商业研究

商业研究

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控股股东股权质押、审计延迟与审计定价 ——基于我国沪深两市A股市场2006-2016年数据的分析

任莉莉，张瑞君   

  1. （中国人民大学 商学院，北京 100872)
  • 收稿日期:2018-02-01 出版日期:2018-05-22
  • 作者简介: 任莉莉（1987-），女，河北承德人，中国人民大学商学院博士研究生，研究方向：公司治理、企业创新与资本市场；张瑞君（1961-），女，成都人，中国人民大学商学院教授，博士生导师，管理学博士，研究方向：企业集团财务管理与风险管理。
  • 基金资助:
    财政部全国会计科研课题重点项目，项目编号：2015KJA010。

Controlling Shareholder′s Equity Pledge, Audit Delay and Audit Pricing: An Analysis based on 2006-2016 Data in A-share markets

REN Li-li，ZHANG Rui-jun   

  1. (School of Business, Renmin University of China，Beijing 100872，China)
  • Received:2018-02-01 Online:2018-05-22

摘要： 作为上市公司普遍采用的融资方式，控股股东股权质押在缓解企业融资约束的同时，也带来了大股东掏空、过度盈余管理等问题；审计师在风险导向审计下能否意识到其中的风险并影响审计定价，是一个值得探讨的问题。本文从股权质押与审计定价的关系出发，从外部监管的视角分析审计师对企业股权质押风险的判断，发现股权质押会造成审计延迟和审计定价的提高，即股权质押的存在致使企业风险加大，审计师会通过提高努力程度、增加风险溢价来面对可能存在的风险；这种相关性在民营企业、市场化程度低和企业透明度低的情况下显著存在，且这种影响在采用倾向得分匹配法处理后结果依旧显著。上述发现从外部视角为投资者评价控股股东股权质押行为的风险性提供了参考，也对审计定价具有一定借鉴意义。

关键词: 股权质押, 审计延迟, 审计定价, 审计风险

Abstract: As a commonly used financing method for listed companies, while the controlling shareholder′s equity pledge alleviates the financing constraints of the company, it brings about problems such as short selling of large shareholders and excessive earnings management; whether the auditor can realize the risks under risk-oriented auditing and affect audit pricing is a question worth exploring. Starting with the relationship between equity pledge and audit pricing, this article analyzes the auditors′ judgment of corporate equity pledge risk from the perspective of external supervision, finding that the equity pledge will result in audit delay and increase in audit pricing, that is, the existence of equity pledge increases the risk of the company,so auditors reduce potential risks by increasing the level of effort and increasing the risk premium; this correlation is significant in the case of private enterprises, low degree of marketization, and low transparency of the company, and the effect is still significant after the use of the propensity score matching method. The above findings provide an insight from an external perspective for investors to evaluate the risk of controlling shareholder′s equity pledge, and it also has certain reference value for audit pricing.

Key words: equity pledge, audit delay, audit pricing, audit risk