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Changes in Audit Market Competition and the Big N Premium

机译：审计市场竞争的变化和N大溢价

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摘要

We respond to calls for research into the effect of the decline in the number of Big N firms on market power and consequential impact on competition (U.S. Department of the Treasury 2008; European Commission 2010; U.K. House of Lords 2011) by analyzing the change in Big N audit fee premium over the Big 6, Big 5, and Big 4 periods, and across different client segments. Using a large sample of Australian publicly listed companies over the years 1996-2007, we find that while premiums paid to Big N auditors have increased significantly for the Big 4 and Big 5 periods compared to the Big 6 period, the growth has not been shared equally across all client segments. In particular, while the largest global clients pay some of the highest premiums, the increase in premiums for this group in the Big 4 period has been lower than those experienced by other clients. We also observe that premiums paid to industry specialists have declined relative to the Big 6 period, but fee discounts offered to clients switching to a Big N auditor from a non-Big N auditor have increased. In all, we find that the premiums paid by Big N clients increased in line with consolidation in the number of Big N audit firms, but the impact varied across client segments.
机译：我们回应了有关呼吁，研究大N公司数量下降对市场支配力的影响及其对竞争的影响（美国财政部，2008年；欧洲委员会，2010年；英国上议院，2011年）。 Big 6，Big 5和Big 4期间以及不同客户群的Big N审计费溢价。通过使用1996-2007年间澳大利亚上市公司的大量样本，我们发现，尽管Big 4和Big 5期间与Big 6时期相比，支付给Big N审计师的保费已显着增加，但并未分享增长在所有客户群中均分特别是，尽管最大的全球客户支付了一些最高的保费，但该四大集团中该集团的保费增长却低于其他客户。我们还观察到，相对于六大巨头，向行业专家支付的保费下降了，但是从非大N审计员转到大N审计员的客户提供的费用折扣有所增加。总体而言，我们发现Big N客户支付的保费与Big N审计公司数量的合并一致而增加，但是其影响因客户细分而异。

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