内部审计质量对盈余管理影响的实证研究
|
摘要
现代内部审计始于20世纪初期美国的铁路部门,随后得到了迅猛发展。美国安然、世通事件后,世界范围内掀起了一股公司治理改革的新浪潮,内部审计更是成为了关注的焦点,被推到了改革的前沿。2002年4月,国际内部审计师协会在提交给美国国会的《改善公司治理的建议》中特别指出,健全的公司治理结构应建立在董事会、执行管理层、外部审计和内部审计四个“基本主体”的协同之上,这是第一次将内部审计正式提上了公司治理的高度。自此,内部审计作为公司治理的一个重要方面受到学术界越来越多的关注。
本文也认为,内部审计在公司治理中发挥的作用之一就是提高财务报告质量,缓解盈余管理程度。本文采用规范研究与实证分析相结合的研究方法。主要结合了委托代理理论、契约理论、信息不对称理论等相关知识,阐释内部审计与盈余管理的互动关系,并在理论分析的基础上提出假设：内部审计质量与公司的盈余管理水平负相关。
文章以2010年深证主板A股上市公司的127家企业为样本建立回归模型,对内部审计质量和盈余管理之间的关系进行实证分析。实证结果表明：内部审计质量与盈余管理呈显著的负相关关系。说明内部审计质量越高,盈余管理水平越低,高质量的内部审计能抑制公司的盈余管理行为。从相关系数绝对值上来看,内部审计对盈余管理的抑制作用还比较弱,说明内部审计的公司治理效应并没有被充分发挥出来,内部审计的整体实力还有待提高。同时,本文还对体现内部审计质量的三个方面分别建模,研究了各个方面对盈余管理的影响程度。
另外,本文对隶属关系、人员数量和工作内容三个变量进行了描述性统计分析,并总结归纳了内部审计现存的一些问题,针对发现的问题,文章从五个角度提出了提升内部审计质量的相关建议。本文的研究具有理论意义和现实意义,不仅可以为内部审计对盈余管理的影响提供新的证据,也为内部审计质量的衡量提供了新的思路。
Modern internal audit has developed quickly since it began in railways department of America in early20th century. Internal audit becomes the focus with the worldwide revolution of corporate governance because of Enron and WorldCom fraud. According to a model of corporate governance put forth by the Institute of Internal Auditors (IIA), the internal audit function (IAF) is one of four cornerstones of effective corporate governance, along with the board of directors, executive management, and the external auditor. For the first time, the internal audit was put on the level of company management. Since then, as one of the important aspects of company management, the internal audit has been put more and more attention by academia.
This article also believes that one of the roles of internal auditing in the corporate governance is to improve the quality of financial reporting, ease the level of earnings management. This paper takes a method combining normative research and empirical analysis. It's mainly a combination of principal-agent theory, contract theory, theory of asymmetric information, and other related knowledge, illustrating the interaction between earnings management and internal audit. This study contains five sections, starting from introducing the background of the research, through theoretical analysis and assumptions, and establishes a regression model, to verify the assumptions of it.
This paper takes empirical analysis between internal audit quality and earnings management based on127samples from Shenzhen motherboard listed companies of A-share. The empirical results show that, there is a significant negative relationship between internal audit quality and the earnings management. In other words, the higher the quality of the internal audit, the lower the level of earnings management of the company. From the absolute value of the coefficient, the inhibitory effect on earnings management of internal audit is still relatively weak, which reveals that the corporate governance effect of internal audit has not been brought into full play and overall strength of internal auditing has to be raised. At the same time, the paper also establishes models for each part of the three aspects of internal audit quality.
In addition, the paper makes a statistical analysis on reporting relationship, the number of personnel and work contents of internal audit. Based on the existing problems of internal audit, the paper put forward five proposals to promote the overall strength of the internal audit at the end of the article. This study has theoretical and practical significance, which reflects not only on providing new evidence of the relationship between internal audit and earnings management, but also on providing new ideas for the measurement of the internal audit quality.
