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本文基于我国注册会计师行业2002—2011年49家会计师事务所的平衡面板数据,运用Malmquist生产效率指数计算分析事务所的生产效率的动态变化,运用DID的方法实证检验事务所合并对动态生产效率的影响,并进一步结合制度环境的差异分析事务所合并的效果。动态生产效率测算结果表明,注册会计师行业和本土事务所的生产效率变动指数、纯技术效率变化指数和规模效率变化指数基本呈现“波浪式”的增长态势,技术水平变化指数呈现出“W”形折线特征,事务所生产效率提升的主要驱动因素是技术水平进步和规模效率增长。就本土事务所而言,合并初期,合并对生产效率变动指数和技术水平变化指数产生了明显的负向影响,但合并后期,并未对动态生产效率产生显著的正向影响效应;在考虑制度环境的情况下,法律环境和要素市场环境对于合并与纯技术效率变化关系的正向调节效应较快地呈现出来,制度环境发展越好的区域,本土事务所合并对于纯技术效率变化的促进效应越明显,且制度环境对于合并与纯技术效率变化关系的正向调节效应具有较好的持续性。
Based on the panel data of 49 certified public accountants in CPA industry in China from 2002 to 2011, this paper uses Malmquist production efficiency index to analyze and analyze the dynamic changes of firm’s production efficiency. Employing DID’s method, this paper empirically tests the impact of firm merger on dynamic production efficiency Influence, and further analyze the effect of the merger of firms with the differences of institutional environment. The results of dynamic production efficiency show that the index of productivity efficiency, pure technology efficiency index and scale efficiency index of CPA industry and local firm basically show a “wave style” growth trend, and the index of technology level change shows “ W ”shape line characteristics, the productivity of the firm to promote the main drivers of technological progress and economies of scale. In the case of local firms, the merger had a significant negative impact on the change index of production efficiency and the index of technological level during the early stage of merger, but did not have a significant positive effect on the dynamic production efficiency in the later stage of the merger. After considering the system Environment, the positive regulatory effect of the legal environment and factor market environment on the relationship between mergers and purely technical efficiency is quickly presented. The better the institutional environment, the promotion effect of local firms mergers on purely technical efficiency change The more obvious, the positive regulatory effect of institutional environment on the relationship between mergers and pure technical efficiency has a good continuity.