Technology Spillovers and Audit Fees——The Evidence from Chinese Listed Companies

Abstract

Abstract: Based on a sample of A-share non-financial listed companies from 2007 to 2018, this study examines the effect of technology spillovers on the audit fees claimed by auditors. It is found that firms facing greater technology spillovers are less charged by auditors as technology spillovers can decrease firms' operation risk and diversification degree. Furthermore, despite reduced audit fees, the quality of auditing does not decline, which indicates that technology spillovers can improve the audit efficiency. In addition, the negative relation is more significant when firms or accounting firms have better human capital. These findings provide new empirical evidence for the economic effects of technology spillovers, and provide different perspectives for understanding the influencing factors of audit fees.

Key words: Technology Spillovers, Audit Fees, Operation Risk, Diversification, Audit Quality

摘要： 以2007~2018年A股非金融行业上市公司的数据为样本,从审计收费的角度实证检验了技术溢出的正面效应。研究发现,技术溢出能够显著降低审计收费,而企业经营风险和多元化程度的降低是导致上述效应的传导机制。进一步研究发现,审计质量并未由于审计收费的减少而下降,表明技术溢出提高了审计效益。此外,技术溢出与审计收费的负向关系在高人力资本的事务所或企业中更为显著。上述发现为技术溢出的经济效应提供了新的经验证据,为理解审计收费的影响因素提供了不同的视角。

关键词: 技术溢出, 审计收费, 经营风险, 多元化经营, 审计质量

CLC Number:

F239

RUAN Yongping, WU Hongjie, ZHENG Kai. Technology Spillovers and Audit Fees——The Evidence from Chinese Listed Companies[J]. , 2021, 37(3): 61-70.

阮永平, 吴红杰, 郑凯. 技术溢出与审计收费——来自中国上市公司的经验证据[J]. 财经论丛, 2021, 37(3): 61-70.

