关键词: 审计定价管制, 双边随机边界模型, 规制俘获

Abstract: Under the new situation of increasing economic downward pressure and further opening of the capital market,it is particularly necessary to clarify the transaction-supervision mechanism of the audit market to improve the audit service market.Based on the natural experiment of the unsuccessful audit pricing regulation policy in 2010 with the Two-tier Stochastic Frontier Model to obtain transaction surplus indicators of both parties of the audit pricing, this paper uses difference-in-difference model to analyze the function of price regulation on transaction pricing.We find that the failure cannot be attributed to regulation capture but to the mismatch between the regulation and current market effectiveness.Although a lowest-price regulation can improve auditor surplus,it expands the pricing risk, adds the mismatch of surplus,and disturbs the transaction order at the same time.Highest-price regulation can further worsen the low-price competition.Further study shows that auditor surplus is significantly correlated with surplus quality,and the price-deregulation policy in 2014 improves auditor surplus.This paper clarifies the audit market transaction mechanism,helps further research into the micro-effect of audit transaction mechanism and correlation with surplus quality,and provides a useful reference for grasping the transaction-supervision rules of audit market and cultivating spontaneous and benign audit transaction market in the new economic situation.

Key words: Audit Pricing Regulation, Two-tier Stochastic Frontier Model, Regulation Capture