公司战略影响审计契约吗——基于中国资本市场的经验证据

Does Corporate Strategy Impact on Audit Contract——Evidence from China’s capital market

以2007 ~ 2016年沪深两市A股上市公司为样本,本文考察公司战略对审计契约的影响。研究发现:上市公司实施的战略越激进,与会计师事务所之间签订的审计契约就越不稳定,下一年越可能发生会计师事务所变更。并且,公司战略对审计契约的上述影响在民营上市公司和“十大”会计师事务所审计的上市公司中更加明显。此外,无论是否发生会计师事务所变更,战略较为激进的公司下一年的审计定价均显著提高;发生变更后,继任会计师事务所对公司战略较为激进的新承接客户配置了经验更丰富的注册会计师降低了其盈余管理程度.这表明,公司战略是审计主客体双方确定审计聘用关系时都会考虑的重要因素,激进的公司战略背后隐藏的审计风险将被会计师事务所识别和应对。

Selecting the A-share listed companies from 2007 to 2016 in China as samples, this paper studies the impact of corporate strategy on audit contract empirically. The result shows that corporate strategy has a significantly effect on audit contracts, namely the more aggressive the strategy implemented by listed companies, the more unstable the audit contract signed with the accounting firm, and the more likely the accounting firm changes in the next year. Moreover, the above-mentioned effects of corporate strategy on the audit contract are more obvious in private listed companies and listed companies audited by the "Top Ten" accounting firms. In addition, regardless of accounting firm changes, the company's audit pricing is significantly higher in the next year. After the change, the successor accounting firm has deployed a more experienced CPA to the newly accepted clients with more aggressive corporate strategies, reducing its degree of earnings management. This shows that the corporate strategy is an important factor that will be considered when both the audit client and the object determine the auditing hiring relationship. The hidden audit risk behind the radical corporate strategy can be identified and responded by the accounting firm.