资本市场开放提高了审计费用吗?——基于行业竞争和市场竞争地位的双重调节效应

Does the Capital Market Liberalization Increase Audit Fees?Dual Moderating Effects Based on Industry Competition and Market Competition Status

资本市场开放后,互联互通机制引进了国际资本和先进治理经验,这既增加境内资本市场信息风险水平,亦带来监督效应,审计费用也发生相应变化。基于2010—2019年中国上市公司数据分析发现:在资本市场开放后,上市公司审计费用显著提高;行业竞争程度负向调节资本市场开放对审计费用的正向影响且这一调节作用在高市场竞争地位的公司中更显著,而市场竞争地位负调节效应主要体现在高竞争行业中。结果表明,行业竞争与市场竞争地位会对资本市场开放与审计费用的关系产生双重调节效应,资本市场开放有助于低竞争行业公司和高竞争行业中的低市场竞争地位公司提高审计质量需求。进一步研究表明,资本市场开放后,非国有企业和内控弱有效企业审计费用显著提高。

The interconnection mechanism of capital market liberalization not only introduces international capital and advanced governance experience,but also increases the information risk level of the capital market in the mainland,brings about supervision effect,and the audit fees also change accordingly.Based on the data analysis of Chinese A-share listed companies from 2010 to 2019,it is found that:after the capital market liberalization,audit fees of listed companies have increased significantly;the degree of industry competition negatively moderates the positive impact of the capital market liberalization on audit fees,which is more significant in high market competitive companies,and the negative moderating effect of market competitive position is mainly reflected in high competitive industries.The results show that industry competition and market competitive position have dual moderating effects on the relationship between the capital market liberalization and audit fees.The capital market liberalization is helpful to improve audit quality requirements of enterprises with low industry competition and low market competitive companies in high competitive industries.Further research shows that after the capital market liberalization,audit fees of non-state-owned enterprises and enterprises with weak internal control have increased significantly.