中國大陸於1992 年至1999 年對會計師事務所的體制進行了一連串的脫.改革工作，這些改革使中國大陸的審計市場產生了很大的轉變。本研究藉由初次審計公費定價模式，了解中國大陸會計師事務所在脫.改制後初期，是否與歐美自由競爭的審計市場一樣，出現初次審計低價競價的行為，並觀察會計師風險意識是否對初次審計定價有所影響。本研究以深圳上市公司為研究對象，研究結果發現，初次審計公費有折價情形，並且在更換會計師的年度後2 年仍有折價現象，但若初次審計公司發生虧損者，則初次審計公費即不會產生折價現象。該結果表示脫.改制後初期，中國大陸審計市場與歐美審計市場一樣，存在著初次審計低價競價的行為，並且會計師風險意識對
初次審計定價有所影響。

CPA firms in China were de-affiliated from 1992 to 1999, and the deaffiliation changed the audit environment in China. This study examines
whether initial audit engagement discounting exists in China, similar to the competitive audit markets of the U.S or Europe. In addition, this study examines whether the risk consciousness of the audit affects the initial engagement pricing. For companies listed on the Shenzhen Stock Exchange,the evidence indicates that initial engagement discounting continues for up to two years after the year of auditor change. Furthermore, the outcomes suggest that auditors are less willing to offer discounts when companies being audited had losses in any of three years prior to the new audit engagements. There is considerable evidence that initial audit engagement discounting occurred in the early period after de-affiliation of CPA firms in China. Initial engagement pricing is affected by risk consciousness of CPA.