摘要
本文以2002-2020年中国沪深A股上市公司为样本,基于信息透明度和审计风险的双重视角考察上市公司避税天堂直接投资对审计意见的影响及其作用机制。研究发现:避税天堂直接投资显著增加了公司获得非标审计意见的概率,其原因在于,避税天堂直接投资会降低公司的信息透明度、增加公司的审计风险,进而提高了公司获得非标审计意见的概率。进一步研究发现,避税天堂直接投资对非标审计意见的影响具有持续性。同时,避税天堂直接投资带来的非标审计意见意味着公司具有更低的内部控制质量,更有可能遭遇监管问询,并具有更低的市场回报率。而良好的公司治理可以显著降低上市公司因在避税天堂直接投资而获得非标审计意见的概率,发挥积极的治理效应。本文的研究在理论上丰富了避税天堂直接投资的经济后果以及审计意见影响因素的相关文献,在实践上有助于加强对避税天堂直接投资现象的理解与监管。
Using the data of Chinese A-share market listed companies from 2002 to 2020,this paper investigates the impact of direct investment in tax havens on listed companies’audit opinion from the dual perspectives of information transparency and audit risk.The results show that,direct investment in tax havens is positively associated with non-standard audit opinions.The reason is that listed companies with direct investment in tax havens have lower information transparency,higher audit risk,thus making them more likely to receive non-standard audit opinions.Further research shows that the impact of tax haven investment on non-standard audit opinions is persistent.Meanwhile,direct investment in tax havens resulting in non-standard audit opinions indicates that a company has lower internal control quality,is more likely to encounter regulatory inquiries,and has lower market returns.However,good corporate governance can significantly reduce the likelihood of listed companies receiving non-standard audit opinions due to direct investment in tax havens,thereby exerting a positive governance effect.Our research not only enriches the relevant literature on economic consequences of direct investment in tax haven and the determinants of audit opinions in theory,but also helps to strengthen the understanding and supervision of the phenomenon of Chinese listed companies’direct investment in tax haven in practice.
出处
《会计研究》
北大核心
2023年第12期174-188,共15页
Accounting Research
基金
国家自然科学基金面上项目(71972163)
国家社科基金一般项目(20BGL089)
2023年度福建省社科基金“青年学者论坛”特别委托项目(FJ2023TWOX003)
厦门大学中国式现代化专项(20720231051)的资助
关键词
避税天堂
审计意见
信息透明度
审计风险
Tax Havens
Audit Opinion
Information Transparency
Audit Risk
