Common Auditors in M&A Transactions and Conflicts of Interest

并购过程中存在大量不确定性，而这些不确定性主要是由交易双方信息的不对称分布引起的。从价值分析的角度来看，并购交易也是交易双方进行利益分配的过程，交易双方为了各自的经济利益持续博弈，而这种博弈本身是以信息不对称为基础的。当并购双方使用相同审计师时，共同审计师将成为潜在信息中介，并对并购交易结果产生影响。 本文首先对共同审计师作用机制进行了理论分析。微观层面上，共同审计师一方面能够通过缓解交易过程中的信息不对称程度提升并购交易的整体质量；另一方面，由于共同审计师在交易双方客户之间进行选择时存在异质性，共同审计师促进信息交流传递的过程最终可能导致并购方获得更多信息，经济利益将自目标方股东向并购方股...The acquisition process often involves considerable uncertainty, which are mainly caused by the asymmetric distribution of information between the parties to the transaction. M&A transaction can also be interpreted as the process of benefit distribution between the acquirer and the target, in which both parties manage to capture as much economic benefit from the transaction as possible, and this g...学位：会计硕士院系专业：管理学院_会计硕士学号：1842014115062