自由现金流量和债务控制假说检验——来自中国上市公司审计费用的经验证据

本研究在控制相关变量下，采用oLs经验检查自由现金流量和审计费用之问的关系，从审计费用视角检验自由现金流量假说和债务控制假说。本研究提供的经验证据表明：（1）自由现金流量和审计费用显著正相关．验证了自由现金流量假说。（2）债务控制效应在中国没有发挥应有的作用，我们从中国的制度角度对这一现象进行了解释；（3）行业特征、公司规模、公司业务复杂性、资产流动性是影响审计费用的重要因素。（4）速动比率和盈利能力对审计费用的影响不显著。

A Test of the Free Cash Flow and Debt Control Hypothesis -- --Empirical Evidence from Audit Fees of Chinese Listed Companies

After controlling for related variables, the study applies OLS to examine empirically the relationship between free cash flow and audit fees test the free cash flow hypothesis and debt control hypothesis from audit fees perspective. The study provides empirical evidences suggest: (1) free cash flow is positively related to audit fees, confirming the free cash flow hypothesis; (2) debt control effect doesn't play corresponding role in China, we explain the phenomenon from Chinese institution angel; (3) industrial characteristic, firm size, corporate business complexity and asset liquidity are important factors affect audit fees; (4) quick ratio and profitability don't significantly affect audit fees.