摘 要

我国资本市场的发展历史较短，而且近年来国际资本市场中金融环境的复杂性以及波动性加剧，我国资本市场在外向型道路上的发展较为缓慢。“陆港通”即“沪港通”和“深港通”的合称。“沪港通”是基于中国对外开放实际需要的、具有鲜明中国特色的一项政策革新，是我国资本市场双向开放的开天辟地；在此政策架构的基础上升级改造的“深港通”进一步加快了内陆资本市场的对外开放步伐，也是人民币在国际化道路中里程碑性质的事件。在这一实际情况下，学术研究领域和实践实务领域都将目光投向资本市场开放给我国带来经济后果这一重要命题上。

“陆港通”政策的实施如同一扇大门，为研讨资本市场开放对审计人员这一中介机构的影响提供了特有的准自然情景。本文以“陆港通”政策的实施为背景，探究了资本市场开放对公司审计服务定价的影响。一方面，资本市场开放增加审计风险与审计成本，于是我们提出假设1：“陆港通”政策实施后，标的公司的审计服务定价会有所上升；另一方面，资本市场开放能够提高公司治理水平，公司治理的改善有助于降低审计风险，于是我们提出一个相反的假设2:“陆港通”政策实施后，标的公司的审计服务定价会有所下降。

在实证研究设计中，我们在国泰安数据库的“沪股通”和“深股通”专栏板块批量查找加入“陆港通”的公司以及加入的具体时间节点，总体根据是否为“陆港通”标的分为实验组和控制组两个大组，运用双重差分模型检验“陆港通”政策的实施对公司审计服务定价的影响。本文的样本范围是2009-2018年Ａ股上市公司，在剔除金融、保险类企业、未披露审计服务定价或审计审计服务定价披露不全的公司以及其他重要数据不完整的公司后，经过筛选选取了26,582组数据作为样本，对所有连续变量进行了上下1%的缩尾( winsorize)处理后进行回归，通过对回归结果的分析，研究发现，“陆港通”政策实施后，标的公司的审计服务定价呈现显著上升的态势。进一步分析表明，在“陆港通”实施后，相对于四大会计师事务所，非四大会计师事务所显著地提高了审计服务定价；相对于交叉上市公司，非交叉上市公司显著地提高了审计服务定价。

根据上述研究结论，为了更好的促进我国资本市场和审计服务市场的积极向上的发展，本文从政府和监管机构、上市公司、会计师事务所三个方面提出如下建议：（1）拓展互通政策的试点范围，使得更多数量的公司能够加入“陆港通”政策之中，并将审计服务定价更加系统化规范化；（2）加强企业内部管理力度，合理规划公司未来道路，既要调整协调好公司内部利益，又要向外延展与其他利益相关者建立长期合作，互利互惠的良性关系网络，尽量缩减与他们之间的矛盾，以大幅降低陷入诉讼官司的可能性。（3）会计师事务所要着眼于公司法律层面诉讼风险，进行科学的服务定价，并强化审计人员法律风险意识，向高质量的审计迈进。

本文的主要创新在于拓展了对“陆港通”政策的研究视角，研究了“陆港通”政策对公司产生的影响，丰富了现有关于“陆港通”的研究文献。同时，在不改变审计人员面临的制度环境背景的前提下研究“陆港通”对中介机构，尤其是审计人员的影响，将“陆港通”与审计领域相连接，拓展了研究思路，为学者展开进一步研究提供微观视角的研究铺垫。

关键词：资本市场开放；审计服务定价；“陆港通”政策

Abstract

China's capital market started late, lacked a mature operating mechanism, and the degree of integration with overseas markets was low. "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" collectively referred to as "mainlang-HongKong stock connect", refers to the Hong Kong investors through the Hong Kong brokers and through the Hong Kong Stock Exchange established a securities trading services company on the Shanghai Stock Exchange and the Shenzhen Stock Exchange to buy and sell stocks (referred to as " Shanghai Stock Connect and “Shenzhentong”, as well as securities trading companies established by mainland investors through the mainland securities companies and through the Shanghai Stock Exchange and the Shenzhen Stock Exchange to buy and sell stocks on the Hong Kong Stock Exchange (“Hong Kong Stock Connect”). The “Shanghai-Hong Kong Stock Connect” pilot launched in 2014 and the “Shenzhen-Hong Kong Connect” policy implemented in 2016 as a milestone in the opening up of China’s capital market have deepened the openness of China’s domestic market and realized the interconnection of domestic and foreign investors. The reform and development of the securities market has an important impact, which is undoubtedly an important step in the two-way opening of China's capital market.

