运用衍生金融工具的公司支付的审计费用更高吗?
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摘要
衍生金融工具的高风险性、会计准则弹性及相关会计处理的复杂性,可能通过影响审计成本和审计师诉讼风险而作用于审计费用。基于2007—2016年所有A股非金融类上市公司数据,实证检验了衍生金融工具运用对审计费用的影响。结果显示,运用衍生金融工具的公司支付的审计费用总体高于未运用衍生金融工具的公司;在根据管理层持有目的将运用衍生金融工具的公司划分为套保公司和投机套利公司后,发现上述溢价集中表现在投机套利公司中;进一步考虑运用衍生品合约的种类多寡的分析发现,审计费用溢价在多品种运用公司中更突出。这意味着,运用衍生金融工具的公司审计风险更高,审计成本更高,事务所会要求成本补偿和风险溢价。
The high risks of derivative financial instruments, the elasticity of accounting standards and the complexity of the relevant accounting treatment may act on the audit fee through affecting audit costs and auditor's litigation risks. Based on the data of all A-share non-financial listed companies from 2007 to 2016, this paper empirically examines the impact of derivative financial instruments on audit fees. The findings show that the audit fees paid by the companies using derivative financial instruments are generally higher than that paid by the companies not using derivative financial instruments. When dividing the companies using derivative financial instruments into the hedging companies and the speculation arbitrage companies according to the holding purposes of the management, it can be found that the above-mentioned premium has a concentrated expression among the speculation arbitrage companies. The findings of the analysis which takes further considerations of the numbers of kinds of derivative contracts show that the audit fee at a premium is more prominent among the companies using multiple kinds of derivative financial instruments. This implies that the companies using derivative financial instruments have higher audit risks and higher audit costs, so that the audit firms would charge cost reimbursement and risk premium.
The high risks of derivative financial instruments, the elasticity of accounting standards and the complexity of the relevant accounting treatment may act on the audit fee through affecting audit costs and auditor's litigation risks. Based on the data of all A-share non-financial listed companies from 2007 to 2016, this paper empirically examines the impact of derivative financial instruments on audit fees. The findings show that the audit fees paid by the companies using derivative financial instruments are generally higher than that paid by the companies not using derivative financial instruments. When dividing the companies using derivative financial instruments into the hedging companies and the speculation arbitrage companies according to the holding purposes of the management, it can be found that the above-mentioned premium has a concentrated expression among the speculation arbitrage companies. The findings of the analysis which takes further considerations of the numbers of kinds of derivative contracts show that the audit fee at a premium is more prominent among the companies using multiple kinds of derivative financial instruments. This implies that the companies using derivative financial instruments have higher audit risks and higher audit costs, so that the audit firms would charge cost reimbursement and risk premium.
引文
[1]Wagner W..Financial Development and the Opacity of Banks[J].Economics Letters,2007,97(1):6-10.
[2]Kawaller I.G..What Analysts Need to Know about Accounting for Derivatives[J].Financial Analysts Journal,2004,60(2):24-30.
[3]Ryan S.G..Financial Reporting for Financial Instruments[J].Foundations and Trends in Accounting,2012,6(3-4):187-354.
[4]Guay W.R..The Impact of Derivatives on Firm Risk:An Empirical Examination of New Derivative Users[J].Journal of Accounting and Economics,1999,26(1):319—351.
[5]Melumad N.,Weyns G.,Ziv A..Comparing Alternative Hedge Accounting Standards:Shareholders'Perspective[J].Review of Accounting Studies,1999,4(3-4):265-292.
[6]Sapra H..Do Mandatory Hedge Disclosures Discourage or Encourage Excessive Speculation?[J].Journal of Accounting Research,2002,40(3):933-964.
[7]Zhang H..Effect of Derivative Accounting Rules on Corporate Risk Management Behavior[J].Journal of Accounting and Economics,2009,47(3):244-264.
[8]Panaretou A.,Shackleton M.,Taylor P..Corporate Risk Management and Hedge Accounting[J].Contemporary Accounting Research,2013,30(1):116-139.
[9]Simunic D..The Pricing of Audit Services:Theory and Evidence[J].Journal of Accounting Research,1980,18(1):161-190.
[10]蔡吉甫.公司治理、审计风险与审计费用关系研究[J].审计研究,2007,(3):65-71.
[11]伍利娜,郑晓博,岳衡.审计赔偿责任与投资者利益保护——审计保险假说在新兴资本市场上的检验[J].管理世界,2010,(3):32-43.
[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):12-21.
[13]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,(2):77-86.
[14]权小峰,陆正飞.投资者关系管理影响审计师决策吗?——基于A股上市公司投资者关系管理的综合调查[J].会计研究,2016,(2):73-80,96.
[15]张俊瑞,刘慧,杨蓓.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,2015,(1):67-74.
[16]叶建芳,何开刚.不可核实的商誉减值测试估计与审计费用[J].审计研究,2016,(1):76-84.
[17]蒋尧明.衍生金融工具主要会计问题研究综述[J].当代财经,1998,(11):41-45.
[18]段军山,张锐豪.金融衍生品、货币环境与商业银行风险承担[J].当代财经,2016,(2):61-73.
