集团内部债务担保与审计定价：风险扩散还是风险中和

《上海财经大学学报》 2021年23卷第1期 页码：107 - 121  online：2021年1月23日

集团内部债务担保与审计定价：风险扩散还是风险中和

Intra-group Debt Guarantees and Audit Pricing: Risk Diffusion or Risk Neutralization

作者（中）：黄贤环, 王瑶

作者（英）：Huang Xianhuan, Wang Yao

作者单位：1.山西财经大学 会计学院，山西 太原 030006

摘要：上市公司对其子公司债务担保所形成的集团内部债务担保行为是缓解企业“融资难、融资贵”问题的重要机制，而审计定价对信贷市场上的融资活动又具有信号传递效应，因此，考察集团内部债务担保如何影响审计定价具有较好的理论和现实意义。文章选择2008-2017年沪深上市公司的数据，基于集团整体的视角实证检验了集团内部债务担保与审计定价的关系。研究发现：集团内部债务担保通过加剧上市公司面临的财务风险和经营风险表现为风险扩散效应，导致审计定价的上升；相对于国企，提供债务担保的上市公司为非国企时，其审计定价更高；当上市公司金融化水平越高时，债务担保导致其审计定价也越高。研究结论有助于指导信贷市场参与方和注册会计师规避债务担保风险，促进信贷市场健康发展。

关键词：债务担保; 审计定价; 审计风险; 内部控制; 金融化

Summary: From the perspective of the groups formed by listed companies and their subsidiaries, there may be “risk diffusion” effect and “risk neutralization” effect in the debt guarantee of listed companies to their subsidiaries, but it is regrettable that the existing studies have not made a distinction between them. However, under the risk-oriented audit mode in China, the risk level of the auditee directly affects the audit pricing behavior of CPA. In view of this, this paper examines the relationship between debt guarantees and audit pricing of listed companies within the group. The results show that: The debt guarantee for subsidiaries of listed companies within the group improves the audit pricing by enhancing the financial risk and operational risk of listed companies; further research shows that, compared with the debt guarantee of state-owned enterprises and guarantee mode, if the listed company is the debt guarantee of non-state-owned enterprises and joint and several liability, its debt guarantee for subsidiaries will enhance the audit pricing. When the financial level of listed companies is higher, the debt guarantee for subsidiaries will lead to the increase of audit pricing, and good internal control can inhibit the increase of audit pricing caused by the debt guarantee of listed companies. Therefore, this paper argues that listed companies should reasonably choose the way of debt guarantees, and comprehensively study and judge the possible risk points of debt guarantees for subsidiaries, so as to judge whether to guarantee the subsidiaries; the subsidiaries should comprehensively analyze their own resource endowment, financial ability and comprehensive governance ability, so as to prevent the transmission of credit risk to the parent company as far as possible, and curb the group as a whole; auditors should consider the risk points of debt guarantees of listed companies to subsidiaries and the complexity of obtaining audit evidence, and reasonably determine audit fees.The possible contributions of this paper are as follows: （1）From the perspective of group as a whole, studying the relationship between debt guarantees and audit pricing of listed companies within the group can provide a new theoretical explanation for the relationship between debt guarantees and audit pricing of listed companies to subsidiaries. （2）Mining the basic path of debt guarantees for subsidiaries of listed companies to improve audit pricing can reveal the deep logic of listed companies’ debt guarantee on subsidiaries’ audit pricing. （3）The investigation of cross-sectional characteristics of listed companies, such as the nature of property rights, the way of debt guarantees, the level of financialization and the quality of internal control, can provide important empirical evidence for understanding the constraints between debt guarantees and audit pricing. It is helpful for listed companies to prevent and control the risk of debt guarantees, and provide important decision-making basis for CPA audit pricing.

Key words: debt guarantee; audit pricing; audit risk; internal control; financialization

DOI：10.16538/j.cnki.jsufe.2021.01.008

收稿日期：2020-7-13

基金项目：教育部人文社会科学研究青年基金“实体企业金融资产配置、财务公司资金管控与全要素生产率提升研究”（19YJC630058）；国家自然科学基金委面上项目“国家审计、协同监督与国企资产保值增值”（71872105）；山西省高等学校哲学社会科学研究项目“集团内部资本市场与企业金融化研究：理论分析与机制检验”（2019W066）；山西省哲学社会科学规划课题“限薪政策对国企全要素生产率的影响及应对策略研究”（2019B136）

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