影子银行发展规模对审计费用的影响——基于公司债务违约风险的中介效应检验

The Impact of Shadow Banking Development Scale on Audit Fees:A Study Based on the Mediating Effect Test of Corporate Debt Default Risk

本文以2010—2019年中国非金融类A股上市公司数据为研究样本,基于公司债务违约风险的中介效应视角实证检验影子银行发展规模对审计费用的影响。研究发现,影子银行发展规模与审计费用显著正相关,公司债务违约风险在二者之间发挥部分中介效应。拓展性检验发现,影子银行规模扩大带来的审计费用增加源于审计师审计投入的增加和风险溢价的收取;货币政策在其中介作用中具有前半路径调节效应,即相比于紧缩性货币政策,宽松性货币政策能够弱化影子银行发展规模与公司债务违约风险之间的关系,进而削弱影子银行发展规模与审计费用之间的显著正向关系。研究意义在于丰富了审计费用的影响因素以及金融创新对微观审计师行为的研究,为国家从审计视角加强影子银行监管、制定货币政策防控金融风险提供了经验证据。

Based on the data of A-share non-financial listed firms in China from 2010 to 2019,this paper empirically tests the relationship between the development scale of shadow banking and audit fees from the perspective of mediating effect of corporate debt default risk.The study found that the development scale of shadow banking is significantly positively correlated with audit fees,and corporate debt default risk plays a partial mediating role between them.The expansibility test shows that the increase of audit fees caused by the expansion of shadow banking development is due to the increase of audit investment and the collection of risk premium;monetary policy has a first-half path adjustment effect in its mediating role,that is,compared with the tightening monetary policy,the loose monetary policy can weaken the relationship between the development scale of shadow banking and corporate debt default risk,and further weaken the significant positive relationship between the development scale of shadow banking and audit fees.The significance of the research lies in enriching the research on the influencing factors of audit fees and the impact of financial innovation on micro-auditor behavior,and providing empirical evidence for the country to strengthen shadow banking supervision from the audit perspective and formulate monetary policies to prevent and control financial risks.