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从关系契约与制度环境的互动视角,考察关系型交易和制度环境及其交互作用对企业外部审计需求和企业价值的影响。研究发现,更依赖关系型交易的企业更“偏好”聘请本地小所进行审计,而且审计费用更低,但随着制度环境的改善,这种“偏好”会显著减弱;进一步控制内生性问题后,研究结论依然成立。文章进一步丰富了以关系型交易为主要特征的转型经济社会中的外部审计需求和审计收费的文献,也为理解外部审计的公司治理效应及传导机制提供了增量信息。
From the perspective of interaction between contractual relationship and institutional environment, this paper examines the impact of relational transactions and institutional environment and their interactions on the external audit needs and corporate value of enterprises. The study found that firms that rely more on relational transactions prefer to hire smaller local firms for audits and audit fees are lower, but this “preference” will be significantly weakened as the institutional environment improves; further control Endogenous issues, the conclusions of the study still holds. The article further enriches the literature about the external audit needs and audit fees in the transitional economy and society, which are mainly characterized by relational transactions. It also provides incremental information for understanding the corporate governance effect and transmission mechanism of external audit.