融资约束、审计费用与现金持有价值

审计费用和现金持有价值是公司财务审计研究领域的两个重要话题。审计费用高低所隐含的公司风险程度影响着投资者对公司增加现金持有量将产生积极还是消极效应的判断,会导致公司股票超额回报率的变化,进而也可能影响其现金持有价值,目前尚无相关的研究。本文以现金持有的边际价值模型为基础,引入审计费用和融资约束变量,对融资约束条件下审计费用与公司现金持有价值的关系进行研究后发现,过高的审计费用会降低公司的现金持有价值,审计费用增加得越多,公司的现金持有价值越低。进一步的分析发现,相对于其面临较高程度的融资约束时,公司面临较低程度的融资约束时审计费用对其现金持有价值的负向影响更为显著。

Financing Constraints,Audit Fees and Cash Holding Value

Audit fees and cash holding value are two important topics in the field of corporate finance and auditing research.The degree of corporate risk implied by audit fees affects investors*judgment on whether increasing cash holdings will have positive or negative effects,which will lead to changes in the excess return rate of stocks,and may also affect the value of cash holdings.However,there is no research in this field at present.Based on the marginal value model of cash holdings,this paper introduces audit fees and financing constraints as variables,and investigates the relationship between audit fees and cash holdings value under financing constraints.The results show that excessive audit fees will reduce the cash holdings value of the company.The more audit fees increase,the lower the cash holdings value of the company.Further analysis also indicates that audit fees have more significant negative impact on cash holding value when firms are facing lower degree of financing constraints.