客户关系投资、产品市场竞争与审计师定价决策
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摘要
以2008—2015年沪深A股制造业上市企业为样本,考察了客户关系投资对审计定价的影响,分析了产品市场竞争对二者关系的调节作用。研究发现:客户关系投资与审计定价显著负相关,这一结论在利用Heckman和PSM方法控制了内生性问题之后依然成立;引入产品市场竞争因素后,这种负相关性在产品市场竞争强度较弱的企业中更为显著;基于公司治理效率的拓展性分析显示,客户关系投资与审计定价的负相关关系仅在产品市场竞争度弱且公司治理效率高的组别中显著存在。
Using the samples of A-share listed manufacturing companies from 2008 to 2015, this paper studies the impact of customer relationship investment on audit pricing, also the regulatory role of product market competition in the relationship between the two. The results show that customer relationship investment and audit pricing are significantly and negatively correlated. This conclusion still holds after controlling the endogenous problems by using Heckman and PSM methods. It is further found that, after the introduction of product market competition, this negative correlation is more obvious in enterprises with weaker market competition strength. Based on the expansion analysis of corporate governance efficiency, it is found that, when the competition in product market is weak, the negative correlation exists only in the group with higher corporate governance efficiency.
Using the samples of A-share listed manufacturing companies from 2008 to 2015, this paper studies the impact of customer relationship investment on audit pricing, also the regulatory role of product market competition in the relationship between the two. The results show that customer relationship investment and audit pricing are significantly and negatively correlated. This conclusion still holds after controlling the endogenous problems by using Heckman and PSM methods. It is further found that, after the introduction of product market competition, this negative correlation is more obvious in enterprises with weaker market competition strength. Based on the expansion analysis of corporate governance efficiency, it is found that, when the competition in product market is weak, the negative correlation exists only in the group with higher corporate governance efficiency.
引文
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[10]林钟高,郑军,彭琳,等.关系型交易、事务所选聘与审计契约稳定性——基于主要供应商/客户视角的经验证据[J].中国会计评论,2014(3):420-451.
[11]林钟高,郑军,彭琳,等.关系型交易、制度环境与外部审计需求——基于中国制造业上市公司的经验证据[J].当代财经,2015(4):107-118.
[12]王雄元,王鹏,张金萍.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,2014(6):72-82.
[13]Bowen R M,Du Charme L,Shores D.Stakeholders'Implicit Claims and Accounting Method Choice[J].Journal of Accounting and Economics,1995,20(3):255-295.
[14]Graham J,Harvey C,Rajgopalc S.The Economic Implications of Corporate Financial Reporting[J].Journal of Accounting and Economics,2005,40(1):3-37.
[15]方红星,张勇.供应商-客户关系型交易、盈余管理与审计师决策[J].会计研究,2016(1):79-86.
[16]郑军,林钟高,彭琳.大客户依赖性对审计师风险决策的影响研究[J].中南财经政法大学学报,2017(4):77-86.
[17]李艳平.客户关系型交易与制造业企业业绩:影响效应与机制[J].宏观经济研究,2017(2):130-141.
[18]Gulati R,Sytch M.Dependence Asymmetry and Joint Dependence in Interorganizational Relationships:Effects of Embeddedness on a Manufacturer's Performance in Procurement Relationships[J].Administrative Science Quarterly,2007,52(1):32-69.
[2]Itzkowitz J.Customers and Cash:How Relationships Affect Suppliers'Cash Holdings[J].Journal of Corporate Finance,2013,19(1):159-180.
[3]Wang J.Do Firms'Relationships with Principal Customers-Suppliers Affect Shareholders'Income?[J].Journal of Corporate Finance,2012,18(4):860-878.
[4]Gosman M,Kelly T,Olsson P,et al.The Profitability and Pricing of Major Customers[J].Review of Accounting Studies,2004,9(1):117-139.
[5]Dou Y,Hope O,Thomas W.Relationship-Specificity,Contract Enforceability,and Income Smoothing[J].The Accounting Review,2013,88(5):1629-1656.
[6]Hui K W,Klasa S,Yeung P E.Corporate Suppliers and Customers and Accounting Conservatism[J].Journal of Accounting and Economics,2012,53(1):115-135.
[7]Wang Q,Wong T J,Xia L.State Ownership,the Institutional Environment,and Auditor Choice:Evidence from China[J].Journal of Accounting and Economics,2008,46(1):112-134.
[8]王少飞,周国良,何小杨,等.关系型投资与审计行为[J].财经研究,2010(5):16-26.
[9]张敏,马黎珺,张胜.供应商-客户关系与审计师选择[J].会计研究,2012(12):81-86.
[10]林钟高,郑军,彭琳,等.关系型交易、事务所选聘与审计契约稳定性——基于主要供应商/客户视角的经验证据[J].中国会计评论,2014(3):420-451.
[11]林钟高,郑军,彭琳,等.关系型交易、制度环境与外部审计需求——基于中国制造业上市公司的经验证据[J].当代财经,2015(4):107-118.
[12]王雄元,王鹏,张金萍.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,2014(6):72-82.
[13]Bowen R M,Du Charme L,Shores D.Stakeholders'Implicit Claims and Accounting Method Choice[J].Journal of Accounting and Economics,1995,20(3):255-295.
[14]Graham J,Harvey C,Rajgopalc S.The Economic Implications of Corporate Financial Reporting[J].Journal of Accounting and Economics,2005,40(1):3-37.
[15]方红星,张勇.供应商-客户关系型交易、盈余管理与审计师决策[J].会计研究,2016(1):79-86.
[16]郑军,林钟高,彭琳.大客户依赖性对审计师风险决策的影响研究[J].中南财经政法大学学报,2017(4):77-86.
[17]李艳平.客户关系型交易与制造业企业业绩:影响效应与机制[J].宏观经济研究,2017(2):130-141.
[18]Gulati R,Sytch M.Dependence Asymmetry and Joint Dependence in Interorganizational Relationships:Effects of Embeddedness on a Manufacturer's Performance in Procurement Relationships[J].Administrative Science Quarterly,2007,52(1):32-69.