审计费用、信息披露质量与非效率投资——来自深交所上市公司的经验证据

以2008-2016年的深交所457家A股上市公司为样本,探讨审计费用、信息披露质量和非效率投资的关系。研究结果表明,信息披露质量与非效率投资呈显著负相关关系。信息披露质量的水平越高,越能减缓外部投资者与企业的信息不对称问题和企业代理问题,从而使非效率投资降低;审计质量在监督企业财务报告质量中起到了重要作用。因此,审计费用与信息披露质量这两个指标是相互替代的,并且审计费用弱化了信息披露质量对非效率投资的负相关关系。

Study on Audit Fee,Information Disclosure Quality and Non-efficiency Investments——Empirical evidence from companies listed on the Shenzhen stock exchange

Based on the data samples of 457 A-share listed companies in Shenzhen Stock Exchange from 2008 to 2016, this paper empirically tests the relationship among audit fees, information disclosure quality and non-efficient investment. The results show that there is a significant negative correlation between the information disclosure quality and non-efficiency investment. The higher the level of information disclosure quality, the more can alleviate the problem of information asymmetry between external investors and enterprises and the internal agency. Therefore, the audit fee and the information disclosure quality can be replaced by each other, and the audit fee weakens the negative correlation between the information disclosure quality and the non-efficiency investment.