投服中心网上行权与外部审计师风险应对

Effect of the Online Rights Exercise of China Securities Investor Services Center on External Auditors' Risk Response

中文关键词:  中证中小投资者服务中心(ISC)  网上行权  外部审计师  审计收费  审计意见  审计师风险应对

英文关键词:China Securities Investor Services Center  online rights exercise  external auditors  audit fees  audit opinion  auditors' risk response

中文摘要:

      完善中小投资者保护机制已成为我国学术界和政府监管部门十分关注的问题,建立中证中小投资者服务中心(ISC)是多层次资本市场体系形成的有益探索和创新。基于2015—2020年上市公司数据,实证检验了ISC网上行权对外部审计师风险应对的影响。研究发现,企业被ISC网上行权后,外部审计师的审计收费更多,非标准审计意见的出具概率更高。机制检验表明,ISC网上行权通过影响被行权企业的监管风险和诉讼风险引致外部审计师风险应对行为的变化。进一步研究发现,ISC网上行权提高了相关企业外部审计师变更的概率,有助于提高企业的信息披露质量和盈余质量。异质性分析显示,ISC网上行权对外部审计师风险应对的影响,在非国有企业、投资者关注度较高的企业中更明显。因此,政府应在立法层面上赋予ISC更多便利,以加强资本市场监管,推动上市公司治理现代化,保护中小投资者权益。

英文摘要:

      Improving the protection mechanism for small and medium-sized investors has become an issue of great concern to academics and government regulators in China, and the establishment of China Securities Investor Services Center (ISC) is a useful exploration to promote the formation of a multi-level capital market system. Based on the data of listed firms from 2015 to 2020, this paper empirically studies the effect of ISC's online rights exercise on external auditors' risk response. Research results show that ISC's online rights exercise increases the probability of changes in relevant firms' external auditors, which is conducive to improving the information disclosure quality and earnings quality. Heterogeneity analysis shows that the effect of ISC's online rights exercise on external auditors' risk response is more significant in non-state-owned firms and firms with high-level investor attention. Therefore, the government should give ISC more convenience at the legislative level in order to facilitate the modernization of capital market regulation and listed firms' governance and protect the rights and interests of small and medium-sized investors. 