近年來中國經濟持續地快速增長，在此情形下，本文想要探討在經濟不斷成長的同時，是否中國的監管部門功能也已經逐漸完善。中國證券監督管理委員會（證監會）是中華人民共和國的監管單位，其主要職責是負責監督管理和證券法的執行。其功能類似於美國證券交易委員會。本文主要的研究目的是藉由實證研究的方式，探討證監會的懲戒與會計師事務所以及會計師聲譽的關聯性。

本文發現，經由證監會處分後的會計師，不論在保留舊有的客戶或是在市占率方面，其能力都有下降的趨勢。此外，透過實證結果後推斷，證監會對於懲戒會計師以及雙重懲戒會計師事務所和會計師，會造成受懲戒的會計師和事務所收取相對較低的審計公費。

這些研究結果顯示證監會的執法行動，對於會計師事務所以及會計師的聲譽會造成影響，而使得他們在市占率和審計公費的議價能力上不如被懲戒之前。

In recent years, China’s economy has continued to experience rapid growth, so the purpose of this paper is to explore whether or not the regulatory units in China have gradually matured along with this growth. The China Securities Regulatory Commission (CSRC) is the People’s Republic of China’s regulatory unit that is responsible for the enforcement of regulation and securities laws. Its function is similar to that of the Securities and Exchange Commission (SEC). The main purpose of this paper is to use some empirical evidence examining the connection between the CSRC’s enforcement actions and audit firm/ auditor’s reputations. It is found that sanctioned auditor’s ability to retain old clients and total market share both decrease after disciplinary action by the CSRC.

It is additionally inferred that the CSRC’s enforcement action toward both auditors and audit firms will lower their ability to charge higher audit fees than would have been the case prior to their being sanctioned.

An implication of these results is the CSRC’s enforcement action against audit firms or auditors may affect their reputations. This economic consequence declines their market share and bargaining power with regard to audit fees relative to their pre-sanctioned status.

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