机构投资者调研与公司审计意见购买行为:刺激效应还是抑制效应?  

Institutional investors’site visits and audit opinion shopping behavior:Stimulating effect or inhibiting effect?

作　　者：闫焕民[1] 朱紫玲 熊洪莉 YAN Huanmin;ZHU Ziling;XIONG Hongli(School of Economics and Management,Nanchang University,Nanchang 330031,China)

机构地区：[1]南昌大学经济管理学院,江西南昌330031

出　　处：《管理工程学报》2024年第2期104-120,共17页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(71662021、72062020、72372064)。

摘　　要：公司管理层实施审计意见购买行为及其监管治理是审计学界与监管部门长期关注的重要问题。机构投资者调研作为投资者发掘公司内部信息并缓解信息不对称的一种非正式制度安排,会抑制还是刺激公司实施审计意见购买行为?本文基于我国上市公司的机构投资者调研数据,通过实证研究发现:机构投资者调研会刺激公司实施审计意见购买行为,参与调研机构数量越多、调研频数越高,被调研公司的审计意见购买动机越强,审计意见激进度也越高。进一步分析发现,在机构投资者调研的刺激效应下,公司主要通过选聘“中小”事务所实施审计意见购买,其目的是掩盖公司盈余管理及经营风险的“不利信号”。在缓解内生问题、排除替代性解释、考虑审计轮换制度影响等一系列稳健测试之后,上述结论依然成立。因此,建议会计师事务所应重视由机构投资者调研衍生的客户公司审计风险,市场监管部门应加强公司审计师选聘行为监管,提高机构投资者调研的外部治理效应。As a primary external criterion for corporate financial information disclosure,the audit opinion delivers important signals to the capital market and social public.Consequently,investors and regulators highly value audit opinions.This induces corporate managers to engage in audit opinion shopping behavior.Additionally,the incentive to audit opinion shopping varies depending on the internal and external operational environment.Therefore,institutional investors’site visits are an important way to participate in corporate governance.They can serve as information intermediaries by revealing inside information and can raise the awareness of the regulators and the investing public to possibly affect managers’audit opinion shopping behavior.However,there is little literature about how institutional investors’site visits affect audit opinion shopping behavior.On the one hand,the existing literature about the impact of institutional investors’site visits on financial behavior mainly focuses on information disclosure quality,earnings management,corporate value,and tax avoidance strategies.On the other hand,the existing research about the factors affecting audit opinion shopping behavior mainly focuses on the financial position of the corporate,managers’risk appetite,internal governance structure,auditor independence,audit fees,media coverage,and external supervision.Theoretically speaking,is the impact of institutional investors’site visits on audit opinion shopping behaviors thus shown by the inhibiting effect,or the stimulating effect,or both?This is an important question that has yet to be solved.As a result,this paper takes the“Information Disclosure Business Memorandum No.41-Investor Relations Management and its Information Disclosure”issued by the Shenzhen Stock Exchange in 2013 as the research opportunity,and uses data of institutional investors’site visits in A-share listed corporates on the Shenzhen Stock Exchange from 2014 to 2018 as the research sample.Following the methods of Gul et al.(2013)a

关 键 词：机构投资者调研 审计意见购买 刺激效应 抑制效应 

分 类 号：F239[经济管理—会计学]