监管问询的有效性研究:基于审计师行为视角分析  

Study on the Effectiveness of Inquiry Letters:Evidence from Auditors’ Behavior

作　　者：彭雯[1] 张立民[1] 钟凯 黎来芳[3] PENG Wen;ZHANG Limin;ZHONG Kai;LI Laifang(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China;Business School,University of International Business and Economics,Beijing 100029,China;School of Business,Renmin University of China,Beijing 100872,China)

机构地区：[1]北京交通大学经济管理学院,北京100044 [2]对外经济贸易大学国际商学院,北京100029 [3]中国人民大学商学院,北京100872

出　　处：《管理科学》2019年第4期17-30,共14页Journal of Management Science

基　　金：国家自然科学基金(71902028,71872010);教育部人文社会科学研究项目(19YJC630232);国家社会科学基金(15BGL051)

摘　　要：近年来中国证券交易所的监管问询的力度不断加大,对上市公司进行全面"体检",向信息披露存在疑点的公司发放问询函,要求审计师等中介机构核查并发表明确意见,以期从源头发现萌芽中的市场风险,建立维护资本市场健康运行的第一道防线。基于审计师决策行为视角,研究证券交易所监管问询发挥作用的途径,选取2015年至2017年沪深A股上市公司的7 592个公司-年观察值为研究样本,运用Stata统计软件,采用OLS多元回归、倾向得分匹配、工具变量等方法进行实证检验。结合问询函分类、首次问询、溢出效应、中介效应、非标准审计意见、审计师变更方向等维度的分析,提供相应的稳健性检验证据。研究结果表明,交易所监管问询增加审计师发表持续经营审计意见的可能性,审计师变更行为发生的概率增大,并且监管问询促使被问询公司的审计师从大事务所变更为小事务所,审计师-客户关系重构由审计师辞聘行为主导,加大了上市公司受到的外部压力,促使公司提高信息披露质量,说明证券交易所监管问询机制通过审计师渠道发挥积极作用。深入研究发现,收到问询函次数越多的公司,其审计师决策行为受到监管问询的影响越大;监管问询促使审计师增加审计投入,同一家事务所审计的被问询公司与未被问询公司之间存在溢出效应,进一步验证了审计是监管问询发挥积极效应的重要途径。揭示了审计是证券交易所监管问询发挥积极作用的重要渠道,支持了证券交易所监管问询机制的积极经济后果,对于规范上市公司信息披露行为、促进资本市场健康发展具有积极作用,对于加强审计师独立性、完善审计师变更原因信息披露等制度提供了一定的理论参考。In recent years,China’ s stock exchanges have enforced the supervisory inquiry. Comprehensive "physical examinations"have been carried out on listed companies,and inquiry letters have been issued for listed companies with potential inaccurate,non-compliant and incomplete information disclosure which requires the company to interpret,correct or supplement key information. Relevant information requires auditors and other intermediary agencies to verify and express clear opinions. The stock exchange inquiry reflects the advantages of the frontline supervision of the exchange in terms of flexibility,transparency and timeliness,in order to discover the budding market risks from the source and erect the first line of defense to maintain the healthy operation of the capital market.From the perspective of auditors’ decision-making behavior,this paper investigates the effectiveness of inquiry letters. Using the 7 592 firm-year observations of non-financial firms listed in the A-share market of Shenzhen Stock Ex-change and Shanghai Stock Exchange between 2015 and 2017. Then it exploits Stata software and uses multivariate regression analysis methods including OLS multiple regression,propensity score matching method and instrumental variables to examine and respond to the research questions. Moreover,robust checks are provided with the classification of the inquiry letters,first inquiry,spillover effect,mediation effect,modified audit opinions and the direction of auditor change.Results show that the propensity to issue going-concern opinions is increased for firms with inquiry letters and auditors are more likely to resign from these firms. It further deepened the external pressure on listed companies and forced the company to improve the quality of information disclosure. Our study shows that the inquiry letters mechanism plays an active role through the auditor channel. Further evidence show that the number of inquiries also has an impact on auditor’s decision-making and audit effort increases after the stock excha

关 键 词：审计师决策 监管问询 审计师变更 持续经营审计意见 信息披露质量 审计师独立性 

分 类 号：F275[经济管理—企业管理]