Are non‐audit services associated with firm value? Evidence from financial information system‐related services

The purchase of non‐audit services from incumbent auditors has generated considerable attention. Surprisingly, limited empirical evidence exists on the association of non‐audit services with firm value. Focusing on services related to financial information system (FIS), we find that the market value of equity is greater for firms that purchase FIS‐related services from their incumbent auditors relative to firms that do not. The levels of FIS fees are also positively related to firm value after controlling for total other fees, or total other non‐audit fees. Hence, despite the negative perception associated with non‐audit services, investors regard FIS‐related services as value‐adding activities.     

Discussion of ‘Strategic pricing by Big 4 audit firms in private client segments’

This article discusses the paper by Dutillieux et al., (2013). The comments are in four main areas, regarding the importance of the research question, the setting in which the study is located, the theoretical development of the study and some thoughts regarding both supply‐ and demand‐side considerations around auditor change.     

What is the impact of corruption on audit fees?

This study examines the impact of country-level corruption on audit fees. Using a sample of 102,934 companies from 48 countries over the period 1998–2014, the authors find that audit fees are positively associated with higher levels of corruption. They also discovered that corruption adds a significant margin to the premium paid to Big 4 (Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Ernst & Young and KPMG) auditors. The study opens up a new line of research and adds significantly to the academic literature on the Big 4 audit premium.

IMPACT

The study has several important implications for academics and policy-makers. These include discussion of the factors driving corruption and the role of auditing. Knowledge of the factors driving corruption should guide policy-makers to adoption of polices that could reduce corruption. The finding that audit fees are positively associated with corruption, as well as with audit quality, points to the potential for auditing as a tool for corruption control beyond its traditional role as an assurance service.     

地方经济政策不确定性与中小银行资金跨区域配置

基于1146家具有全国代表性的中小银行样本,探讨地方经济政策不确定性（LEPU）对中小银行资金跨区域配置的影响。结果发现：LEPU上升显著促进了中小银行资金跨区域配置。基准回归结果经过一系列稳健性检验后依然成立。在作用机制方面,LEPU上升加剧了中小银行本地经营的安全性风险和流动性风险,从而促使其进行资金跨区域配置。异质性分析表明,相较于城市商业银行,LEPU上升对于农村商业银行资金跨区域配置的促进作用更大。鉴于此,地方政府应尽量保证经济政策的连贯性和稳定性,以引导中小银行更好地服务本地实体经济。     

Do supply shocks in the audit partner labor market affect auditor choice? Evidence from a quasi-natural experiment

We examine whether supply shocks in the audit partner labor market induce clients to switch audit partners. We argue that audit partners in their early careers (i.e., junior partners) charge low audit fees to attract clients, which induces client firms to switch from senior partners to junior partners when there are more junior partners available. Utilizing the Big4 localization policy, we find that Big4 clients are more likely to replace senior auditors with junior auditors to cut costs after the policy. Furthermore, the results are mainly driven by clients who are charged high fees. Our empirical evidence enriches the understanding of auditor choice determinants and informs the ongoing debates surrounding new regulations for Big4 firms in China.     

我国审计定价影响因素的实证研究

审计定价与注册会计师的独立性和审计质量息息相关.通过运用2006年沪、深两市上市公司的实证数据对我国审计定价影响因素进行实证研究,结果表明:非审计费用未影响审计定价,董事会规模、董事会勤勉与独立性、事务所品牌、企业规模和子公司数目等直接影响审计定价.     

试论西部大开发财税政策选择

西部大开发、促进区域经济结构调整是我国经济结构调整的重点。作为政府配置资源不可替代的手段、收入不公平分配的有效法码、宏观调控的基本工具的财政，配以中央政府科学的使用必会极大促进区域经济的协调发展。     

关于加强转变经济发展方式相关政策执行情况审计监督的思考

对转变经济发展方式相关政策执行情况进行审计是我国审计机关的重要职责。本文在对我国审计机关的外部体制环境和内部运行机制进行分析的基础上,提出加强对转变经济发展方式相关政策执行情况进行审计监督应着力抓好五项工作:系统梳理转变经济发展方式的相关政策,找准监督的着力点;搭建审计信息平台,推行多专业、多视角、多方式的数据分析;优化组织方式,实现上下联动、点面结合;加强审计成果应用,增强政策执行情况审计的高端性;通过开展政策执行情况审计,推动外部体制制度的完善。     

经济政策不确定性与人民币汇率的非对称波动——基于投资者预期视角

选取2011年1月至2022年3月的时间序列数据,探讨经济政策不确定性对人民币汇率波动的非对称影响及投资者预期的中介效应。研究发现,相对经济政策不确定性上升加剧了人民币汇率波动,且呈现出明显的非对称特征,即在宏观经济状况较坏时的波动更大,投资者预期在其中发挥了重要的中介作用。鉴于此,应针对不同宏观经济状况采取差异化调控措施,提振投资者信心,避免形成人民币不良变动预期,预防人民币汇率的过度波动。     

国际贸易再平衡与汇率政策的关系

全球贸易的不平衡,表现为美国急剧上升的经常账户赤字与中日等国家不断累积的贸易顺差之间的矛盾,并成为美国施压人民币汇率的理由。文章分析表明,国内经济结构、贸易方式甚至国际货币体系等因素部对国际贸易的不平衡构成重大影响,汇率政策不是国际贸易失衡的本质及唯一原因,也不是国际贸易再平衡的解药。寻求国际贸易再平衡的出路,关键因素不是汇率,而要从经济结构调整、贸易方式转变以及货币体系改革中寻求答案。     

法律惩戒、审计意见与审计变通行为——来自上市公司的数据

作为中国资本市场中保护投资者利益的一种手段,法律惩戒在注册会计师行业监管中扮演着重要角色。本文通过对我国资本市场上市公司数据的研究表明,随着法律惩戒力度增强,审计意见和审计行为存在明显的变通可能性,注册会计师会更多地出具非标准审计意见类型的审计报告。这意味着,法律惩戒对审计意见类型具有重要影响,是注册会计师做出审计判断时考虑的一个重要因素。     

金融科技发展对城市金融韧性的影响研究

依据2011—2021年我国283个城市面板数据,考量金融科技发展对城市金融韧性的影响。结果显示：金融科技发展主要通过提升金融体系运行效率与金融服务实体经济效能,进而增强城市金融韧性。异质性分析显示,金融科技发展对中、西部地区以及非中心城市金融韧性的提升作用更显著。经济政策不确定性对金融科技发展增强城市金融韧性具有负向调节作用,高市场化水平则具有正向调节作用。鉴于此,应持续优化金融科技发展政策体系,实施差异化区域发展战略,进一步完善政策稳定性保障机制,深入推进市场化改革进程。     

经济政策不确定性、意见分歧与股价崩盘风险

基于中文媒体构建的中国经济政策不确定性指数,研究经济政策不确定性对股价崩盘风险的影响效果和机制。结果显示:经济政策不确定性的提高会显著加剧股价崩盘风险,这表明经济政策不确定性是崩盘风险的诱因之一。通过对影响机制检验发现,经济政策不确定性对股价崩盘风险的正向作用,随着投资者意见分歧的增加而加强。在宏观经济良好时期,非国有股权和规模较大的企业,经济政策不确定性并未明显加剧股价崩盘风险,甚至起到了缓解股价崩盘风险的作用。