高管断裂带与审计费用

Top Management Team Faultline and Audit Fees

本文利用高管断裂带充分考虑子群体所引发管理层内部差异的特征,探究其对审计费用的影响。结果发现,高管断裂带通过增加代理成本和经营风险提高审计费用,对公司产生负面影响。横截面分析结果显示,较高的大股东持股比例和分析师关注度对高管断裂带的负面影响具有抑制作用;激烈的市场竞争环境则使高管断裂带的负面影响更强,导致更高的审计费用。经济后果研究发现,审计师通过收取高审计费用发挥外部监督作用,显著降低了高管断裂带所引发的股价崩盘风险。本文不仅丰富了审计费用影响因素的研究,对深入理解高管特征与企业外部因素的关系也具有一定启示。

This paper examines the characteristics of the top management team faultline,which causes the difference of subgroups,and explores its impact on audit fees.The results show that audit fees are positively correlated with the faultline among senior executives through increasing firm's agency cost and operation risk,which means the faultline among senior executives has negative effect on corporate governance.The results are still robust after substitution variable test,individual fixed effect model estimation and 2SLS.The cross-section analysis shows that the correlation between top management team faultline and audit fees is less signification with the increase of proportion of the big shareholder and analysis coverage.However,the negative effect of the faultline among senior executives5 plays a more important role if a firm in a more competitive market,leading to higher audit fees.Furthermore,by charging higher audit fees,auditors can reduce the stock price crash risk caused by faultline among senior executives.This paper not only enriches the research on the influencing factors of audit fees,but also offers insights for better understanding the relationship between the characteristics of executives and external factors of the enterprise.