企业金融化造成审计延迟了吗?

Has Corporate Financialization Led to Audit Delays?

基于治理“脱实向虚”这一经济热点问题,本文探究企业金融化对审计延迟的影响。研究发现:企业金融化显著增加审计延迟。进一步研究发现,企业经营风险、代理成本、业务复杂度的增加成为企业金融化增加审计延迟的可能路径,而且从金融化现象的时间轴(流动性)看,相对于短期金融资产,持有长期金融资产更能增加审计延迟。研究表明,审计延迟作为财务报告及时性最重要的影响因素,受到企业金融化现象及其由此可能引发的潜在审计风险的重大影响,既从审计视角拓展了企业金融化的研究,也为年报披露的制度安排与完善提供了经验证据。

This article explores the impacts of the corporate financialization on the audit delays. It finds that the corporate financialization significantly in creases the audit delays.Based on further research, it also finds thatthe increase of operation risks, agency costs and business complexity is the possiblepath thatthe corporate financialization may increase the audit delays. Judging by the timeline(liquidity) of the financialization,compared with short-term financial assets, to hold long-term financial assetsmay be more likely to increaseaudit delays.This article shows thataudit delays, as the most important factoraffecting the timeliness of financial reports, have been greatly affected by corporate financializationand the potential audit risks that may arise as a result.It both expands the research scope of corporate financialization from the audit perspective and provides empirical evidence for the institutional arrangements and improvement of the disclosure of annual reports.