会计学院知识库

上海和深圳证券交易所于2010年3月31日相继开通融资融券交易系统，标志着融资融券交易正式进入试点运行阶段。2019年8月19日，融资融券标的迎来了自两融业务开展以来的第六次扩容，标的股数量由950只扩大至1600只，市值占总市值的比重达80%。十年来，两融标的证券范围和规模不断扩大，融资融券业务取得了长足的发展，我国证券市场日趋成熟。融资融券业务在影响证券市场的同时，对上市公司的信息披露行为和利益相关者也会产生直接或间接的影响。作为重要的外部利益相关者，审计师通过感知上市公司的风险对财务报表出具鉴证报告。已有文献表明融资融券业务会显著增加审计师面临的诉讼风险，那么其是否会进一步影响以及如何影响审计师的定价决策？现有研究尚缺乏关注。 

本文基于融资融券逐步扩容的制度背景，选取2007-2020年沪深两市A股主板上市公司为样本，利用双重差分模型（多时点DID）探究融资融券业务对审计定价的影响，并通过引入审计投入和审计风险溢价这两个变量探寻融资融券业务影响审计定价的作用路径，此外通过分析政策的动态效应，进一步分析了两融业务是否会对审计定价产生持续影响。 

通过实证检验发现：（1）融资融券业务实施后，相比于非标的公司，被纳入融资融券标的范围的公司其审计定价显著提高。（2）上市公司成为融资融券标的公司后，审计师通过增加审计投入、提高审计风险溢价两条路径提高了审计定价。（3）动态效应分析结果显示，融资融券业务对审计定价的提高具有持续效应。（4）进一步研究表明融资与融券业务对审计定价产生的影响存在差异，融资融券业务对审计定价的“提价”作用更多的是源于融券卖空的压力。以上研究结果表明，上市公司成为融资融券标的增加了审计师的风险感知，审计师在评估被审计单位的风险时应将这一因素纳入考量，促使审计师在执业中保持职业怀疑，同时本文的结论也为两融政策的实施效果提供了新证据。

The Shanghai and Shenzhen Stock Exchanges successively opened the margin trading system in March 31,2010, which implies the margin trading officially entered the pilot operation stage. On August 19, 2019,  the subject matter of margin lending and short selling ushered in the sixth expansion since the launch of the margin business, the number of subject shares expanded from 950 to 1600, and the market value of those underlying stocks accounted for 80% of the total market value. Over the past decade, the scope and scale of securities subject to margin business have been constantly expanding, margin business has achieved  considerable development, and China's securities market has become  increasingly mature. Margin business not only affects the securities  market, but also has a direct or indirect impact on the information  disclosure behavior of listed companies and stakeholders. As an important external stakeholder, auditors perform the assurance responsibility on the financial statements by perceiving the risks of listed companies. Existing literature shows that margin business will significantly increase the litigation risk faced by auditors, so will it further affect and how will it affect auditors' pricing decisions? Existing research is still lacking attention. 

Based on the quasi-natural experiment of the gradual expansion of  margin business, this paper selects A-share listed companies on the main board of Shanghai and Shenzhen stock exchanges from 2007 to 2020 as samples to explore the impact of margin business on audit pricing by using the double-difference model (Time-varying DID). By introducing the two variables of audit input and audit risk premium, the paper explores the path of the impact of margin business on audit pricing. In addition, by analyzing the dynamic effect of the policy, the paper further analyzes whether the margin business will have a sustained impact on audit pricing. 

The empirical testing suggests that: (1) After the implementation of  margin business, compared with non-target companies, the audit pricing  of the companies included in the target range of margin trading is  significantly higher. (2) After the listed companies become the target  enterprise of margin trading, the auditors improve the audit pricing by  increasing the input of audit resources and increasing the audit risk  premium. (3) The result of dynamic effect analysis shows that margin  business has a sustained effect on the improvement of audit pricing. (4)  Financing business and securities lending business will have different  effects on audit pricing. The promotion effect of margin business on audit pricing is more from short selling pressure. To sum up, the fact that listed companies become the subject of margin trading increases auditors' risk perception, and auditors should take this factor into consideration when evaluating the risk of auditee, prompting auditors to maintain professional skepticism in practice. Meanwhile, the research findings also furnish new evidence for the implementation effect of the margin trading and securities lending policy.