上市公司资产出售损益与审计费用

Gains and Losses from Asset Sales and Audit Fees

文章利用沪深两市A股非金融上市公司2008-2016年数据,检验了上市公司的资产出售损益与审计费用的关系。结果发现,异常资产出售损益与审计费用之间呈显著正向关系,表明审计师会将过高的资产出售损益视为风险的标志,并通过提高审计收费来应对风险。此外,企业存在盈余管理嫌疑、财务风险和融资约束对异常资产出售损益与审计费用的正向关系有加剧作用,而市场竞争地位则对此关系有缓解作用。进一步检验发现,异常资产出售收益和异常资产出售损失都对审计费用有显著正向作用,且前述调节变量的作用仅存在于异常资产出售收益子样本中。该研究丰富了资产出售行为的经济后果以及审计师通过审计定价应对客户特定风险因素两方面的文献,并有助于理解资产出售行为影响审计费用的作用机理。

The paper uses the data of non-financial A-share companies listed in Shanghai and Shenzhen from 2008 to 2016 to explore the relationship between listed companies’ gains and losses from asset sales and audit fees. The results show a significant positive correlation between abnormal gains and losses from asset sales and audit fees, suggesting that auditors regard excessive gains and losses from asset sales as a sign of risk and respond by raising audit fees. In addition, the suspicions of earnings management, financial risks, and financing constraints of enterprises aggravate the positive correlation between abnormal gains and losses of asset sales and audit fees, while the market competition status relieves the correlation. Further analysis shows that both abnormal asset sale gains and abnormal asset sale losses significantly positively affect audit fees. Moreover, the effects of the moderators mentioned above only exist in the subsample of abnormal asset sale gains. The research enriches the literature regarding the economic consequences of asset sales and auditors’ responses to clients’ specific risk factors through audit pricing. It also helps understand the mechanism through which asset sales affect audit fees.