企业资产证券化与审计师风险决策

Enterprise Asset Securitization and Auditors’Risk Decision Making

近年来,我国企业资产证券化迅速发展,逐渐成为支持实体经济发展的重要融资方式,但其存在的问题和风险隐患也日益显现,可能会影响审计师风险决策。本文以2015-2020年非金融上市公司为研究样本,考察了企业资产证券化对审计师风险决策的影响。研究发现,企业参与资产证券化业务增加了审计费用,提高了被出具非标准审计意见的可能性。进一步检验发现,企业融资约束、内部控制和信用评级在上述关系中发挥了调节作用。机制检验发现,企业经营风险和盈余管理在上述关系中发挥了部分中介作用。本文研究丰富了企业资产证券化经济后果的相关文献,为国家从审计视角加强企业资产证券化监管、防范金融风险提供了理论支撑和经验证据。

In recent years,the enterprise asset securitization in China has developed rapidly,and gradually become an important financing method to support the development of the real economy.However,its problems and potential risks have also become increasingly obvious,which may affect the auditor’s risk decision-making.This paper takes non-financial listed companies from 2015 to 2020 as the research sample to examine the impact of enterprise asset securitization on auditor risk decision-making.The study finds that enterprises’involvement in asset securitization business increased the audit fees and the possibility of being issued non-standard audit opinions.Further tests show that corporate financing constraints,internal control and credit rating play a moderating role in the above relationship.The mechanism test finds that business risk and earnings management play a partial intermediary role in the above relationship.This study enriches relevant literature on the economic consequences of enterprise asset securitization,and provides theoretical support and empirical evidence for the state to strengthen oversight of asset securitization and prevent financial risks from the perspective of auditing.