资本市场国际化与审计师风险应对行为——基于企业生命周期视角  

Internationalization of Capital Market and Auditors'Risk Response Behavior:Based on the Perspective of Enterprise Life Cycle

作　　者：代彬[1] 闵诗尧 刘星[2] DAI Bin;MIN Shiyao;LIU Xing(School of International Business and Management,Sichuan International Studies University,Chongqing 400031,China;College of Economics and Business Administration,Chongqing University,Chongqing 400044,China)

机构地区：[1]四川外国语大学国际工商管理学院,重庆400031 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《华东经济管理》2023年第9期118-128,共11页East China Economic Management

基　　金：国家社会科学基金一般项目“党组织嵌入视阈下的国有企业非伦理行为及其治理机制研究”(19BGL059);重庆市教育委员会人文社会科学研究重点项目“双循环背景下资本市场开放促进上市公司高质量发展的机制、路径及效果研究”(21SKGH130);重庆市教育委员会科学技术研究重点项目“资本市场开放与资本配置效率:基于陆港通的理论与实证研究”(KJZD-K202000902)。

摘　　要：在加快构建国内国际双循环相互促进的新发展格局背景下,如何评价A股纳入MSCI指数成为学术界与实务界共同关注的焦点。文章以2010—2020年A股上市公司为样本,基于PSM-DID模型考察A股纳入MSCI指数外生事件对审计师风险应对行为的影响。结果发现:资本市场国际化后标的企业审计师审计投入更少、审计收费更低,且上述抑制效应主要体现在生命周期处于成熟期企业中;进一步研究表明,资本市场国际化作用效果主要是通过缓解标的企业融资约束和提高管理层语调乐观度这两条途径得以发挥,在管理层短视程度较高和内部控制质量较好企业样本中更为显著;经济后果检验揭示,A股纳入MSCI指数后通过减少审计师审计投入和审计收费有助于降低企业的风险承担水平和高管变更概率。The inclusion of China A-shares in MSCI index has steadily drawn scholarly attention as the establishment of a new development pattern of dual circulation and mutual promotion between the domestic and international markets is speeding up.Based on the PSM-DID model,this study examines the effect of exogenous events of A-shares inclusion in MSCI index on auditors'risk response behavior using a sample of A-shares listed companies in China from 2010 to 2020.The results show that after the internationalization of the capital market,the target company's auditors invest less in auditing and charge lower fees,and the above inhibitory effects are mainly reflected in mature enterprises in their life cycle;further research shows that the internationalization effect of the capital market is mainly achieved through two channels:alleviating the financing constraints of the target enterprises and improving the optimism of the management tone,which is more significant in the sample of enterprises with higher management myopia and better internal control quality;the test of economic consequences reveals that after A-shares are included in the MSCI index,reducing the auditor's audit investment and audit fees will help reduce the level of assumption of risk and the probability of change of executives.

关 键 词：资本市场国际化 MSCI新兴市场指数 审计师风险应对行为 

分 类 号：F832.51[经济管理—金融学] F239.4