董事会权威性、内部控制和审计质量——新时代背景下国有企业的经验证据

Authority of the Board,Internal Control and Audit Quality——Empirical evidence from state-owned enterprises in the New Era

作为企业内部监督机制之一,董事会如何有效发挥监督功能以促进企业财务报告审计质量的提高备受关注。本文以新时代背景下特有的纪委参与董事会治理来度量董事会权威性,尝试分析董事会权威性影响审计质量的内在机理并加以实证检验。以我国资本市场2011~2016年A股国有上市公司为样本,研究发现:董事会权威性显著提高了审计质量;内部控制显著削弱了董事会权威性对审计质量的促进作用;进一步的分析表明,董事会权威性抑制了企业选择国际“四大”的倾向和审计费用。本文从纪委参与董事会治理视角考察董事会权威对审计质量的影响,丰富了审计质量领域的文献,同时有助于增进关于董事会权威性经济后果问题的理解。

As one of internal supervision mechanisms of enterprises, how the board can effectively perform its supervision function and promote the improvement of audit quality of corporate financial reports has attracted much attention. Based on this, different from previous literature, this article uses board governance involvement of disciplinary commission to measure the authority of the board against the background of China’s New Era, and tries to analyze the impact and underlying mechanism of authority of the board on audit quality in stateowned enterprises and test it empirically. Using data of A-share state-owned listed companies from 2011 to 2016 in China’s capital market as a sample, the results show: the authority of the board enhances audit quality significantly;the internal control weakens the positive effect of authority of the board on audit quality significantly. Further tests show that the authority of the board inhibits the tendency of enterprises to choose the international "Big Four accounting firms and audit fees. This study examines the impact of authority of the board on audit quality from the perspective of board governance involvement of disciplinary commission. It enriches the literature on audit quality, and also helps to understand the related economic consequences of the authority of the board.