地方政府环境规制与审计费用——来自民营重污染上市公司的经验证据
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摘要
本文基于"文本分析法",以2006～2015年手工整理的地方政府年度工作报告中包含环保类关键词的字段和句子数刻画环境规制程度,实证检验地方政府环境规制对审计费用的影响。研究发现,地方政府环境规制增加了辖区内民营重污染上市公司的审计费用。该结论在排除替代性解释、替代变量以及控制内生性等稳健性检验之后依然成立。进一步分析发现,在内部控制薄弱和技术创新水平较低的样本中,地方政府环境规制对审计费用的影响更加显著。本文的发现丰富了环境规制和审计费用的相关文献,为建设"美丽中国"背景下的我国重污染企业如何走出环保困境,具有一定的理论贡献和现实启示。
Using samples of private listed companies in heavy polluting industries during 2006-2015, this paper studies the impact of local governments' environmental regulation on audit fees. Specifically, we use the number of environment-friendly keywords in the fields and sentences from annual reports on the work of local governments to measure environmental regulation. The results show that companies located in cities with high-level environmental regulation by local governments are charged more audit fees, indicating that the environmental regulation by local government may shift the cost of risk and audit products. This association remains robust after controlling alternative explanations, alternative variables and endogenous issues. The impact of environmental regulation on audit fees is less pronounced in firms with effective internal controls system and high-level technological innovation. The paper's finding enriches the literature about the relations between environmental regulation and audit fees, and may have some contributions to and implications on how heavy polluting industries can face challenges under the policy of building a "Beautiful China".
Using samples of private listed companies in heavy polluting industries during 2006-2015, this paper studies the impact of local governments' environmental regulation on audit fees. Specifically, we use the number of environment-friendly keywords in the fields and sentences from annual reports on the work of local governments to measure environmental regulation. The results show that companies located in cities with high-level environmental regulation by local governments are charged more audit fees, indicating that the environmental regulation by local government may shift the cost of risk and audit products. This association remains robust after controlling alternative explanations, alternative variables and endogenous issues. The impact of environmental regulation on audit fees is less pronounced in firms with effective internal controls system and high-level technological innovation. The paper's finding enriches the literature about the relations between environmental regulation and audit fees, and may have some contributions to and implications on how heavy polluting industries can face challenges under the policy of building a "Beautiful China".
引文
陈淑芳,僧会远.2016.环境信息披露对注册会计师审计的影响研究——基于沪市重污染行业的经验证据[J].西安财经学院学报(4):101-107.
颉茂华,王瑾,刘冬梅.2014.环境规制、技术创新与企业经营绩效[J].南开管理评论(6):106-113.
刘家义.2015.国家治理现代化进程中的国家审计:制度保障与实践逻辑[J].中国社会科学(9):64-83.
沈洪涛,周艳坤.2017.环境执法监督与企业环境绩效:来自环保约谈的准自然实验证据[J].南开管理评论(6):73-82.
王雄元,王鹏,张金萍.2014.客户集中度与审计费用:客户风险抑或供应链整合[J].审计研究(6):72-82.
王印红,李萌竹.2017.地方政府生态环境治理注意力研究:基于30个省市政府工作报告2006-2015文本分析[J].中国人口·资源与环境(2):28-35.
伍利娜.2003.审计定价影响因素研究:来自中国上市公司首次审计费用披露的证据[J].中国会计评论(1):113-128.
邢立全,陈汉文.2013.产品市场竞争、竞争地位与审计收费:基于代理成本与经营风险的双重考量[J].审计研究(3):50-58.夏宁,杨硕.2018.异质性机构投资者持股水平与审计收费[J].审计研究(2):72-79.
张俊瑞,刘慧,杨蓓.2015.未决诉讼对审计收费和审计意见类型的影响研究[J].审计研究(1):67-74.
Chen,Z.,Kahn,M.E.,Liu,Y,and Wang,Z.2018.The consequences of spatially differentiated water pollution regulation in China[J].Journal of Environmental Economics and Management,88:468-485.
DeFond,M.,and Zhang,J.2014.A review of archival auditing research[J].Journal of Accounting and Economics,58(2):275-326.
Kasai,Naoki and Takada,Tomomi.2012.How do regulation and deregulation of audit fees influence audit quality?:Empirical evidence from Japan[Z].Working Paper,https://ssrn.com/abstract=2179908.
Li,Y.,Simunic,D.A.,Ye,M.2017.Do auditors care about clients'compliance with environmental regulations?Evidence from environmental risk and audit fees[J].Working Paper,https://papers.ssrn.com/so13/papers.cfm?abstract_id=2961998.
(1)本文分别计算了中国255个地级市政府在2006~2015年间环境规制指标(Envreg、Envreg2)的变异系数,发现平均值为23.94%和23.45%,说明样本期间地级市政府年度工作报告中关于环境的字段在各年存在较大差异。
(1)限于篇幅,相关性分析表格未予列示。
颉茂华,王瑾,刘冬梅.2014.环境规制、技术创新与企业经营绩效[J].南开管理评论(6):106-113.
刘家义.2015.国家治理现代化进程中的国家审计:制度保障与实践逻辑[J].中国社会科学(9):64-83.
沈洪涛,周艳坤.2017.环境执法监督与企业环境绩效:来自环保约谈的准自然实验证据[J].南开管理评论(6):73-82.
王雄元,王鹏,张金萍.2014.客户集中度与审计费用:客户风险抑或供应链整合[J].审计研究(6):72-82.
王印红,李萌竹.2017.地方政府生态环境治理注意力研究:基于30个省市政府工作报告2006-2015文本分析[J].中国人口·资源与环境(2):28-35.
伍利娜.2003.审计定价影响因素研究:来自中国上市公司首次审计费用披露的证据[J].中国会计评论(1):113-128.
邢立全,陈汉文.2013.产品市场竞争、竞争地位与审计收费:基于代理成本与经营风险的双重考量[J].审计研究(3):50-58.夏宁,杨硕.2018.异质性机构投资者持股水平与审计收费[J].审计研究(2):72-79.
张俊瑞,刘慧,杨蓓.2015.未决诉讼对审计收费和审计意见类型的影响研究[J].审计研究(1):67-74.
Chen,Z.,Kahn,M.E.,Liu,Y,and Wang,Z.2018.The consequences of spatially differentiated water pollution regulation in China[J].Journal of Environmental Economics and Management,88:468-485.
DeFond,M.,and Zhang,J.2014.A review of archival auditing research[J].Journal of Accounting and Economics,58(2):275-326.
Kasai,Naoki and Takada,Tomomi.2012.How do regulation and deregulation of audit fees influence audit quality?:Empirical evidence from Japan[Z].Working Paper,https://ssrn.com/abstract=2179908.
Li,Y.,Simunic,D.A.,Ye,M.2017.Do auditors care about clients'compliance with environmental regulations?Evidence from environmental risk and audit fees[J].Working Paper,https://papers.ssrn.com/so13/papers.cfm?abstract_id=2961998.
(1)本文分别计算了中国255个地级市政府在2006~2015年间环境规制指标(Envreg、Envreg2)的变异系数,发现平均值为23.94%和23.45%,说明样本期间地级市政府年度工作报告中关于环境的字段在各年存在较大差异。
(1)限于篇幅,相关性分析表格未予列示。