摘要
沪港通作为我国资本市场实行高水平开放的措施之一,受到社会各界的关注。本文利用2014年启动的沪港通政策作为外生事件冲击,采用双重差分法实证研究了沪港通政策实施对审计需求和审计质量的影响。结果发现,"沪港通"政策的实施显著提高了标的公司的审计需求,表现为聘请高质量的会计师事务所,支付更高的审计费用;与此同时,"沪港通"政策的实施也提高了审计质量,表现为上市公司获取更多的标准审计意见以及更少的盈余管理行为。这表明"沪港通"政策引入境外投资者,改善了上市公司的信息环境。更进一步地,对于交叉上市公司以及融资融券标的上市公司,"沪港通"的实施并没有显著影响。本文研究结论对于沪港通政策的实施效果评价具有重要意义,为我国资本市场进一步高水平对外开放提供经验证据。
The Shanghai-Hong Kong stock connect,as one of the measures to implement the high-level opening of China's capital market,has attracted attention from all walks of life.Using the Shanghai-Hong Kong stock connect policy launched in 2014 as an exogenous influence,this paper studied the impact of implementation of the Shanghai-Hong Kong stock connect policy on audit quality by using a difference-in-difference model.This paper found that the implementation of Shanghai-Hong Kong stock connect policy had significantly improved the demand for higher audit quality,such as high proportion of top audit firms and higher audit fees.Meanwhile, it also improved the audit quality of the target companies,such as obtaining more standard audit opinions,and involving less earnings management.This showed that foreign investors had played a good role in improving information disclosure.However,the implementation of Shanghai-Hong Kong stock connect policy has no significant impact on cross-listed companies and margin trading and short sales companies.This article had great significance for the evaluation of the implementation effect of Shanghai-Hong Kong stock connect policy.
作者
周冬华
方瑄
黄文德
Zhou Donghua;Fang Xuan;Huang Wende
出处
《审计研究》
CSSCI
北大核心
2018年第6期56-64,共9页
Auditing Research
基金
国家自然科学基金(项目批准号:71462012
71462011)的阶段性成果
财政部"全国会计领军(后备)人才(学术类)培养项目"的支持
关键词
沪港通
境外投资者
审计需求
审计质量
Shanghai-Hong Kong stock connect
foreign investors
audit demand
audit quality