[19]Dewally M.,Shao Y.Y..Financial Derivatives,Opacity and Crash Risk:Evidence from Large US Banks[J].Journal of Financial Stability,2013,9(4):565-577.
[20]秦荣生.论注册会计师的法律责任[J].审计研究,1997,(5):17-25.
[21]Pratt J.,Stice J.D..The Effects of Client Characteristics on Auditor Litigation Risk Judgments,Required Audit Evidence and Recommended Audit Fees[J].Accounting Review,1994,69(4):639-656.
[22]Choi J.H.,Kang T.,Zang Y.K.Y..Audit Quality,Legal and Disclosure Environment and Analysts'Forecast Accuracy:Some International Evidence[J].Asia-Pacific Journal of Accounting and Economics,2005,12(1):37-58.
[23]Choi J.,Kim J.,Liu X..Cross-Listing Audit Fee Premiums:Theory and Evidence[J].Social Science Electronic Publishing,2009,84(5):1429-1463.
[24]张瑞君,程玲莎.管理者薪酬激励、套期保值与企业价值[J].当代财经,2013,(12):117-128.
[25]斯文.外汇衍生品对冲汇率风险的企业价值效应研究——来自中国制造业上市公司的经验证据[J].中南财经政法大学学报,2013,(3):80-87.
[26]贾炜莹,陈宝峰.风险管理对我国上市公司价值和业绩影响的实证研究——基于衍生金融工具的运用[J].财会通讯,2009,(27):6-8.
[27]杜兴强,雷宇,郭剑花.政治联系、政治联系方式与民营上市公司的会计稳健性[J].中国工业经济,2009,(7):87-97.
[28]Chang H.S.,Donohoe M.,Sougiannis T..Do Analysts Understand the Economic and Reporting Complexities of Derivatives?[J].Journal of Accounting and Economics,2016,61(2-3):584-604.
[29]Yuan R.L.,Sun J.,Cao F..Directors'and Officers'Liability Insurance and Stock Price Crash Risk[J].Journal of Corporate Finance,2016,37:173-192.
[30]Bowen R.M.,Call A.C.,Rajgopal S..Whistle-blowing:Target Firm Characteristics and Economic Consequences[J].Accounting Review,2010,85(4):1239-1271.
[31]Allayannis G.,Weston J.P..The Use of Foreign Currency Derivatives and Firm Market Value[J].Review of Financial Studies,2001,14(1):243-276
[32]Peterson K..Accounting Complexity,Misreporting and the Consequences of Misreporting[J].Review of Accounting Studies,2012,17(1):72-95.
(1)财政部于2015年11月26日印发了《商品期货套期业务会计处理暂行规定》(下称“暂行规定”),明确取消了2007年1月1日起施行的原《企业会计准则第24号——套期会计》中套期高度有效性量化指标及回顾性评估要求。实施一年后,延续暂行规定的修订思路,财政部于2017年3月31日发布了新《企业会计准则第24号——套期会计》,对原准则进行全面取代。
(2)值得注意的是,财政部于2016年12月23日印发的《中国注册会计师审计准则第1504号——在审计报告中沟通关键审计事项》,要求审计师在审计报告中增设关键审计事项以披露其认为对本期财务报表审计最为重要的事项。2017年3月25日,安永华明对紫金矿业发表的标准无保留意见审计报告就将套期会计作为关键审计事项之一披露,折射出审计师对衍生金融工具业务的重要关注。
(1)与张瑞君和程玲莎(2013)、斯文(2013)的研究目的不同,[24-25]本文并未将研究样本局限于制造业,而是扩大至所有非金融类A股上市公司,以更好地捕捉审计师对衍生金融工具业务的风险感知。
(2)由于国泰安数据库尚未更新2016年财务报表附注数据,因此为保证数据的完整性,存货总额和应收账款总额数据取自锐思数据库。
(1)由于该比值较小,为方便观察回归系数,对原比值乘以10000代入回归分析,User3同理。
[2]Kawaller I.G..What Analysts Need to Know about Accounting for Derivatives[J].Financial Analysts Journal,2004,60(2):24-30.
[3]Ryan S.G..Financial Reporting for Financial Instruments[J].Foundations and Trends in Accounting,2012,6(3-4):187-354.
[4]Guay W.R..The Impact of Derivatives on Firm Risk:An Empirical Examination of New Derivative Users[J].Journal of Accounting and Economics,1999,26(1):319—351.
[5]Melumad N.,Weyns G.,Ziv A..Comparing Alternative Hedge Accounting Standards:Shareholders'Perspective[J].Review of Accounting Studies,1999,4(3-4):265-292.
[6]Sapra H..Do Mandatory Hedge Disclosures Discourage or Encourage Excessive Speculation?[J].Journal of Accounting Research,2002,40(3):933-964.
[7]Zhang H..Effect of Derivative Accounting Rules on Corporate Risk Management Behavior[J].Journal of Accounting and Economics,2009,47(3):244-264.
[8]Panaretou A.,Shackleton M.,Taylor P..Corporate Risk Management and Hedge Accounting[J].Contemporary Accounting Research,2013,30(1):116-139.
