卖空机制的审计收费效应研究

Research on the Effect of Short Selling Mechanism on Audit Fees

关键词:  卖空比率；审计收费；审计风险；市场化水平

Key words:  Short Selling Ratio; Audit Fees; Audit Risk; Marketization Level

摘要:

卖空机制作为一种金融创新，如何在提高证券市场定价效率的同时，有效发挥外 部治理功能、改善公司治理、间接推动国内资本市场健康发展成为理论和实践中的一项重要 课题。运用多元回归模型对国内卖空机制改变审计风险、进而影响审计收费行为的实证检验表 明，随着股票卖空比率的上升，公司审计收费也相应增加。而股票卖空比率与公司审计费用受 制度环境影响显著，在市场化水平较高的地区，公司审计面临来自投资者更大的压力。此外， 公司审计收费与股票卖空比率的正相关关系会因卖空机制的存在变得更加显著。

Abstract:

Short selling mechanism as a kind of financial innovation, how to improve the efficiency of the securities market pricing, effectively play an external governance function, improve corporate governance, and indirectly promote the healthy development of domestic capital market has become an important issue in theory and practice. The use of multiple regression model to empirically test how the domestic short selling mechanism change audit risk, and then affect the audit fees shows that with the stock short selling ratio, the company audit fees also increased accordingly. While the stock short selling ratio and corporate audit fees are significantly influenced by the institutional environment, and in areas where the marketization level is high, the company's audit is facing greater pressure from investors. In addition, the positive correlation between the company's audit fees and the stock short selling ratio will become more pronounced by the existence of the short selling mechanism.