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2008年全球金融危机和2015年我国股市的大幅波动凸显了股价崩盘风险的重大研究价值,现有研究主要关注了股价崩盘风险的动因,而忽视了对其经济后果的直接检验。本文从审计费用角度研究股价崩盘风险的经济后果,旨在探讨审计师在审计决策时是否以及如何使用客户股价崩盘风险这一信息。研究发现,公司股价崩盘风险越高,审计师收取的审计费用越高,这表明审计师在做出审计决策时的确考虑股价崩盘风险信息;并且,公司股价崩盘风险与审计费用的正向关系在公司为国企、未完成股权分置改革、审计师规模较大以及公司所处地区市场化程度较高时更显著。进一步研究发现,公司股价崩盘风险越高,审计师花费的审计时间越长,这表明公司股价崩盘导致增加的审计费用包含了对审计努力的价格补偿。本文的研究结果表明,股价崩盘存在明显的溢出效应,会影响审计师的审计定价决策。这从审计师角度丰富了股价崩盘风险经济后果的相关研究。
The global financial crisis in 2008 and the sharp fluctuations in China’s stock market in 2015 highlight the significant research value of the stock price crash risk. The existing research mainly focuses on the motivation of the stock price crash risk and ignores the direct test of its economic consequences. This paper studies the economic consequences of stock price crash risk from the perspective of audit fees and aims to explore the role of auditors in the audit decision-making whether and how to use the customer’s share price crash risk information. The research shows that the higher the risk of stock price crash, the higher the audit fees charged by the auditors, which indicates that the auditors do consider the risk of stock price crash when making audit decisions. And the positive relationship between the company’s stock price crash risk and audit costs is in the It is even more significant when the Company is a state-owned enterprise, the reform of the non-completion of the share reform, the larger scale of the auditors and the higher degree of marketization in the regions where the Company is located. A further study found that the higher the company’s stock price crash risk, the longer the auditors spend auditing, which indicates that the increased auditing costs caused by the company’s stock price crash include price compensation for audit efforts. The result of this paper shows that there is a significant spillover effect in the stock price crash, which will affect the audit decision-making of auditors. This enriches the research on the economic consequences of stock price crash risk from the perspective of auditors.