上市公司ESG评级与审计报告决策——基于信息生成和信息披露行为的视角  

ESG Rating of Listed Companies and Audit Report Decision-making:Based on the Perspectives of Information Generation and Information Disclosure

作　　者：唐凯桃 宁佳莉 王垒 Tang Kaitao;Ning Jiali;Wang Lei(Accounting School,Chongqing University of Technology,Chongqing 400054,China;Center for China's Governmental Auditing Research,Sichuan Chengdu 611130,China)

机构地区：[1]重庆理工大学会计学院,重庆400054 [2]中国政府审计研究中心,四川成都611130

出　　处：《上海财经大学学报（哲学社会科学版）》2023年第2期107-121,共15页Journal of Shanghai University of Finance and Economics

基　　金：国家社会科学基金社团项目“国家审计促进经济高质量发展研究”(22STA058);国家社会科学基金一般项目“西南三线建设工业遗产审计及生态化利用路径研究”(20BJY049);中国博士后科学基金面上项目“政策执行效果审计驱动产业高质量发展的理论逻辑、效果检验与优化路径”(2021M700642);重庆理工大学人才引进科研启动金项目“僵尸企业治理与金融风险防控”(2021ZDR013)。

摘　　要：ESG与高质量发展理念高度契合,是反映企业可持续发展水平的重要指标。文章以2010—2020年A股上市公司为研究对象,从企业行为视角出发,考察ESG评级是否会引起审计师关注,并体现在审计报告行为决策中。研究发现,上市公司ESG评级能够影响审计师审计报告行为决策,上市公司ESG评级越高,审计师出具正面审计报告的概率越大,采用PSM、工具变量法等缓解内生性问题后,上述结论依然成立。机制检验发现,ESG评级能够通过影响信息生成行为(改善企业经营管理)、信息披露行为(降低信息不对称),进而影响审计师审计报告行为决策。异质性分析表明,当企业所处地区制度规制强度越大、企业性质为非国有和非污染企业以及内部控制越有效时,ESG评级对审计报告行为决策的正向影响越明显。分项检验发现,环境保护(E)、公司治理(G)维度的表现能有效降低审计师出具负面审计报告的概率,但社会责任(S)维度表现对出具负面审计报告的影响有限。研究结论为监管部门、上市公司提高企业管理水平、改善资本市场信息环境提供了可行建议,同时为审计师规避审计风险、提高审计工作效率提供了决策依据。ESG is highly compatible with the concept of high-quality development and is an important indicator to measure the sustainable development level of enterprises.With the proposal of the“carbon peak”and“carbon neutral”strategic objectives by the central government,the ESG performance of enterprises has gradually become a hot topic in the theoretical and practical circles.The existing literature focuses on the relationship between ESG performance and enterprise development,and there are few studies extend the economic consequences of ESG to market intermediary.Based on this,taking China's A-share listed companies from 2010 to 2020 as the research object,this paper examines whether ESG rating will attract auditors'attention and be reflected in the decision-making of audit report,and its internal mechanism,and further discusses the differential performance of the relationship between the two in different situations from the external institutional environment and internal enterprise characteristics.The study finds that,ESG rating can affect auditors'decision-making on audit report.Auditors prefer to issue positive audit report for enterprises with high ESG rating.After replacing variables,changing sample size,adding control variables,PSM matching,instrumental variable method and other robustness tests,the conclusion is still valid.The mechanism test shows that information generation behavior and information disclosure behavior play an intermediary role in the above impact relationship.That is,ESG rating can reduce the probability of being issued negative audit report by influencing information generation behavior(mproving enterprise operation and management)and information disclosure behavior(reducing information asymmetry)The heterogeneity analysis shows that the positive impact of ESG rating on audit report decision-making is more obvious when the intensity of local institutional regulation is stronger,or the enterprise is non-state-owned,non-polluting,or with a more effective internal control.The sub-item te

关 键 词：ESG评级 审计报告 企业行为 企业性质 制度环境 

分 类 号：F832[经济管理—金融学]