本文也认为,内部审计在公司治理中发挥的作用之一就是提高财务报告质量,缓解盈余管理程度。本文采用规范研究与实证分析相结合的研究方法。主要结合了委托代理理论、契约理论、信息不对称理论等相关知识,阐释内部审计与盈余管理的互动关系,并在理论分析的基础上提出假设：内部审计质量与公司的盈余管理水平负相关。
文章以2010年深证主板A股上市公司的127家企业为样本建立回归模型,对内部审计质量和盈余管理之间的关系进行实证分析。实证结果表明：内部审计质量与盈余管理呈显著的负相关关系。说明内部审计质量越高,盈余管理水平越低,高质量的内部审计能抑制公司的盈余管理行为。从相关系数绝对值上来看,内部审计对盈余管理的抑制作用还比较弱,说明内部审计的公司治理效应并没有被充分发挥出来,内部审计的整体实力还有待提高。同时,本文还对体现内部审计质量的三个方面分别建模,研究了各个方面对盈余管理的影响程度。
另外,本文对隶属关系、人员数量和工作内容三个变量进行了描述性统计分析,并总结归纳了内部审计现存的一些问题,针对发现的问题,文章从五个角度提出了提升内部审计质量的相关建议。本文的研究具有理论意义和现实意义,不仅可以为内部审计对盈余管理的影响提供新的证据,也为内部审计质量的衡量提供了新的思路。
Modern internal audit has developed quickly since it began in railways department of America in early20th century. Internal audit becomes the focus with the worldwide revolution of corporate governance because of Enron and WorldCom fraud. According to a model of corporate governance put forth by the Institute of Internal Auditors (IIA), the internal audit function (IAF) is one of four cornerstones of effective corporate governance, along with the board of directors, executive management, and the external auditor. For the first time, the internal audit was put on the level of company management. Since then, as one of the important aspects of company management, the internal audit has been put more and more attention by academia.
This article also believes that one of the roles of internal auditing in the corporate governance is to improve the quality of financial reporting, ease the level of earnings management. This paper takes a method combining normative research and empirical analysis. It's mainly a combination of principal-agent theory, contract theory, theory of asymmetric information, and other related knowledge, illustrating the interaction between earnings management and internal audit. This study contains five sections, starting from introducing the background of the research, through theoretical analysis and assumptions, and establishes a regression model, to verify the assumptions of it.
This paper takes empirical analysis between internal audit quality and earnings management based on127samples from Shenzhen motherboard listed companies of A-share. The empirical results show that, there is a significant negative relationship between internal audit quality and the earnings management. In other words, the higher the quality of the internal audit, the lower the level of earnings management of the company. From the absolute value of the coefficient, the inhibitory effect on earnings management of internal audit is still relatively weak, which reveals that the corporate governance effect of internal audit has not been brought into full play and overall strength of internal auditing has to be raised. At the same time, the paper also establishes models for each part of the three aspects of internal audit quality.
In addition, the paper makes a statistical analysis on reporting relationship, the number of personnel and work contents of internal audit. Based on the existing problems of internal audit, the paper put forward five proposals to promote the overall strength of the internal audit at the end of the article. This study has theoretical and practical significance, which reflects not only on providing new evidence of the relationship between internal audit and earnings management, but also on providing new ideas for the measurement of the internal audit quality.
