资本市场开放与审计师风险应对——基于“沪深港通”交易制度的准自然实验

Capital Market Liberalization and Auditors’ Risk Response——A Quasi-Natural Experiment from “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” Stock Connect

利用“沪深港通”交易制度这一外生政策,实证研究资本市场开放对审计师风险应对行为的影响。研究发现,“沪深港通”交易制度实施以后,审计师对标的公司会显著降低审计收费、减少审计工作时长并出具更多的标准无保留审计意见。机制检验表明“沪深港通”交易制度通过降低标的公司盈余管理程度影响审计师风险应对行为。结论丰富了资本市场开放经济后果和审计师风险应对行为影响因素的相关研究,为进一步推进高水平开放提供了政策启示。

Using “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” stock connect as an exogenous policy to empirically research the impact of capital market liberalization on auditors' risk response.This study finds that after the implementation of the “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” stock connect,auditors will significantly reduce audit fees,reduce audit time and issue more standard and unreserved audit opinions on the target companies.The mechanism test indicates that the “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” stock connect affected auditors' risk response by reducing the earnings management degrees of the target company.The conclusion not only enriches the relevant research on the economic consequences of capital market liberalization and the influencing factors of auditors' risk response,but also provides policy implications to further promote a high-level of opening.