当上市公司质押股票时,审计师会做出回应吗?来自中国的证据

IF 2.1 Q2 BUSINESS, FINANCE Pacific Accounting Review Pub Date : 2023-06-06 DOI:10.1108/par-08-2022-0127
Kitty Mo Kong, H. Huang
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引用次数: 0

摘要

目的研究中国上市公司的审计费用是否与控股股东的股权质押行为有关。设计/方法/方法本研究使用审计定价模型来估计上市公司股票质押与审计费用之间的关联。对2004年至2019年期间中国上市公司的大样本进行了横断面分析。作者进一步检验了主板上市、国有股和异常审计报告滞后对股票质押与审计费用关联的调节作用。该结果对各种内生性检验保持稳健,包括两阶段最小二乘工具变量分析、熵平衡分析和差异中的差异分析。研究发现,审计费用与中国上市公司控股股东质押股份的比例呈正相关。研究结果还提供了新的证据,表明如果公司在主板上市和/或是国有企业,审计费用与控股股东股票质押之间的正相关关系可以得到缓解。相比之下,审计报告滞后异常的被质押公司的审计费用高于审计延迟过长的被质押同行。实际含义这项研究的结果对负责治理的人具有重要的实际意义,因为董事会在将股票质押作为公司的主要融资来源时,需要全面了解其不利后果。这项研究对中国证监会等股票市场监管机构也有政策意义。监管机构可以考虑根据公司的上市状况和股权结构等因素制定基于门槛的股票质押披露和质押比率要求。原创性/价值本研究为重要资本市场中股票质押的审计相关后果提供了新的证据。本研究还将控股股东的股票质押活动引入审计定价决策模型,丰富了现有的审计文献。
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Do auditors respond when listed firms pledge shares? Evidence from China
Purpose This paper investigates whether the audit fees of Chinese listed firms are associated with the share pledging practice of the firm’s controlling shareholders. Design/methodology/approach This study uses the audit pricing model to estimate the association between the share pledging of listed firms and audit fees. Cross-sectional analysis is conducted on a large sample of Chinese listed firms during the period 2004 to 2019. The authors further test the moderating effects of listing on the Main Board, state ownership and abnormal audit report lag on the association between share pledging and audit fees. The results remain robust to various endogeneity tests including two-stage least squares instrumental variable analysis, entropy balancing analysis and difference-in-difference analysis. Findings The study finds that audit fees are positively associated with the proportion of shares pledged by the listed firm’s controlling shareholder in China. The results also provide new evidence that the positive association between audit fees and the share pledging of controlling shareholders could be mitigated if the firm is listed on the Main Board and/or it is a state-owned enterprise. In contrast, pledged firms with abnormal audit report lag are found to have higher audit fees than their pledged counterparts without the excessively long audit delay. Practical implications Findings of this study have important practical implications to those charged with governance, as boards need to comprehensively understand the adverse consequences of share pledging when pursuing it as the firm’s major source of financing. The study also has policy implications for stock market regulators such as the China Securities Regulatory Commission in China. Regulators could consider developing a threshold-based share pledging disclosure and pledge ratio requirements based on factors such as a firm’s listing status and ownership structure. Originality/value This study provides new evidence on the audit-related consequences of share pledging in a significant capital market. Findings of this study also enrich the existing audit literature by introducing the share pledging activities of controlling shareholders into the audit pricing decision-making model.
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来源期刊
Pacific Accounting Review
Pacific Accounting Review BUSINESS, FINANCE-
CiteScore
3.80
自引率
9.50%
发文量
36
期刊介绍: Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.
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