交叉上市、双重审计对境内审计费用和审计质量的影响——基于我国A+H股的经验证据

The Impact of Cross-listing and Dual Auditing on Domestic Audit Fees and Audit Quality:Evidence from A and H Shares Cross-listings in China

以2007—2014年我国A股上市公司为样本,实证研究A+H股交叉上市并接受双重审计对境内审计费用和审计质量的影响。研究发现,在其他条件不变的情况下,与非交叉上市或非双重审计公司相比,交叉上市且接受双重审计的公司的境内审计费用更高,境内审计质量更高。进一步分析表明,在控制了可能存在的内生性问题和审计师特征的影响后,主要结论依然成立;在处于双重审计强制要求取消后时段的子样本中,结论也是稳健的;另外,境内审计师是否为国际"四大"对交叉上市并接受双重审计与境内审计费用之间的关系产生了负向影响,但并没有影响交叉上市并接受双重审计与境内审计质量之间的关系。

This paper chooses Chinese A-share listed firms in the years 2007 - 2014 to empirically test the impact of A and H shares cross-listing with dual auditing on domestic audit fees and audit quality. Empirical results show that, ceteris paribus, cross-listed and dual-audited companies＇ domestic audit fees （ domestic audit quality） are （ is ） higher than those （that） of non- cross-listed or non-dual-andited companies. Further research suggests that the main conclusion is still valid after controlling for either possible endogeneity problems or the effects of auditor characteristics ; the conclusion remains robust in the subsample of observations after the dual auditing system cancellation;in addition,when the auditor is from a＂ Big4＂ audit firm, it has a nega- tive influence on the relationship between A and H shares cross-listing with dual auditing and domestic audit fees,while the relationship between A and H shares cross-listing with dual auditing and domestic audit quality isn＇t affected by whether the audi- tor is from a＂ Big4＂ audit firm or not. The conclusion has some theoretical and practical significance for developing China＇s institutional environment, auditing cross-listed companies and improving audit quality.