诉讼风险与上市公司审计意见购买——基于融资困境的视角

Litigation Risk and Audit Opinion Purchasing of Listed Companies:From the Perspective of Financing Difficulties

从融资困境和风险管理的视角探讨了诉讼风险对企业审计意见购买的影响。运用Lennox的审计意见购买模型,检验了诉讼风险对上市公司审计意见购买的影响及其作用机理,并在此基础上探讨了不同制度环境、行业环境下的差异。研究发现:诉讼风险会使企业陷入融资困境,进而促使企业购买审计意见。进一步研究发现:当市场化水平较高、法律制度较完善时,会削弱诉讼风险与审计意见购买的正相关关系;市场竞争越激烈,诉讼风险与审计意见购买的正相关关系越明显。

This research studies the impact of litigation risks on audit opinion purchasing of enterprises from the perspective of financing difficulties and risk management.By employing Lennox audit opinion purchasing model,it tests the impact of litigation risk on the purchasing of audit opinions by listed companies as well as its function mechanism.Based on that,it then probes into the differences in different institutional environments and industrial environments.The results show that litigation risks would let enterprises fall into financing plights,thus prompts the enterprises to purchase audit opinions.Further study reveals that when the marketization level is higher and the legal system is more perfect,the positive correlation between litigation risks and audit opinion purchasing will be weakened;the more intense the market competition is,the more significant the positive correlation between litigation risk and audit opinion purchasing will be.