换还是不换?中国审计价格放松管制后审计事务所规模经济对审计事务所转换的影响

IF 3.3 3区 管理学 Q1 BUSINESS, FINANCE
Yanming Cao , Jengfang Chen , Meiting Lu , Grant Richardson
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引用次数: 0

摘要

我们利用中国2014年审计价格放松管制政策的独特背景来考察审计公司是否利用其规模经济(EOS)来竞争客户。我们发现,在审计价格放松管制政策实施后,客户公司从非EOS审计师转向EOS审计师的数量显著增加。额外的分析表明,EOS审计公司比非EOS审计公司更有可能在保持审计质量的同时提供审计费用折扣。我们还发现,审计师的EOS效应在同质化程度较高的行业和支付高额异常审计费用的公司、财务困境的公司和获得较少资本市场关注的公司中更为明显,而在同质化程度较低的行业和支付低异常审计费用的公司、财务稳定的公司和获得更多资本市场关注的公司中更为明显。最后,我们发现国有企业和政治关系的存在分别或共同调节了审计公司-客户在审计价格放松管制后从非EOS审计师向EOS审计师的调整效果。总的来说,我们的研究为政策制定者和监管机构审查和制定新的审计服务政策提供了重要的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
To switch or not to switch? The effect of audit firms’ economies of scale on audit firm switches after audit price deregulation in China

We exploit the unique setting of China’s 2014 audit price deregulation policy to examine whether audit firms use their economies of scale (EOS) to compete for clients. We find a significant increase in client firms switching from a non-EOS auditor to an EOS auditor after the audit price deregulation policy was implemented. The additional analyses show that EOS audit firms are more likely to offer audit fee discounts than non-EOS audit firms while retaining audit quality. We also find that the auditors’ EOS effect is more pronounced for highly homogeneous industries and firms paying high abnormal audit fees, firms in financial distress, and firms receiving less capital market attention than for less homogeneous industries and firms paying low abnormal audit fees, financially stable firms, and firms receiving more capital market attention. Finally, we find that the presence of state-owned enterprises and political connections both separately and jointly moderate the effect of audit firm–client realignments from a non-EOS auditor to an EOS auditor after the audit price deregulation. Overall, our study provides important insights for policymakers and regulators reviewing and developing new policies on audit services.

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来源期刊
CiteScore
4.80
自引率
2.80%
发文量
75
期刊介绍: The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.
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