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言多未必失:经营月报对审计费用的影响研究

Talking More Erring Less: The Effect of Monthly Business Reports on Audit Fees

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【作者】 张永冀金昕苏治

【Author】 Zhang Yongji;

【通讯作者】 金昕;

【机构】 北京理工大学管理学院中央财经大学统计与数学学院中央财经大学金融学院

【摘要】 经营月报是中国资本市场试行的一项信息披露探索。本文基于手工整理的上市公司月报披露数据,采用倾向得分匹配法进行多期DID检验,分析了披露经营月报对上市公司审计费用的影响及其作用机制。实证结果显示:(1)经营月报降低了审计费用,且披露频次越高审计费用越低。(2)机制分析发现,经营月报降低了上市公司的信息操纵风险和经营风险,进而降低了审计风险溢价。(3)异质性分析表明,在业务复杂程度较高、市场势力较弱的子样本中,经营月报对审计费用的负向影响更显著。(4)进一步研究发现,强制性比自愿性月报披露更大程度上显著降低了上市公司的审计费用。本文提示审计师及时关注月报信息,了解上市公司生产经营动态。

【Abstract】 The monthly business report is an information disclosure exploration of China’s capital market. We manually collect the monthly business report data and analyse the effect of monthly business reports on audit fees and explanatory mechanisms using the Staggered DID method. Firstly, we find that monthly business reports decrease the firms’ audit fees, and this negative influence could persist for three years. The more regularly firms disclose monthly business reports, the lower audit fees charged. Secondly, monthly business reports decrease audit fees through the audit risk channel. As the monthly business report is disclosed, the information quality is improved, and the operating risk is decreased. Thus, audit risk premium decreased. Thirdly, heteroscedastic regression analyses show that monthly business report disclosure exerts a more significant negative impact on audit fees in firms with more complex businesses or weaker market power. Further analyses find that both mandatory and voluntary disclosure of monthly reports decrease auditing fees. The findings of this research remind auditors to pay more attention to monthly business reports.

【基金】 国家社会科学基金一般项目(23BJL131);国家自然科学基金面上项目(72173145);国家自然科学基金重点项目(72134002)的资助
  • 【文献出处】 会计研究 ,Accounting Research , 编辑部邮箱 ,2024年08期
  • 【分类号】F239.4;F832.51
  • 【下载频次】765
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