企业金融化、内部控制与审计质量

企业金融化在资本市场与金融市场领域的研究比较深入,但学者对企业金融化在审计领域的研究关注较少。以2010—2018年我国A股上市公司为研究样本,实证检验企业金融化对审计质量的影响以及内部控制对两者关系的调节作用。研究发现,企业金融化与审计质量显著负相关,内部控制能显著抑制企业金融化对审计质量的负向影响。进一步研究发现:审计业务复杂程度和审计风险在企业金融化对审计质量的影响中发挥显著的中介效应,即企业金融化通过增加业务复杂程度和审计风险,从而降低审计质量;来自四大的审计师具有更强的专业胜任能力和独立性,且连续审计中,其能更好地利用内部控制以应对企业金融化带来的风险;内部控制五要素中内部监督能显著抑制企业金融化对审计质量的负向影响,而内部环境、风险评价、信息沟通、控制活动均未能显著抑制企业金融化对审计质量的负向影响。研究结论丰富了企业金融化与审计质量领域的相关文献,拓展了企业金融化经济后果的理论边界,同时也为推行建立健全良好的内部控制制度提供了经验证据。

Enterprise Financialization,Internal Control and Audit Quality

The research on the financialization of enterprises in the field of capital market and financial market is getting more in depth, but in the field of audit is lack of attention. This paper takes the A stock listed companies of China from 2010 to 2018 as the research sample, and empirically tests the influence of corporate financialization on audit quality and the regulating effect of internal control on the relationship between the two factors. It is found that there is a significant negative correlation between financialization and audit quality, and internal control can significantly inhibit the negative effect of financialization on audit quality. Firstly, further research shows that the complexity of audit business and audit risk play a significant intermediary effect in the role of enterprise finance on audit quality while enterprise financialization will damage audit quality by increasing business complexity and audit risk. Secondly, the auditors from the four major accounting firms have stronger professional competence and independence, and after continuous audit, they can make better use of internal control to deal with the risk of financialization of enterprises; And finally, in a deeper understanding of the mechanism of internal control, internal supervision in the five elements of internal control significantly suppress the negative effect of financialization on audit quality, while internal environment, risk assessment, information communication and control activities fail to achieve such a result. It stands the reason that the research will enrich the relevant researches in the field of enterprise financialization and audit quality, expand the theoretical boundary of financial economic consequences, and also provide empirical evidence for establishing and improving a sound internal control system.