引文
[1]The Institute of Internal Auditor(IIA). Recommendations for Improving Corporate Governance.2002[2]Public Company Accounting Oversight Board (PCAOB).An Audit of Internal Control over Financial Reporting that is integrated with an Audit of Financial Statements.2007a[3]Clark,M.,T.E.Gibbs,and R.G.Schroeder.1980.Evaluating internal audit departments under SAS NO.9:Criteria for judging competence, objectivity, and performance. The Woman CPA.(6):8-11[4]DeZoort,F. T., R. W. Houston,and M. F. Peters.2001.The impact of internal auditor compensation and role on external auditors'planning judgments and decisions. Contemporary Accounting Research18(2):257-281[5]Brown,P.R.1983.Independent auditor judgment in the evaluation of internal audit functions. Journal of Accounting Research, Autumn:444-455[6]Schneider,A.1985b. The reliance of external auditors on the internal audit function. Journal of Accounting Research (Autumn):911-919[7]Messier,W.F.,Jr,and A.Schnerder.1988.A hierarchical approach to the external auditor's evaluation of the internal auditing function. Contemporary Accounting Research,4(2):337-353[8]Tiessen, P.and R.H.Colson.1990.External auditor reliance on internal audit. Internal Auditing(Winter):10-22[9]Gramling,A.A.1999. External auditors'reliance on work performed by internal auditors:the influence of fee pressure on this reliance decision. Auditing:A Journal of Practice and Theory (Supplement):117-135[10]Gist,W.E.1992.Explaining variability in external audit fees. Accounting&Business Research,23(89):79-84[11]Anderson,T. and D.Zeghal.1994.The pricing of audit services:Further evidence from the Canadian market. Accounting&Business Research,24(95):195-207[12]Raman,K.K.and E.R.Wilson.1992.An empirical investigation of the??market for 'single audit' services. Journal of Accounting&Public Policy,11(4):271-295[13]Adams,M.,M.Sherris, and M. Hossain.1997.The determinants of external audit costs in the New Zealand life insurance industry. Journal of International Financial Management&Accounting,8(1):69-86[14]Deis,D.R.and G,Giroux.1996.The effect of auditor charges on audit fees,audit hours,and audit quality. Journal of Accounting and Public Policy,15:55-76[15]Ezzamel,M., D.R.Gwilliam, and K.M.Holland.2002.The relationship between categories of non-audit services and audit fees:Evidence from UK companies. International Journal of Auditing,6:13-35[16]Willekens,M.and C.Achmadi.2003.Pricing and supplier concentration in the private client segment of the audit market:Market power or competition. International Journal of Accounting,38(4):431-455[17]Goodwin-Stewart Jenny, Kent Pamela.2006.Relation between external audit fees, audit committee characteristics and internal audit. Accounting and Finance,46:387-404[18]Prawitt, D., N.Sharp,and D. Wood.2008. Does internal auditing affect the external audit fee? Working Paper, Brigham Young University, Texas A&M University, Brigham Young University.[19]施卓晨.关于企业内部审计应用效果的实证研究.财会通讯(学术版).2005,(6)：50-53[20]程新生,张宜.中国制造业上市公司内部审计模式实证研究.审计研究,2005,(1)：70-74[21]韩晓梅,包汉良.