审计师行业专长与企业劳动投资效率

Auditor Industry Expertise and Enterprise Labor Investment Efficiency

以2009—2019年沪深非金融类A股上市公司为样本,基于行业专长审计师外部监督治理功能与信息优化功能,从信息不对称及信息不确定性视角,考察了审计师行业专长对企业劳动投资效率的影响效应及作用机理。研究发现,审计师行业专长能够有效提高企业劳动投资效率,并且这一效应在客户较为重要时更显著;其作用机理在于审计师行业专长能够更好地发挥外部监督治理功能与信息优化功能,降低公司内外部信息不对称以及管理者决策信息不确定性,进而提高劳动投资效率。进一步研究发现,审计师行业专长提高劳动投资效率在内部控制质量较低以及产品市场竞争程度较高的情况下更显著。

Taking the non-financial A-share listed companies in Shanghai and Shenzhen from 2009 to 2019 as samples,based on the external supervision and governance function and information optimization function of industry expertise auditors,this paper investigates the impact effect and mechanism of auditor industry expertise on enterprise labor investment efficiency from the perspective of information asymmetry and information uncertainty.It is found that auditor industry expertise can effectively improve enterprise labor investment efficiency,and this effect is more significant when clients are more important;The mechanism is that auditor industry expertise can give better play to the function of external supervision and governance and information optimization,reduce the internal and external information asymmetry of the company and the uncertainty of managers’decision-making information,and then improve the efficiency of labor investment.Further research shows that auditor industry expertise improves labor investment efficiency more significantly when the quality of internal control is low and the degree of product market competition is high.The research conclusion can not only deepen the understanding of enterprise labor investment behavior,but also expand the recognitionof the role and function of auditor industry expertise.