系族企业集团控制与审计费用

Group-Affiliated Firms Control and Audit Fee

内部资本市场究竟是提高还是降低审计风险,从而影响审计费用。基于此,本文选取2003—2019年A股上市公司的审计费用为研究对象,系统地考察内部资本市场对审计费用的影响作用。研究发现,相较于"独立"的上市公司,系族企业集团控制的上市公司审计费用更高。机制检验发现,内部资本市场的活跃度是系族企业集团控制的上市公司审计费用较高的重要原因。进一步研究发现,当控股股东发生股权质押、实际控制人两权分离度较高、金字塔层级越多、集团内存在财务公司时,系族企业集团控制与审计费用的正向关系更显著。

This paper aimed to explore how internal capital market has affected audit fee by changing audit risk. Starting from the goal, the paper selected the audit fees of A-share listed companies from 2003 to 2019 as research objects, and systematically investigated the influence of internal capital market on audit fees. This paper found that, compared with "independent" listed companies, the audit fees of listed subsidiaries controlled by clan enterprise groups were relatively higher. Mechanism test found that,the activity level of internal capital market was an important factor for the higher audit fees of listed subsidiaries controlled by clan enterprise groups. Further research found that, some conditions may lead to a more significant positive relationship between the listed subsidiaries controlled by clan group and their audit fees, including the stock pledge behaviors of controlling shareholder, higher separating extent of ownership and controlling rights, more pyramid hierarchies and the existence of a financial company within the group.