异常审计费用、审计质量与股价崩盘风险

Abnormal Audit Fees, Audit Quality and Stock Price Crash Risk

中文关键词:  异常审计费用  审计质量  股价崩盘风险  成本效益  审计意见购买

英文关键词:abnormal audit fees  audit quality  stock price crash risk  cost effectiveness  purchase of audit opinions

中文摘要:

      审计收费的经济后果近年来引起了学界的持续关注,在我国资本市场管理制度尚不健全的背景下,异常审计费用与个股价格波动密切相关。以2012—2018年沪深两市A股上市公司为样本,实证分析了异常审计费用对股价崩盘风险的影响路径。研究发现,正向异常审计费用能够显著降低公司的股价崩盘风险,在高代理成本公司中,这种降低作用更明显；而负向异常审计费用不会显著影响公司的股价崩盘风险。另外,机制分析发现,审计质量在异常审计费用对股价崩盘风险的抑制影响中具有部分中介效应。上述结论表明,异常审计费用的产生遵循了成本效益原则,而非审计意见购买。因此,会计师事务所应当对审计服务收费进行更加规范的管理,制定合理的定价标准,避免低价揽客对审计质量造成损害,进而引发股价异常波动。

英文摘要:

      In recent years, economic consequences of audit fees have aroused continued attention among scholars. Under the background of imperfect capital market management system, abnormal audit fees are closely related to individual stock price fluctuations. Based on the A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2012 to 2018, this paper studies the influence path of abnormal audit fees on stock price crash risk. The research has found that positive abnormal audit fees can reduce significantly the company's stock price crash risk. This reduction is more obvious in high-cost agency cost companies. However, negative abnormal audit fees cannot affect significantly the company's stock price risk of crash. In addition, the mechanism analysis has found that audit quality has a partial intermediary effect on the abnormal audit fees to suppress the stock price crash risk. This article confirms that the generation of abnormal audit fees is cost-effective to follow, not the purchase of audit opinions. Therefore, accounting firms should manage audit service fees more standardized and formulate reasonable pricing standards so as to avoid soliciting customers by low prices which has adverse effects on audit quality and further leads to the abnormal fluctuation in stock prices. 