沪港通开放与审计收费：风险传染效应抑或监督治理效应

Shanghai-Hong Kong Stock Connect and Audit Fees: Risk Contagion Effect or Supervision Effect?

一、引言审计定价的客观性和合理性对于新兴资本市场的健康发展具有重要的意义。作为资本市场的信息中介,会计师事务所不仅为公司财务报告提供鉴证服务,而且也是把控资金安全的"守门人"。在证券市场上,事务所通过合理的审计收费可弥补其合理开支,并对其承担的风险进行补偿,同时审计收费也是投资者投资决策参考的一个重要指标。

This article chooses the A-share listed companies in Shanghai Stock Exchange whose stocks are tradable or not tradable under the Shanghai-Hong Kong Stock Connect(SH Connect) scheme and constructs a Difference-inDifference Model to deeply explore the impacts of such a scheme on the audit pricing by accounting firms and the mechanisms of such impacts. It shows that SH Connect has reduced the audit fees for companies whose stocks are tradable, because such an interconnection scheme produces a supervision effect which mitigates the intercorporate agency conflicts and reduces the audit risks and the corresponding investments in audit. From the perspectives of internal control, analyst tracking and legal environment, it further finds that the impacts of SH Connect on audit pricing are different. For companies with wellestablished internal control, wide analyst coverage and being located in the regions with sound legal environment, the audit fees for those companies whose stocks are tradable have decreased more significantly.