对外直接投资、控制风险与上市公司审计费用

本文在国家实施"走出去"战略的背景下,研究企业对外直接投资对审计费用的影响。研究以2007~2018年我国A股上市公司为样本,发现进行对外直接投资的企业,审计费用显著高于没有对外直接投资的企业,说明审计师能够识别因企业对外直接投资导致的审计风险的上升和审计成本的增加,并通过增加审计费用的方式予以补偿;且此差异不因产权性质和企业所在地市场化水平而异;采用改变样本量、PSM及多时点DID等进行稳健性检验后,研究结论保持不变。进一步分析发现,如果企业内部控制质量较高,控制风险水平较低,则对外直接投资与审计费用之间的关系会弱化,表明控制风险在对外直接投资与审计费用之间起到调节作用,且此作用仅在非国有控股及市场化水平较高地区的企业中显著。

Outward Foreign Direct Investment,Control Risk and Audit Fees of Listed Companies

Based on the implementation of the“go global”strategy,this paper studies the impact of OFDI on auditor decision-making.The research results show that after a company invests abroad,the audit fees will be higher,indicating that the auditor can identify the increase in audit risk and audit cost caused by the company's outward foreign direct investment(OFDI),and make up for it by increasing the audit fees.For enterprises with OFDI,the audit fees are significantly higher than those without OFDI,and this difference is not dependent on the nature of property rights and the level of marketization of the company's location.Using PSM,DID,etc.for robustness testing,it is found that the conclusion remains constant.Further analysis reveals that if the internal control quality of the corporate is high and thus reduces the control risk,the relationship between the OFDI and the audit fees will be weakened.This moderating effect is only significant for non-SOEs and companies in regions with a high level of marketization.