江苏省内部审计实况调查与标杆比较.审计研究,2005,(3)：42-46[22]任志嫒.增值型内部审计在电力企业中的应用研究：[华北电力大学硕士学位论文].河北：华北电力大学,2007：16-18[23]时现,毛勇,易仁萍.国内外企业内部审计发展状况之比较.审计研究,2008,(6)：23-25[24]屈耀辉,时现.企业内部审计人员胜任能力评估——基于上海市_深圳市44家企业的调查数据.中国内部审计,2011,(7)：17-22[25]耿建新,续芹,李跃然.内审部门设立的动机及其效果研究——来自中国沪市的研究证据.审计研究,2006,(1)：54-60[26]冯立新,兰曼.基于盈余管理角度内部审计作用实证研究.技术经济??与管理研究,2007,(3)：67-68[27]刘国常,郭慧.内部审计特征的影响因素及其效果研究——来自中国中小企业板块的证据.审计研究,2008,(2)：86-89[28]蔡春,蔡利,陈幸.内部审计质量与盈余管理——来自中国A股制造业上市公司的经验证据.上海立信会计学院学报,2009,(6)：17-18[29]郭慧.上市公司内部审计治理效应研究——来自中国证券主板市场的经验证据：[暨南大学博士学位论文].广州：暨南大学,2009：111-113[30]王守海,郑伟,张彦国.内部审计水平与财务报告质量研究——来自中国上市公司的经验证据.审计研究,2010,(5)：82-85[31]施卓晨.上市公司内部审计信息披露的实证研究——基于深沪390家上市公司的经验证据.产业经济研究,2007,(3)：17-22[32]Schneider, A. and N. Wilner. A test of audit deterrent to financial reporting irregularities using the randomized response technique. The Accounting Review,1990,65(3):668-681[33]Wallance, W.A.,and R.W. Kreutafeldt.1991.Distinctive characteristics of entities with an internal audit department and the association of the quality of such department with errors. Contemporary Accounting Research (Spring):485-512[34]James.K.L., The Effects of the Internal Audit Structure on Perceived Financial Statement Fraud Prevention. Accounting Horizons,2003,Vol.17,No.4:315-327[35]Corama,P.,C.Fergusona,and R.Mornoey, Internal audit, alternative internal audit structures and the level of misappropriation of assets fraud. Accounting and Finance,2008,48:543-559[36]Asare S.,R.A. Davidson, and A. A. Gramling. The effect of management incentives and audit committee quality on internal auditors'planning assessment and decision. Working Paper,2003[37]Davidson, R., J. Goodwin-Stewart and P. Kent. Internal governance structures and earnings management. Accounting&Finance,2005,45(2):241-267[38]Prawitt D. F., J. L. Smith, D. A. Wood. Internal audit quality and earnings management. The Accounting Review,2009,84(4):1255-1280[39]程新生,孙利军,耿帏雯.公司治理对财务控制的影响——来着我国制造业上市公司的证据.会计研究,2007(3)：51-53[40]庄莹.我国上市公司内部审计有效性研究：[厦门大学博士学位论文].厦门：厦门大学,2009：49-53[41]赵迪.内部审计独立性与盈余管理影响的实证研究：[沈阳工业大学硕士学位论文].辽宁：沈阳工业大学,2008：51-52[42]吕永洪.上市公司内部审计模式对公司治理影响研究：[安徽大学硕士学位论文].安徽：安徽大小,2010：34-37[43]赵瑜.内部审计质量与盈余管理关系研究——基于公司治理视角：[西南财经大学硕士学位论文].成都：西南财经大学,2011：42-43[44]吴水澎,牟韶红.自愿审计、公允价值对盈余管理的影响——基于2006-2007年上市公司中期报告的经验证据.财经研究,2009(3)：131-135[45]张国华.我国上市公司盈余管理与公司治理机制关系的实证研究：[同济大学博士学位论文].上海：同济大学,2006：121-123[46]高雷,张杰.公司治理、机构投资者与盈余管理.会计研究,2008,(9)：66-68[47]王会金,唐厚燕.内部审计报告关系的转变对价值增值的影响——基于价值链视角的讨论.南京社会科学,2008(9)：57-61[48]蔡春.公司治理审计论.北京：中国时代经济出版社,2006：132-133[49]王光远.消极防弊·积极兴利·价值增值——20世纪内部审计的回归与思考.财会月刊.2003(2)：02-05[50]沈静秋,殷丽丽,时现.基于企业目标视角的内部审计增值探析.中国内部审计.2010(11)：31-35[51]王光远.公司治理中的内部审计——受托责任视角的内部治理机制观.审计研究,2006(2)：29-31[52]蔡昌.盈余管理.西安：西安交通大学出版社,2005：02-03[53]王光远.管理审计理论.