References

[1] 李丹蒙,万华林.股权激励契约特征与企业创新[J]. 经济管理,2017,39(10):156-172.
[2] Qiu J.,Wan C.Technology Spillovers and Corporate Cash Holdings [J]. Journal of Financial Economics,2015,115(3):558-573.
[3] 谢建国.外商直接投资对中国的技术溢出——一个基于中国省区面板数据的研究 [J]. 经济学(季刊),2006,5(4):1109-1128.
[4] 潘文卿,李子奈,刘强.中国产业间的技术溢出效应:基于35个工业部门的经验研究 [J]. 经济研究,2011, (7):18-29.
[5] Bernstein J.I.,Nadiri M.I.Research and Development and Intra-industry Spillovers:An Empirical Application of Dynamic Duality [J]. The Review of Economic Studies,1989,56(2):249-267.
[6] David B.A.,Maryann P.F.R&D Spillovers and the Geography of Innovation and Production [J]. American Economic Review,1996,86(3):630-640.
[7] Porter M.E.Location,Competition,and Economic Development:Local Clusters in a Global Economy [J]. Economic Development Quarterly,2000,14(1):15-34.
[8] Tambe P.,Hitt L.M.Job Hopping,Information Technology Spillovers,and Productivity Growth [J]. Management Science,2014,60(2):338-355.
[9] Jensen M.C.,Meckling W.H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure [J]. Journal of Financial Economics,1976,3(4):305-360.
[10] Simunic D.A.The Pricing of Audit Services:Theory and Evidence [J]. Journal of Accounting Research,1980,18(1):161-190.
[11] Simunic D.A.Auditing,Consulting,and Auditor Independence [J]. Journal of Accounting Research,1984,22(2):679-702.
[12] Alexander D.,Hay D.The Effects of Recurring and Non-Recurring Non-Audit Services on Auditor Independence[J]. Managerial Auditing Journal,2013,28(5):407-425.
[13] Ezzamel M.,Gwilliam D.R.,Holland K.M.The Relationship between Categories of Non-Audit Services and Audit Fees:Evidence from UK Companies [J]. International Journal of Auditing,2002,6(1):13-35.
[14] Martin G.H.W.An Economic Analysis of Audit and Nonaudit Services:The Trade-off between Competition Crossovers and Knowledge Spillovers [J]. Contemporary Accounting Research,2006,23(2):527-554.
[15] Coase R.H.The Problem of Social Cost [J]. The Journal of Law and Economics,1960,3(1):1-44.
[16] Antonelli C.,Colombelli A.The Locus of Knowledge Externalities and the Cost of Knowledge [J]. Regional Studies, 2017,51(8):1151-1164.
[17] DeAngelo L.E.Auditor Size and Audit Quality [J]. Journal of Accounting & Economics.1981,3(3):183-199.
[18] Low K.The Effects of Industry Specialization on Audit Risk Assessments and Audit-Planning Decisions [J]. The Accounting Review,2004,79(1):201-219.
[19] 袁春生,汪涛武,唐松莲.审计独立性、行业专长与财务舞弊行为——基于证监会处罚公告的经验证据 [J]. 山西财经大学学报,2011,33(6):114-124.
[20] 朱乃平,朱丽,孔玉生,等.技术创新投入、社会责任承担对财务绩效的协同影响研究 [J]. 会计研究,2014,(2):57-63,95.
[21] 褚剑,秦璇,方军雄.经济政策不确定性与审计决策——基于审计收费的证据 [J]. 会计研究,2018,(12):85-91.
[22] Wallace W.A.The Economic Role of the Audit in Free and Regulated Markets:A review [J]. Research in Accounting Regulation,1987,1(1):7-34.
[23] Jensen M.C.Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers [J]. American Economic Review,1986,76(2):323-329.
[24] 张纯,高吟.多元化经营与企业经营业绩——基于代理问题的分析 [J]. 会计研究,2010,(9):75-79.
[25] 卢闯,刘俊勇,孙健,等.控股股东掏空动机与多元化的盈余波动效应 [J]. 南开管理评论,2011,14(5):68-73.
[26] Fan J.P.H.,Wong T.J.Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia [J]. Journal of Accounting Research,2005,43(1):35-72.
[27] Raut L.K.R&D Spillover and Productivity Growth:Evidence from Indian Private Firms [J]. Journal of Development Economics,1995,48(1):1-23.
[28] Goya E.,Vayá E.,Suriñach J.Innovation Spillovers and Firm Performance:Micro Evidence from Spain [J]. Journal of Productivity Analysis,2016,45(1):1-22.
[29] 符淼.地理距离和技术外溢效应——对技术和经济集聚现象的空间计量学解释 [J]. 经济学(季刊),2009,8(4):1549-1566.
[30] Guan Y.,Su L.,Wu D.,Yang Z.Do School Ties between Auditors and Client Executives Influence Audit Outcomes [J]. Journal of Accounting & Economics,2016,61(2-3):506-525.
[31] 权小锋,徐星美.风险投资、内部控制与审计定价 [J]. 财经研究,2017,43(6):132-145.
[32] 朱春艳,伍利娜,田利辉.代理成本、弹性信息披露对审计收费的影响 [J]. 会计研究,2017,(7):89-95,97.
[33] 张瑞君,李小荣.金字塔结构、业绩波动与信用风险 [J]. 会计研究,2012,(3):62-71,95.
[34] Hall B.H.,Jaffe A.,Trajtenberg M.Market Value and Patent Citations [J]. The Rand Journal of Economics,2005,36(1):16-38.
[35] 吴超鹏,唐菂.知识产权保护执法力度、技术创新与企业绩效——来自中国上市公司的证据 [J]. 经济研究,2016,(11):125-139.
[36] 邓新明.我国民营企业政治关联、多元化战略与公司绩效 [J]. 南开管理评论,2011,(4):4-15,68.
[37] 刘行健,王开田.会计师事务所转制对审计质量有影响吗？[J]. 会计研究,2014,(4):88-94,96.
[38] 王晓珂,王艳艳,于李胜,等.审计师个人经验与审计质量 [J]. 会计研究,2016,(9):75-81.
[39] Watts R.L.Conservatism in Accounting Part I:Explanations and Implications [J]. Accounting Horizons,2003,17(3):207-222.
[40] Danos P.,Eichenseher J.W.Audit Industry Dynamics:Factors Affecting Changes in Client-industry Market Shares [J]. Journal of Accounting Research,1982,20(2):604-616.
[41] Lennox C.,Pittman J.A.Big Five Audits and Accounting Fraud [J]. Contemporary Accounting Research,2010,27(1):209-247.