集团内部产业链分工与审计定价

Division of the Group Internal Industrial Chain and Audit Pricing

关于企业集团内部关系问题的研究,以往文献大多基于多级法人嵌套的“金字塔”形股权结构展开,鲜有从集团内部产业链分工的视角关注集团化运营的经济后果。本文以2003〜2017年我国A股市场参与集团内部产业链分工的非金融类公司为样本,研究了公司参与集团内部产业链分工对其审计定价的影响。研究结果表明:相较于集团内部产业链上下游公司,中游公司的审计定价更高,说明集团内部产业链分工所带来的经营风险与代理成本差异之综合影响是存在显著差异的,且代理成本差异的影响超过了经营风险差异的影响。进一步研究表明,这种影响在股权制衡度低以及聘用高声誉审计师的公司中更加显著。此研究拓展了审计定价的影响因素研究、企业集团经济后果研究以及供应商/客户关系研究。

Most of the previous studies regarding the internal relationship of enterprise groups are based on the“pyramid-shaped”equity structure,but few studies have paid attention to the economic consequences of group operation from the perspective of the division of industrial chain within the group.Taking China's A-share listed non-financial companies participating in the group internal industrial chain division in 2003-2017 as a sample,this paper studies the impact of a company’s participation in the intra-group industrial chain division on its audit pricing.The results show that compared with the upstream and downstream companies in the group's internal industrial chain,the audit pricing of mid-stream company is higher,indicating that the comprehensive impact of the difference between the business risk and the agency cost caused by the difference in the group internal industrial chain division is significant.The impact of agency cost differences exceeds the impact of business risk differences.Further research shows that this effect is more significant in companies with lower equity checks and balances and hiring higher reputation auditors.This paper expands the research on the influencing factors of audit pricing,the economic consequences of enterprise groups and supplier/customer relationships.