关键审计事项模板化披露会影响投资者决策吗——基于权益资本成本的证据  

Do Textual Similarity of Key Audit Matters Influence Investor Decisions?Evidence Based on the Cost of Equity Capital

作　　者：陈丽红[1] 孙梦娜 李曌赟 曾德涛 Chen Lihong

机构地区：[1]中南财经政法大学会计学院/注册会计师行业发展研究中心,430073

出　　处：《会计研究》2024年第6期162-176,共15页Accounting Research

基　　金：国家社会科学基金重点项目(23AGL012);审计署2024至2025年度重点科研课题(24SJ03002);中南财经政法大学中央高校基本科研项目(2722023EG002);中南财经政法大学研究生教学教改项目(YRTD202418);中南财经政法大学研究生科研创新平台项目(202411106)的支持。

摘　　要：审计报告的信息含量和决策有用性是理论界和实务部门关注的重要话题。本文利用2016-2020年我国A股上市公司数据,研究了关键审计事项模板化披露对企业权益资本成本的具体影响。研究发现,关键审计事项模板化披露会显著提高企业权益资本成本;机制检验发现,关键审计事项模板化披露通过降低投资者感知的审计质量和分析师预测准确度两条路径,使得权益资本成本上升;进一步分析发现,这种增加效应主要体现在非行业专家审计、低学历审计师审计、审计师独立性低、外部关注低的公司;考察不同类型关键审计事项、不同维度关键审计事项模板化披露的影响差异,发现投资者更关注资产减值类关键审计事项以及企业在行业维度的异质化信息。本文研究为准则制定者和监管机构完善关键审计事项披露制度、切实推进审计报告改革提供了参考依据。The information content and decision usefulness of audit reports is an important topic of concern for both academics and practitioners.This paper investigates the specific effect of templated disclosure of key audit matters on the cost of equity capital of enterprises,using data from A-share listed companies in China from 2016 to 2020.It finds that templated disclosure ofkey audit matters significantly increases the cost of equity capital of enterprises;the mechanism test finds that templated disclosure of key audit matters increases the cost of equity capital through two pathways,by reducing audit quality as perceived by investors and the accuracy of analysts'forecasts;Further analysis finds that this increasing effect is mainly reflected in non-industry expert audits,low educated auditor audit,low audit independence,low external attention;Examining the differential impact of boilerplate disclosure of different types of key audit matters and different dimensions of key audit matters,we find that investors pay more attention to asset impairment type key audit matters and the heterogeneous information of firms in the industry dimension.The research provides a reference for standard setters and regulators to improve the disclosure system of key audit matters and effectively promote the reform of audit reports.

关 键 词：关键审计事项 模板化披露 权益资本成本 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F239.4