企业金融化会影响审计师的风险决策吗？

Does the Financialization of the Enterprise Affect the Risk Decision of the Auditors?

企业金融化作为当前社会各界关注的焦点话题之一,对金融市场稳定和实体经济健康发展意义重大,但关于企业金融化是否会影响审计师风险决策的研究尚付阙如。基于2009—2017年沪深A股上市公司样本,考察企业金融资产配置对审计师风险决策的影响。研究表明,企业金融化程度越高,审计师出具非标准审计意见的概率越大,审计收费也越高,该结论经过一系列稳健性检验依旧成立,说明审计师能够充分识别企业金融化过程中存在的审计风险,并做出相应的风险控制措施以减少未来可能承担的风险和损失。进一步分析发现,企业金融化对审计意见的影响在非国有企业、公司治理水平较差企业更显著,而对审计收费的影响在上述企业并无明显差异,表明企业金融化增加了公司的业务复杂度和审计师的审计难度,审计师在审计收费方面不会因为客户的产权性质和公司治理水平而区别对待。研究结果既拓展了审计师风险决策影响因素方面的研究,也为当下从审计视角防范化解金融风险提供了一些参考。

As one of the focus topics of the current society,corporate financialization is of great significance to the stability of the financial market and the healthy development of the real economy. However,research on whether the financialization of enterprises will affect the auditor's risk decision-making is still not a reality. Based on the sample of Shanghai and Shenzhen A-share listed companies from 2009 to 2017,this paper examines the impact of corporate financial asset allocation on auditor risk decision- making. The research shows that the higher the degree of financialization of enterprises,the greater the probability that auditors will issue non-standard audit opinions,and the higher the audit fees. This conclusion is still established after a series of robustness tests,indicating that auditors can fully identify the process of corporate financialization. There are audit risks and appropriate risk control measures to reduce the risks and losses that may be incurred in the future. Further analysis found that the impact of corporate financialization on audit opinions is more significant in non-state-owned enterprises and companies with poor corporate governance,and the impact on audit fees is not significantly different among the above-mentioned enterprises,indicating that corporate financialization has increased the complexity of the company's business,and the auditing difficulty of the auditor, the auditor will not treat the audit fees differently because of the property nature of the customer and the level of corporate governance. This paper not only expands the research on the influencing factors of auditor's risk decision,but also provides some references for preventing financial risks from the perspective of auditing.