公司治理、代理成本与审计定价——基于2001—2003年我国A股上市公司的实证研究

Corporate Governance Agency costs and Audit Pricing——an empirical analysis on Chinese A-stock market panel data from 2001 to 2003

笔者借助公司内部治理框架,运用2001—2003年我国A股上市公司面板数据,考察了代理成本对于审计定价的影响。研究结果显示,当存在其他变量时,独立董事制度、高管层持股和董事长与总经理两职设置情况对审计定价存在显著影响,这一结果表明独立董事制度、高管层持股对于公司内部治理具有积极意义;加快董事长和总经理的两职分离有助于降低代理成本,改善公司内部治理。

Based on Corporate Governance framework, this paper analyzes the impact of agency costs on the audit fees by using Chinese A - stock market panel data from 2001 to 2003. Results of this study indicate that the institutes of independent directors and manager ownership have Positive effect on the audit pricing, and accelerating the separation of board - chairman and general - manager will help to reduce the agency costs and improve the corporate governance. Additionally, results point out that the 5 - biggest international CPA - firm obtains premium of audit pricing.