实际控制人法定代表人身份转出与审计师风险应对——基于民营上市公司的分析

Actual Controller Statutory Representative Status Transfer and Auditor Responses to Risk:Evidence of China s Private Listed Companies

基于中国特色的法定代表人制度,以2006—2021年沪深A股民营上市公司为样本,探究了民营企业实际控制人法定代表人身份转出是否引发审计师的风险应对行为。研究发现,实际控制人转出法定代表人身份的企业,审计师会收取更高的费用。机制检验发现,实际控制人转出法定代表人身份后,公司的关联交易和大股东资金占用显著增多,使得审计师提高审计收费以应对企业风险。进一步分析发现,内部控制质量、非控股大股东、审计委员会独立性以及会计师事务所行业专长负向调节法定代表人身份转出与审计师风险应对行为之间的正相关关系。本研究对资本市场投资者识别民营企业法定代表人身份变动产生的风险变化具有借鉴意义。

Based on the Chinese statutory representative system,using a sample of A-share private listed companies from 2006 to 2021,the study examines the effect of the actual controller s statutory representative status transfer on auditor responses to risk in private enterprises.The study finds that audit fees are relatively higher for firms whose actual controllers transfer out the statutory representative status.The mechanism test finds that actual controller s statutory representative status transfer increases the related party transactions and large shareholder tunneling,and thus triggering auditor responses to risk.Further analysis finds that the quality of internal controls,non-controlling majority shareholders,audit committee independence,and industry expertise of audit firms negatively moderate the positive relationship between the transfer of statutory representative status and auditor responses to risk.This study is useful for capital market investors to identify changes in risk due to statutory representative status transfer of private companies.