共同机构投资者对审计费用的影响:合谋还是治理?  

The Impact of Common Institutional Investors on Audit Fees:Collusion or Governance?

作　　者：曹越[1] 罗政东 张文琪 CAO Yue;LUO Zhengdong;ZHANG Wenqi(School of Industry and Business Management,Hunan University,Changsha 410082,China)

机构地区：[1]湖南大学工商管理学院,湖南长沙410006

出　　处：《审计与经济研究》2023年第3期22-34,共13页Journal of Audit & Economics

基　　金：长沙市自然科学基金一般项目(kq2208044)。

摘　　要：共同机构投资者存在合谋观和治理观,其对审计费用的影响具有不确定性。以2007—2020年中国沪深A股上市公司为样本,实证考察共同机构投资者对企业审计费用的影响。结果显示:共同机构投资者与审计费用显著正相关,相较于无共同机构投资者的企业,有共同机构投资者企业的审计费用平均高3.30%个标准差。机制检验结果表明:共同机构投资者为了使投资组合价值最大化,会与组合内企业形成合谋,增加企业真实盈余管理,提高组合内企业信息壁垒。进一步分析发现:分析师跟踪数量较多时,共同机构投资者导致审计费用增加更明显;而行业竞争程度低、高管持股以及短期偿债压力较小则会削弱两者的正向关系。研究的对象不再仅局限于单一企业和单一机构投资者,而是聚焦于投资组合整体,拓展了共同机构投资者的经济后果以及审计费用的影响因素研究。Common institutional investors have collusion and governance view,and their impact on audit fees is uncertain.This paper takes Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as a sample to empirically examine the impact of joint institutional investors on corporate audit fees.The results show that there is a significant positive correlation between common institutional investors and audit fees,the audit fees with common institutional investors ar higher on average by 3.30%standard difference.The mechanism test shows that to maximize the value of the portfolio,the common institutional investors will form collusion with the enterprises in the portfolio,increase the real earnings management behavior of enterprises,and improve the information barriers of enterprises in the portfolio.Further analysis shows that when the number of analysts tracking is high,the increase of audit fees caused by common institutional investors is more pronounced;however,the low level of industry competition,senior executives shareholding and the low pressure of short-term debt repayment will weaken the positive relationship between the two.The object of this paper is no longer limited to a single enterprise and a single institutional investor,but focuses on the whole portfolio,expanding the research on the influencing factors of institutional investors and audit fees.

关 键 词：共同机构投资者 审计费用 真实盈余管理 信息壁垒 分析师跟踪 

分 类 号：F272.5[经济管理—企业管理]