企业金融化影响审计定价吗

Does Financialization Affect Audit Pricing

当前“脱实向虚”经济问题受到了学术界的广泛关注,微观主体层面表现为许多非金融企业金融化现象。文章研究了企业金融化对审计定价的影响及其作用机理,基于2007~2017年我国A股上市非金融公司的研究发现,企业金融化程度越高审计定价越高,进行一系列稳健性检验后该结论依然成立。进一步考察后发现,在由高审计质量事务所审计时及在市场化程度较高的地区时,企业金融化对审计定价的正向影响更为显著,但国有企业与非国有企业之间无明显差异。而且金融资产种类越复杂,审计定价越高。通过机制分析发现,企业金融化通过正向影响公司的代理成本增加了审计风险和审计复杂性,提高了审计费用。文章丰富了企业金融化经济后果的相关研究,为审计定价决策提供了新的经验证据。

At present, the problem of being diverted out of the real economy has been widely concerned by academia. The micro-subject level is manifested in the phenomenon of financialization of non-financial enterprises. This paper studies the impact of corporate financialization on audit pricing and its mechanism. Based on the data of China's A-share listed non-financial companies from 2007 to 2017, the paper finds that the higher the degree of financialization of enterprises, the higher the audit pricing, and this conclusion is still valid after a series of robustness tests. Further, if the company chooses accounting firms with high auditquality or is in areas with a high degree of marketization, the positive impact of financialization on audit pricing is more significant. But there is no significant difference between state-owned enterprises and non-state-owned enterprises. The more complex the types of financial assets, the higher the audit price. Finally, through the analysis of the mechanism, it is found that the financialization positively affects the agency cost, which increases the audit risk and audit complexity, so as to increase audit fees. This paper enriches relevant research on the financial consequences of financialization and provides new empirical evidence for audit pricing decisions.