使用2003-2012年A股非金融类上市公司数据，研究审计行业专长与股价崩盘风险之间的关系，发现审计行业专长有助于降低上市公司未来的股价崩盘风险，在信息不对称更严重以及投资者异质信念更大的公司，审计行业专长与股价崩盘风险之间的负相关关系更为显著。%Using data from publicly listed firms of A shares of non-financial securities in China during 2003 and 2012, we find that the auditor industry specialization is associated with a lower likelihood of a firm’ s future stock price crashes. Moreo-ver, we find that the relationship between auditor industry specialization and crash risk is more pronounced for firms with high-er information asymmetry and with more serious heterogeneous beliefs among investors. The findings of this paper indicate that enhancing corporate governance effect of audit, reducing stock price crash risk and promoting the development of capital mar-ket, the Chinese Government should continue to strengthen the construction of auditor industry specialization, deepen state en-terprise reforms and improve legal system.
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