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This paper attempts to establish the grey GM(0,N) estimation model of the soil organic matter content spectral inversion under the uncertainties between soil organic matter contents and spectral characteristics and the theory of grey system.

At first, based on the uncertainty of the relationship between the soil organic matter content and spectral characteristics, using the ordered grey accumulation generation and grey GM(0, N) model to establish hyper‐spectral grey estimation model of soil organic matter content. Second, the presented model is used to estimate soil organic matter of Hengshan County in Shanxi province in the last part of the paper.

The results are convincing: not only that soil organic matter content spectral inversion grey GM(0, N) model based on the ordered grey accumulation generation theory is valid, but also the model's prediction accuracy is higher, with the sample's average prediction accuracy being 93.662 per cent.

The method exposed in the paper can be used on soil organic matter content hyper‐spectral inversion and even for other similar forecast problems.

The paper succeeds in realising both prediction pattern and application of soil organic matter content hyper‐spectral inversion by using the newest developed theories: grey GM(0, N) model based on the ordered grey accumulation generation.

This paper aims to explore the impact of product market competition (PMC) on companies’ investment in external auditing.

This paper applies a conceptual framework derived from demand–supply analysis and a panel data set of 2,263 listed manufacturing companies in China covering the period 2012–2019. In the assessment of PMC, this study measures industry-level competition intensity and company-specific market power separately.

Industries appear to engage in a lower average level of external auditing if industrial competition intensity is either too high or too low. Similarly, companies spend less on external auditing if their market power is either too strong or too weak, and the company-level inverted U-shaped relationship is much more evident in industries with weak PMC.

This paper shows that a company’s external audit strategy is affected by the level of competition it faces in its market. The findings of this paper can improve the current linear PMC–auditing theoretical framework and provide insights into the strategic auditing of listed companies in China. The findings also have significant implications for policy recommendations regarding corporate governance and market scrutiny regulations.