公司风险承受与独立审计质量关系的实证研究——基于不完全信息博弈模型

Empirical Research on the Relationship between Corporate Risk-taking and Audit Quality:A Game Model with Incomplete Information

以不完全信息博弈为基础,采用沪深A股上市公司2004—2014年的相关数据,实证检验了上市公司风险承受水平与独立审计质量之间的关系。研究发现,公司风险承受水平与独立审计质量显著负相关;在低法治水平地区的公司和非四大审计的公司,公司风险承受水平与独立审计质量之间的负相关关系更为显著。进一步检验发现,仅当"高风险承受、低审计质量"的信息未公开披露时,公司价值才会提升。

Based on the incomplete information game,the paper examines the relationship of corporate risk-taking and audit quality using a large sample of China listed companies for the period 2004—2014.We find that corporate risk-taking is significantly negative correlated with the audit quality;we also find that the negative association is more obvious in companies which are in a lower level of rule of law areas and are audited by big four.Further results show that only when the information of high corporate risk-taking and low audit quality is not disclosed can the corporate values improve.