“沪港通”政策对标的企业审计费用的影响研究  

Impact of“Shanghai-Hong Kong Stock Connect”Policy on Audit Fees of Target Enterprises

作　　者：赵世君 李盈盈 叶汪霞 赵方铭 ZHAO Shi-jun;LI Ying-ying;YE Wang-xia;ZHAO Fang-ming(School of Accounting,Shanghai University of International Business and Economics,Shanghai 201620,China;School of Accounting,Dongbei University of Finance and Economics,Dalian 116022,Liaoning,China;School of Accounting,Chongqing College of Finance and Economics,Chongqing 401320,China)

机构地区：[1]上海对外经贸大学会计学院,上海201620 [2]东北财经大学会计学院,辽宁大连116022 [3]重庆财经职业学院会计学院,重庆401320

出　　处：《西部论坛》2025年第2期83-95,共13页West Forum

基　　金：国家社会科学基金一般项目(22BJY033)。

摘　　要：“沪港通”政策对标的企业的遴选机制和监管强化效应会促使标的企业改善公司治理、加强内部控制、提高会计信息质量,进而降低标的企业的审计风险和审计费用;“沪港通”政策会促使标的企业基金持股比例增加和盈余质量提升,从而降低标的企业的重大错报风险以及控制风险和固有风险,减少审计成本和审计风险溢价。采用沪市A股上市公司2011—2017年数据的分析发现:“沪港通”政策的实施显著降低了标的企业的审计费用,该作用在东部地区企业和国有企业中更显著;“沪港通”政策可以通过增加标的企业基金持股比例和提升标的企业盈余质量两条路径来降低标的企业审计费用。因此,应持续推进资本市场有序开放,在强化监管和完善监管机制的同时大力培育优质机构投资者,并引导机构投资者积极参与公司治理。The implementation of the Shanghai-Hong Kong Stock Connect policy,through its selection mechanism and continuous supervision,may influence the corporate governance of target companies,enhance the quality of accounting information,and subsequently affect the audit risks and audit fees of these companies.Although the impact of the opening of China’s capital markets on audit fees has attracted the attention and research of many scholars,the existing literature shows that there is still no consensus on the direction,mechanism of action,and ultimate effects of this impact.Therefore,studying the effects of the Shanghai-Hong Kong Stock Connect policy on audit fees for target companies holds significant theoretical value and practical significance.Based on the theoretical analysis of the Simunic audit pricing model,this paper uses the difference-in-differences method to empirically test the audit fees of the target enterprises of A-share Shanghai-Hong Kong Stock Connect in the Shanghai Stock Exchange from 2011 to 2017.The empirical results show that the implementation of the Shanghai-Hong Kong Stock Connect policy significantly reduces the audit fees of the target enterprises.At the same time,this paper also explores the transmission path of the impact of the policy implementation on audit fees by testing the mechanism of the investment and governance of the target enterprises by domestic securities investment funds and the change of the earnings quality of the target enterprises after the implementation of the Shanghai-Hong Kong Stock Connect policy.In addition,through heterogeneity analysis,it is found that the implementation of the Shanghai-Hong Kong Stock Connect policy effectively alleviates the impact of the target enterprises on the audit fees due to the different marketization levels and property rights of the target enterprises in the region.The contributions of this paper are as follows:firstly,by comprehensively using the audit pricing theory and audit risk theory,it analyzes the potential negative moderatin

关 键 词：“沪港通”政策 审计费用 标的企业 公司治理 盈余质量 基金持股 

分 类 号：F239.4[经济管理—会计学] F832.5[经济管理—国民经济]