[9]Simunic D..The Pricing of Audit Services:Theory and Evidence[J].Journal of Accounting Research,1980,18(1):161-190.
[10]蔡吉甫.公司治理、审计风险与审计费用关系研究[J].审计研究,2007,(3):65-71.
[11]伍利娜,郑晓博,岳衡.审计赔偿责任与投资者利益保护——审计保险假说在新兴资本市场上的检验[J].管理世界,2010,(3):32-43.
[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):12-21.
[13]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,(2):77-86.
[14]权小峰,陆正飞.投资者关系管理影响审计师决策吗?——基于A股上市公司投资者关系管理的综合调查[J].会计研究,2016,(2):73-80,96.
[15]张俊瑞,刘慧,杨蓓.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,2015,(1):67-74.
[16]叶建芳,何开刚.不可核实的商誉减值测试估计与审计费用[J].审计研究,2016,(1):76-84.
[17]蒋尧明.衍生金融工具主要会计问题研究综述[J].当代财经,1998,(11):41-45.
[18]段军山,张锐豪.金融衍生品、货币环境与商业银行风险承担[J].当代财经,2016,(2):61-73.
[19]Dewally M.,Shao Y.Y..Financial Derivatives,Opacity and Crash Risk:Evidence from Large US Banks[J].Journal of Financial Stability,2013,9(4):565-577.
[20]秦荣生.论注册会计师的法律责任[J].审计研究,1997,(5):17-25.
[21]Pratt J.,Stice J.D..The Effects of Client Characteristics on Auditor Litigation Risk Judgments,Required Audit Evidence and Recommended Audit Fees[J].Accounting Review,1994,69(4):639-656.
[22]Choi J.H.,Kang T.,Zang Y.K.Y..Audit Quality,Legal and Disclosure Environment and Analysts'Forecast Accuracy:Some International Evidence[J].Asia-Pacific Journal of Accounting and Economics,2005,12(1):37-58.
[23]Choi J.,Kim J.,Liu X..Cross-Listing Audit Fee Premiums:Theory and Evidence[J].Social Science Electronic Publishing,2009,84(5):1429-1463.
[24]张瑞君,程玲莎.管理者薪酬激励、套期保值与企业价值[J].当代财经,2013,(12):117-128.
[25]斯文.外汇衍生品对冲汇率风险的企业价值效应研究——来自中国制造业上市公司的经验证据[J].中南财经政法大学学报,2013,(3):80-87.
[26]贾炜莹,陈宝峰.风险管理对我国上市公司价值和业绩影响的实证研究——基于衍生金融工具的运用[J].财会通讯,2009,(27):6-8.
[27]杜兴强,雷宇,郭剑花.政治联系、政治联系方式与民营上市公司的会计稳健性[J].中国工业经济,2009,(7):87-97.
[28]Chang H.S.,Donohoe M.,Sougiannis T..Do Analysts Understand the Economic and Reporting Complexities of Derivatives?[J].Journal of Accounting and Economics,2016,61(2-3):584-604.
[29]Yuan R.L.,Sun J.,Cao F..Directors'and Officers'Liability Insurance and Stock Price Crash Risk[J].Journal of Corporate Finance,2016,37:173-192.
[30]Bowen R.M.,Call A.C.,Rajgopal S..Whistle-blowing:Target Firm Characteristics and Economic Consequences[J].Accounting Review,2010,85(4):1239-1271.
[31]Allayannis G.,Weston J.P..The Use of Foreign Currency Derivatives and Firm Market Value[J].Review of Financial Studies,2001,14(1):243-276
[32]Peterson K..Accounting Complexity,Misreporting and the Consequences of Misreporting[J].Review of Accounting Studies,2012,17(1):72-95.
(1)财政部于2015年11月26日印发了《商品期货套期业务会计处理暂行规定》(下称“暂行规定”),明确取消了2007年1月1日起施行的原《企业会计准则第24号——套期会计》中套期高度有效性量化指标及回顾性评估要求。实施一年后,延续暂行规定的修订思路,财政部于2017年3月31日发布了新《企业会计准则第24号——套期会计》,对原准则进行全面取代。
(2)值得注意的是,财政部于2016年12月23日印发的《中国注册会计师审计准则第1504号——在审计报告中沟通关键审计事项》,要求审计师在审计报告中增设关键审计事项以披露其认为对本期财务报表审计最为重要的事项。2017年3月25日,安永华明对紫金矿业发表的标准无保留意见审计报告就将套期会计作为关键审计事项之一披露,折射出审计师对衍生金融工具业务的重要关注。
(1)与张瑞君和程玲莎(2013)、斯文(2013)的研究目的不同,[24-25]本文并未将研究样本局限于制造业,而是扩大至所有非金融类A股上市公司,以更好地捕捉审计师对衍生金融工具业务的风险感知。
(2)由于国泰安数据库尚未更新2016年财务报表附注数据,因此为保证数据的完整性,存货总额和应收账款总额数据取自锐思数据库。
(1)由于该比值较小,为方便观察回归系数,对原比值乘以10000代入回归分析,User3同理。