风险投资、内部控制与审计定价  

Venture Capital,Internal Control and Audit Pricing

作　　者：权小锋[1] 徐星美[2] 

机构地区：[1]苏州大学东吴商学院,江苏苏州215021 [2]中国人民大学国际学院(苏州研究院),江苏苏州215123

出　　处：《财经研究》2017年第6期132-144,F0003,共14页Journal of Finance and Economics

基　　金：国家自然科学基金项目(71302121);江苏省社会科学基金项目(14EYC007);财政部全国会计领军(后备)人才(学术类)培养项目;江苏省青年社科英才项目;江苏省高校"青蓝工程"优秀青年骨干教师项目的资助

摘　　要：文章利用手工收集的风险投资持股及其属性特征数据,基于审计风险的分析逻辑,系统研究了风险投资、内部控制与审计定价之间的内在关系。研究发现:(1)与非风险投资持股公司相比,风险投资持股公司的审计定价显著更低;(2)从属性特征来看,风险投资的控制属性显著降低了审计定价,而联合属性显著提高了审计定价;(3)在抑制审计风险、降低审计定价方面,风险投资持股与内部控制质量存在显著的替代效应。文章研究表明,风险投资持股在审计市场上发挥了显著的治理效应,因而强化风险投资机构的增值服务和监督职能,对于提高上市公司运营效率具有重要的现实价值。Using hand-collected data of venture capital share ownership and attribute characteristics, this paper systematically analyzes the relationship between venture capital, internal control and audit pricing based on analytical logic of audit risks. It arrives at the eonelusions as follows： firstly, compared with companies without venture capital, audit pricing of companies with venture capital is significantly lower; secondly, from the per- spective of attribute characteristics, the control attribute of venture capital signifieantly re- duces audit pricing, and the united attribute signifieantly increases audit pricing; finally, there is a significant substitution relation between venture capital ownership and internal control quality for inhibiting audit risks and reducing audit pricing. It shows that, venture capital has played a significant governance role in audit market, so to strengthen the ven- ture capital firms＇ value added services and monitoring functions is of great reality value to the improvement of operational efficiency of listed eorporations.

关 键 词：风险投资 内部控制 审计定价 审计风险 

分 类 号：F275.5[经济管理—企业管理]