives for auditor to work hard  Legal liabilities( 法律责任 )  Reputation( 信用！ )

9. 9 Research Design  This is a “no-result” paper( 本文乃一「无结果」文 章 )  Cross-sectional DA model ( 横截面 DA 模形 ): Subramanyan assessed DA based on industries. What if industry adjusted? ( 行业的计算 )  Very few Big5 auditees ( 五大样本稀小 )  Inherent differences between Big 5 versus NB5 clients: Big5 clients = larger, lower market to book, lower debt. What are their motives to manage earnings?( 五大 & 非五大客户的实质不同 )