北京：中国人民大学出版社,1996：223-224[54]Hermanson,D.R., The growing stature of internal auditing. Internal Auditing,2002,Nov/Dec,17,6:43-44[55]Mcnichols,Wilson. Evidence of earnings management from the provision for bad debts. Journal of Accounting Research,1988,26:57-61[56]David,Sweeney,Si Luoen. Executive Incentives and the Horizon Problem:An Empirical Investigation. Journal of Accounting and Economics,1995,14:51-89[57]Kaplan. Earnings management during import relief investigations. Journal of Accounting Research,1991,9:193-228[58]Guay,Kothari,Watts. Stochastic model for multivariate behavior of stock prices. International Journal of Modern Physics B,2004,18:681-689[59]Bartov. Management of the Loss Reserve Accrual and the Distribution of Earnings in the Property-casualty Insurance Industry. The Accounting Review.1998,07:103-107[60]夏立军.盈余管理计量模型在中国股票市场的应用研究——基于2006-2007年上市公司中期报告的经验证据.中国会计和财务研究,2003(3)：17-20[61]詹姆斯·罗瑟.最佳实务——四个革新型审计部门的增值方法.北京：石油工业出版社,2002[1]The Institute of Internal Auditor(IIA). Recommendations for Improving Corporate Governance.2002[2]Public Company Accounting Oversight Board (PCAOB).An Audit of Internal Control over Financial Reporting that is integrated with an Audit of Financial Statements.2007a[3]Clark,M.,T.E.Gibbs,and R.G.Schroeder.1980.Evaluating internal audit departments under SAS NO.9:Criteria for judging competence, objectivity, and performance. The Woman CPA.(6):8-11[4]DeZoort,F. T., R. W. Houston,and M. F. Peters.2001.The impact of internal auditor compensation and role on external auditors'planning judgments and decisions. Contemporary Accounting Research18(2):257-281[5]Brown,P.R.1983.Independent auditor judgment in the evaluation of internal audit functions. Journal of Accounting Research, Autumn:444-455[6]Schneider,A.1985b. The reliance of external auditors on the internal audit function. Journal of Accounting Research (Autumn):911-919[7]Messier,W.F.,Jr,and A.Schnerder.1988.A hierarchical approach to the external auditor's evaluation of the internal auditing function. Contemporary Accounting Research,4(2):337-353[8]Tiessen, P.and R.H.Colson.1990.External auditor reliance on internal audit. Internal Auditing(Winter):10-22[9]Gramling,A.A.1999. External auditors'reliance on work performed by internal auditors:the influence of fee pressure on this reliance decision. Auditing:A Journal of Practice and Theory (Supplement):117-135[10]Gist,W.E.1992.Explaining variability in external audit fees. Accounting&Business Research,23(89):79-84[11]Anderson,T. and D.Zeghal.1994.The pricing of audit services:Further??evidence from the Canadian market. Accounting&Business Research,24(95):195-207[12]Raman,K.K.and E.R.Wilson.1992. An empirical investigation of the market for 'single audit'services. Journal of Accounting&Public Policy,11(4):271-295[13]Adams,M.,M.Sherris, and M. Hossain.1997.The determinants of external audit costs in the New Zealand life insurance industry. Journal of International Financial Management&Accounting,8(1):69-86[14]Deis,D.R.and G,Giroux.1996.The effect of auditor charges on audit fees,audit hours,and audit quality. Journal of Accounting and Public Policy,15:55-76[15]Ezzamel,M., D.R.Gwilliam, and K.M.Holland.2002.The relationship between categories of non-audit services and audit fees:Evidence from UK companies. International Journal of Auditing,6:13-35[16]Willekens,M.and C.Achmadi.2003.Pricing and supplier