风险信息披露需要审计的保驾护航吗?  

Does risk information disclosure need the escort of auditors?

作　　者：姚颐[1] 何敏 YAO Yi;HE Min(Business School of Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学商学院,天津300071

出　　处：《未来与发展》2021年第10期74-84,73,共12页Future and Development

基　　金：国家自然科学基金面上项目批准号“中美贸易摩擦、经济不确定性与企业投资”(批准号72072093);国家自然科学基金面上项目“风险信息披露、管理层动机与市场解读”(批准号71672090);南开大学百名青年学科带头人培养计划资助“政府监管下的新股发行与IPO高抑价研究”。

摘　　要：企业风险是否会影响审计选择一直是困扰理论界的难题,这一命题的难点在于对内在风险难以度量。而本文巧妙地借助于企业披露的风险信息来观测内在风险,研究发现:业绩好的公司不惧怕风险披露,而对于业绩差的公司,风险披露令其担忧和焦虑,应对的主要方法就是聘请大所,不惜支付高额溢价,利用大审计师事务所的声誉进行保驾护航,而大所也以降低审计质量予以配合。进一步,本文又将公司所披露的风险细化,划分为4类风险,并发现不同的作用:市场风险的披露影响审计师事务所选择和审计质量;经营风险的披露影响审计定价。本文为我国监管层进一步完善风险信息披露与审计监管提供了新的证据。本文的风险披露数据全部来自手工搜集,研究的创新点在于发现风险信息披露是影响审计选择的新要素。Whether the level of internal risk will affect firms'auditing selection has always been a difficult problem in the theoretical circle,which is due to the difficulty in measuring internal risk.In this paper,we use firms'informative risk information disclosure level to measure internal risk and find the following results:IPO firms with good performance are not afraid of risk disclosure,while firms with poor performance are worried and anxious about risk disclosure.The main way to deal with it is to employ large audit firms,pay high audit fee premium,and use the reputation of big audit firms to protect them.Meanwhile,big firms also cooperate by reducing audit quality.Furthermore,this paper subdivides the risks disclosed by firms into four types,and finds out different results:market risk disclosure affects the selection of audit firms and audit quality;the operational risk disclosure affects the audit pricing.This paper provides new evidence for the regulatory authorities to further improve the risk information disclosure and audit supervision.All the risk disclosure data in this paper are collected by hand.The innovation of the research is to find that the risk information disclosure is a new factor affecting the audit choice.

关 键 词：信息披露 风险 新股发行 事务所选择 审计费用 审计质量 

分 类 号：D81[政治法律—国际关系] D82[政治法律—政治学]