董事高管责任保险对审计延迟的影响研究  

The Impact of Directors'and Officers'Liability Insurance on Audit Delay

作　　者：陈红[1,2] 林啟丛 曾军 CHEN Hong;LIN Qicong;ZENG Jun(School of Accounting,Yunnan University of Finance and Economics,Kunming Yunnan 650221;Zhaotong University,Zhaotong Yunnan 657000;Transportation Bureau of Liangshan Yi Autonomous Prefecture,Liangshan Sichuan 615000)

机构地区：[1]云南财经大学会计学院,云南昆明650221 [2]昭通学院,云南昭通657000 [3]凉山彝族自治州交通运输局,四川凉山615000

出　　处：《中国审计评论》2022年第2期100-131,共32页China Auditing Review

基　　金：国家自然科学基金项目(71862036,71662034)

摘　　要：以我国2009年到2019年A股非金融类上市公司为研究样本,考察董事高管责任保险对审计延迟的影响及作用路径。研究发现:董事高管责任保险在我国上市公司治理中发挥着积极作用,董事高管责任保险的认购能够显著降低审计延迟,且随着认购时间的增加,其发挥的治理效应有所增强。在采用Heckmam两阶段法、PSM方法、工具变量法以及PS.M+DID方法控制潜在的内生性问题后,该效应依然显著。通过中介效应检验发现,董事高管责任保险通过提高企业内部控制质量和降低代理成本能够实现缩短审计延迟。进一步分析表明,董事高管责任保险还能通过“风险转嫁效应”降低审计延迟;董事高管责任保险对审计延迟的降低作用在分析师跟踪人数多(外部监督机制强)以及高管薪酬较高的情况下更显著。Taking A-share non-finaneial listed firms in China from 2009 to 2019 as the research sample,this paper studies the impact of Directors'and Officers'liability insurance on audit delay and its'mechanism.Empirical results show that:Directors'and Officers'liability insurance plays a positive governance role in Chinese listed companies,and the purchase of Directors'and Officers'liabilty insurance can shorten audit delay significantly,and the longer the.time,the more governance effect it has.The conclusion is still robust after using Heckman two-stage method、PSM matching method、instrumental variable method and PSM+DID method to control possible endogenous problems.The mediating effct test indicates:Directors'and Officers'liability insurance reduces audit delay by enhancing the internal control quality and reducing agency cost.Further analyses suggest that the impact of Directors'and Officers'liability insurance on audit delay is also its'function of risk transfer effect,and the impact if more significant when a firm has more analysts to follow(with stronger external supervision)and higher executive compensation.

关 键 词：董事高管责任保险 审计延迟 内部控制质量 代理成本 

分 类 号：F832.51[经济管理—金融学] F842.69F239.4