中小股东网络表达会影响审计师风险应对行为吗?——基于公司盈余管理的中介效应检验

Will the Network Expression of Minority Shareholders Affect Auditors'Risk Response Behavior?An Intermediary Effect Test Based on Corporate Earnings Management

本文以2016—2020年A股上市公司数据为研究样本,实证检验中小股东不同情绪的网络表达对审计师风险应对行为的差异化影响及作用路径。研究发现,中小股东积极网络表达与审计资源投入、审计费用以及关键审计事项披露数量呈U型关系,而消极网络表达与上述审计师行为呈倒U型关系,且盈余管理在两者的非线性关系中发挥中介作用。进一步研究发现,在股权集中度较高、国有属性以及媒体关注度较强的公司中,上述关系更加显著。本文将弱势群体的诉求表达纳入审计师反应的研究框架,丰富了关于非理性情绪对独立第三方审计师行为的研究,为实现高质量审计监督保障提供经验证据。

Based on the principal-agent theory and the risk-oriented audit theory,this paper clarifies the relationship among the small and medium-sized shareholders'network expression,corporate earnings management and auditors'risk response behavior.Taking the data of A-share listed companies from 2016 to 2020 as the research sample,with the help of Python language programs,this paper crawls the content posted by small and medium-sized shareholders in the East Fortune Stock Bar and obtains the proxy variables of small and medium-sized shareholders'group opinion expression in different emotional periods.In combination with the data such as annual reports,Stata 15 is used to empirically test the differential impact of different emotions of minority shareholders on auditors'risk response behavior and its path of action.It is found that the positive network expression of minority shareholders has a U-shaped relationship with the input of audit resources,audit fees and the number of key audit matters disclosed,while the negative network expression has an inverted U-shaped relationship with the above auditor behavior.The mechanism test shows that earnings management plays a mediating role in the nonlinear relationship between the above two variables.Further research indicates that when the equity concentration of listed companies is higher,the property right attribute is state-owned,and the media attention is stronger,the nonlinear relationship between minority shareholders'network expression and auditors'risk response behavior is more significant.After using a series of robustness tests such as substitution related variable construction method,Heckman two-stage test,and adding new control variables,the above conclusions are still valid.This paper brings the appeal expression of disadvantaged groups into the research framework of auditor response,which not only verifies the effectiveness of minority shareholders'participation in governance through online social media platforms,but also reveals the differentiated impact of minority shareholders'different emotional network expressions on auditor behavior,as well as the differentiated risk response measures presented by auditors in the face of minority shareholders'online emotional changes.Furthermore,it verifies that earnings management has a transitive relationship between minority shareholders'network expression and auditors'risk response behavior.According to the research conclusions,the following suggestions are put forward:Firstly,auditors should actively pay attention to the demands of small and medium-sized shareholders,which is helpful to enhance the assurance role and insurance value of audit.Secondly,the company's management should actively carry out high-quality information communication with small and medium-sized shareholders to effectively ensure the rights and interests of small and medium-sized shareholders.Thirdly,the government should vigorously support the construction of modern social media network platform,which will help alleviate the problem of information asymmetry in the capital market.Finally,the regulatory authorities should pay more attention to the negative emotional network expression of small and medium-sized shareholders,and timely avoid the occurrence of company violations under the swarm of negative network public opinion.