关键审计事项、股权性质与权益资本成本——来自资产减值和收入确认事项的证据

Key Audit Matters, Nature of Equity and Cost of Equity Capital

本文以2016-2020年披露关键审计事项的A股上市公司为样本,实证检验了当披露的关键审计事项类型为资产减值类和收入确认类时,其对权益资本成本产生的影响,以及股权性质在上述两者之间的作用。研究表明,披露资产减值关键审计事项和收入确认关键审计事项与权益资本成本之间存在正相关关系;相比非国企,披露两类关键审计事项对国企权益资本成本的提升作用更弱。通过进一步分析可知,关键审计事项会导致权益资本成本提高的原因在于企业同时披露了资产减值和收入确认关键审计事项,而当审计报告只披露了其他类型的关键审计事项时,实际上会起到降低权益资本成本的作用。

This article empirically verifies the impacts on the costs of equity capital when thekey auditmatters disclosed arethe matters relevant to impairment of assetsand revenue, and also the role of the nature of equity in the relations betweenkey audit matters and the costs of equity capital. It finds that the key audit matters related to the impairmentof assets andrevenue recognition have been positively correlated with the costs of equity capital;compared with that in non-SOEs,the disclosure of the above-mentioned two types of key audit matters has a weaker effect on the costs of equity capital in SOEs.Based on further analysis, it finds that the reasonwhy the key audit matters lead to higher costs of equity capitalis that theaudit report discloses the key audit matters related to impairment of assets and revenue recognitionat the same time. When theaudit report onlydiscloses other types of key audit matters,it will reduce the costs of equity capitalin practice.