This paper chooses the annual data of Shanghai and Shenzheng A-share listed companies from 2007 to 2016 as the research sample to explore the relationship between environmental uncertainty, auditor choice and enterprise value. The results show that: (1) The selection of high-quality auditors could effectively enhance enterprise value; (2) Among the state-owned and non-state-owned enterprises, there exists non-significant difference in the role of selecting high-quality auditors to enhance the enterprise value; (3) Environmental uncertainty inhibits the effect of high-quality auditors enhancing enterprise value; (4) The weakening effect of environmental uncertainty on the selection of high-quality auditors to enhance the value of the enterprises is more prominent in the state-owned enterprises. This means that auditors play an important role in the modern financial reporting environment, that is, the choice of high-quality auditors can promote the value-added of enterprises. However, this mechanism has been weakened in the case of the financial crisis, housing price bubble, stock market crash and other events affecting the macro and micro environment of enterprises since 2007, and it is more significant in the state-owned enterprises, which can be interpreted from the perspective of the unique equity structure of Chinese enterprises and the government 's " support hand" theory. In this paper, the robustness test is carried out based on panel data model, which increases the reliability of the research results. Throughout the past research on auditor selection and enterprise value, they provide empirical evidence before 2007. This paper updates the research period from 2007 to 2016, further verifies whether high-quality auditors enhance enterprise value under uncertainty environment, and then enriching the existing research literature on the economic consequences of auditor selection. |