Audit Quality Vs Signaling Effect
研究了新兴市场中国际四大审计师与审计质量的关系，发现控制权与现金流权偏离度越大，公司越可能聘请四大审计师，且控制权与现金流权、其他股东制衡度与聘请四大审计师概率呈倒U型关系。
In this paper,we reconsider efficiency of emerging capital market and the relationships between international Big Four Auditors and audit quality in special environment in emerging market,Then,the paper explores the complicated relationships between blockholders belongs to different groups and with different governance strategies,and external auditors choice,audit fee and audit quality,and dig out governance strategy of controlling shareholders and other blockholders for external auditor choice,We find that there are inverted U-shape relationships between control rights and cash flow rights of controlling shareholders,counterbalance degree of other blockholders and the likelihood of employing international Big Four Auditors;deviation of control rights and cash flow rights is positively associated with the possibility of employing international Big Four Auditors.