金融衍生品监管与企业审计——基于中国金融衍生品监管指数的实证分析

Financial Derivatives Regulation and Business Audit:An Empirical Analysis Based on Financial Derivatives Regulatory Index

金融衍生品监管能规范企业合理使用衍生品,进而对企业审计产生重要影响。本文基于"法与金融学"思想构建中国金融衍生品监管指数,使用2007—2017年中国企业数据研究了金融衍生品监管与企业审计的关系。研究发现,金融衍生品监管对企业审计产生了成本效应、信号效应和合规效应,提高了审计费用和审计质量,降低了企业被出具非标准审计意见的概率。相比于低市场化地区,高市场化地区的金融衍生品监管对审计费用和审计质量的影响更大,企业被出具非标准审计意见的概率也更高。相比于民营企业,金融衍生品监管虽增加了国企审计费用,但提高了国企审计质量,并降低了国企被出具非标准审计意见的概率。进一步研究发现,金融衍生品监管对企业审计的三种潜在效应确实存在,两次国际金融危机则强化了金融衍生品监管对企业审计的影响。本文实现了"法与金融学"和传统审计理论的跨学科交叉,丰富了企业审计影响因素研究,对完善金融衍生品监管和提升中国企业的审计质量也具有借鉴价值。

The regulation over financial derivatives can promote enterprises’rational use of derivatives,and has an important impact on their audit behavior.Based on the idea of"law and finance",this paper constructs China’s Financial Derivatives Regulatory Index,and studies the relationship between derivatives regulation and business audit based on the data of Chinese enterprises from 2007 to 2017.The result shows that financial derivatives regulation has three effects:the cost effect,signal effect and compliance effect,which drive up audit fees and audit quality,and reduce the probability of enterprises being issued with non-standard audit opinions.Compared with poorly marketized areas,the impact of derivatives regulation on audit costs and audit quality in highly marketized areas is greater,and the probability of enterprises being issued with non-standard audit opinions is higher.Compared with private firms,though the regulation over financial derivatives increases the audit cost of state-owned firms,it improves their audit quality and reduces the probability of them being issued with non-standard audit opinions.Further research shows that there are three potential effects of financial derivatives regulation on business audit,which are reinforced by the last two international financial crises.This paper brings together"law and finance"and traditional audit theory,enriches the research on business audit factors,and has reference value to perfect the regulation of financial derivatives and the audit quality among Chinese enterprises.