concentration in the private client segment of the audit market:Market power or competition. International Journal of Accounting,38(4):431-455[17]Goodwin-Stewart Jenny, Kent Pamela.2006.Relation between external audit fees, audit committee characteristics and internal audit. Accounting and Finance,46:387-404[18]Prawitt, D., N.Sharp,and D. Wood.2008. Does internal auditing affect the external audit fee? Working Paper, Brigham Young University, Texas A&M University, Brigham Young University.[19]施卓晨.关于企业内部审计应用效果的实证研究.财会通讯(学术版).2005,(6)：50-53[20]程新生,张宜.中国制造业上市公司内部审计模式实证研究.审计研究,2005,(1)：70-74[21]韩晓梅,包汉良.江苏省内部审计实况调查与标杆比较.审计研究,2005,(3)：42-46[22]任志嫒.增值型内部审计在电力企业中的应用研究：[华北电力大学硕士学位论文].河北：华北电力大学,2007：16-18[23]时现,毛勇,易仁萍.国内外企业内部审计发展状况之比较.审计研究,2008,(6)：23-25[24]屈耀辉,时现.企业内部审计人员胜任能力评估——基于上海市_深圳市44家企业的调查数据.中国内部审计,2011,(7)：17-22[25]耿建新,续芹,李跃然.内审部门设立的动机及其效果研究——来自中国沪市的研究证据.审计研究,2006,(1)：54-60[26]冯立新,兰曼.基于盈余管理角度内部审计作用实证研究.技术经济与管理??研究,2007,(3)：67-68[27]刘国常,郭慧.内部审计特征的影响因素及其效果研究——来自中国中小企业板块的证据.审计研究,2008,(2)：86-89[28]蔡春,蔡利,陈幸.内部审计质量与盈余管理——来自中国A股制造业上市公司的经验证据.上海立信会计学院学报,2009,(6)：17-18[29]郭慧.上市公司内部审计治理效应研究——来自中国证券主板市场的经验证据：[暨南大学博士学位论文].广州：暨南大学,2009：111-113[30]王守海,郑伟,张彦国.内部审计水平与财务报告质量研究——来自中国上市公司的经验证据.审计研究,2010,(5)：82-85[31]施卓晨.上市公司内部审计信息披露的实证研究——基于深沪390家上市公司的经验证据.产业经济研究,2007,(3)：17-22[32]Schneider, A. and N. Wilner. A test of audit deterrent to financial reporting irregularities using the randomized response technique. The Accounting Review,1990,65(3):668-681[33]Wallance, W.A.,and R.W. Kreutafeldt.1991.Distinctive characteristics of entities with an internal audit department and the association of the quality of such department with errors. Contemporary Accounting Research (Spring):485-512[34]James.K.L., The Effects of the Internal Audit Structure on Perceived Financial Statement Fraud Prevention. Accounting Horizons,2003,Vol.17,No.4:315-327[35]Corama,P.,C.Fergusona,and R.Mornoey, Internal audit, alternative internal audit structures and the level of misappropriation of assets fraud. Accounting and Finance,2008,48:543-559[36]Asare S.,R.A. Davidson, and A.A. Gramling. The effect of management incentives and audit committee quality on internal auditors'planning assessment and decision. Working Paper,2003[37]Davidson, R., J. Goodwin-Stewart and P. Kent. Internal governance structures and earnings management. Accounting&Finance,2005,45(2):241-267[38]Prawitt D. F., J. L. Smith, D. A. Wood. Internal audit quality and earnings management. The Accounting Review,2009,84(4):1255-1280[39]程新生,孙利军,耿帏雯.公司治理对财务控制的影响——来着我国制造业上市公司的证据.会计研究,2007(3)：51-53[40]庄莹.我国上市公司内部审计有效性研究：[厦门大学博士学位论文].厦门：厦门大学,2009：49-53[41]赵迪.内部审计独立性与盈余管理影响的实证研究：[沈阳工业大学硕士学??位论文].辽宁：沈阳工业大学,2008：51-52[42]吕永洪.上市公司内部审计模式对公司治理影响研究：[安徽大学硕士学位论文].安徽：安徽大小,2010：34-37[43]赵瑜.内部审计质量与盈余管理关系研究——基于公司治理视角：[西南财经大学硕士学位论文].成都：西南财经大学,2011：42-43[44]吴水澎,牟韶红.自愿审计、公允价值对盈余管理的影响——基于2006-2007年上市公司中期报告的经验证据.财经研究,2009(3)：131-135[45]张国华.我国上市公司盈余管理与公司治理机制关系的实证研究：[同济大学博士学位论文].上海：同济大学,2006：121-123[46]高雷,张杰.公司治理、机构投资者与盈余管理.会计研究,2008,(9)：66-68[47]王会金,唐厚燕.内部审计报告关系的转变对价值增值的影响——基于价值链视角的讨论.南京社会科学,2008(9)：57-61