The implementation of the "mainlang-HongKong stock connect" policy provides a unique research environment for exploring the impact of capital market liberalization on auditors. Based on the implementation of the "mainlang-HongKong stock connect" policy, this paper explores the impact of capital market opening on the pricing of corporate audit services. On the one hand, the opening of the capital market increases the audit risk and the audit cost. Therefore, we propose the hypothesis 1: After the implementation of the "mainlang-HongKong stock connect" policy, the pricing of the audit services of the target companies will increase; on the other hand, the opening of the capital market can improve corporate governance. Level, the improvement of corporate governance helps to reduce audit risk, so we put forward a contrary hypothesis 2: After the implementation of the "mainlang-HongKong stock connect" policy, the pricing of audit services of the target companies will decline.

In the empirical research design, we use the information of “Shanghai Stock Connect” and “Shenzhen Stock Connect” disclosed on the website of the Stock Exchange to find out the company that added the "mainlang-HongKong stock connect" and the time of its participation, among which the "mainlang-HongKong stock connect" target company As an experimental group, the non-standard company was used as the control group, and the double difference model was used to test the impact of the implementation of the "mainlang-HongKong stock connect" policy on the pricing of the company's audit services. This paper selects A-share listed companies in 2009-2018 as research samples, and selects them after screening out financial and insurance companies, companies that have not disclosed audit service pricing or audit pricing services, and other companies with incomplete data. 26,582 data were taken as samples, and the data was subjected to 1% winsorize tailing treatment and then returned. Through the analysis of the regression results, the study found that after the company became the "mainlang-HongKong stock connect" standard, its audit fees increased significantly. Further analysis shows that after the implementation of "mainlang-HongKong stock connect", the audit fees of non-four major accounting firms and non-cross-listed companies have significantly improved.

Based on the above research findings, in order to promote the positive development of the capital market and auditing services in China, this paper offers the following suggestions in three aspects: government and regulators, listed companies and Accounting Firms: (1) Development of the Interoperability Policy The scope of the pilot project will enable more companies to adhere to the "Land and Hong Kong" policy and to more systematically standardize the pricing of audit, (2) strengthen the internal management of companies and rationally plan the future of society. In the company's internal interest, it is necessary to establish long-term cooperation with other stakeholders, as well as networks of mutually beneficial and beneficial relationships, in order to minimize the contradiction that exists between them. and significantly reduce the risk of prosecution. (3) Accounting firms should focus on litigation risk at the company's legal level, establish pricing for scientific services, and increase auditors' awareness of legal risk in order to move to a high quality audit.

One of the most significant points of this paper is to expand the research perspective of the "mainlang-HongKong stock connect" policy, study the impact of the "mainlang-HongKong stock connect" policy on the company, and enrich the existing research literature on "mainlang-HongKong stock connect". At the same time, without changing the institutional environment background faced by auditors, the impact of "mainlang-HongKong stock connect" on intermediaries, especially auditors, was studied, and "mainlang-HongKong stock connect" was connected with the auditing field, which expanded the research ideas. Scholars to conduct further research provide a little research preparation.

Key Words：mainland-HongKong stock connect; audit fee; capital market opening

目 录

第一章 绪论 1

1.1 研究背景 1

1.2 研究目的和意义 2

1.2.1 研究目的 2

1.2.2 研究意义 2

1.3 研究方法和创新之处 3

1.3.1 研究方法 3

1.3.2 创新之处 4

1.4 结构框架 4

图1 研究框架图 5

第2章 制度背景与文献综述 6

2.1 制度背景 6

2.2 关于资本市场开放经济意义的文献研究成果 7

2.2.1 资本市场开放的效应 7

2.2.2“陆港通”的意义与风险 8

2.3 审计服务定价的影响因素 8

2.3.1审计成本与审计定价的研究 9

2.3.2审计风险与审计定价的研究 9

2.3.3与会计师事务所有关的审计服务定价影响因素 10

2.3.4与社会环境相关的审计服务定价影响因素 10

2.4 文献述评 11

第3章 理论分析与研究假设的提出 12

3.1 审计定价的理论分析 12

3.1.1 审计服务定价的含义 12

3.2.1 审计风险与审计服务定价 12

3.2 资本市场开放与审计服务定价关系理论分析 13

3.2.1 资本市场开放提升审计服务定价 13

3.2.2 资本市场开放降低审计服务定价 13

3.3“陆港通”政策的实施提供了独特的研究环境 14

第4章 研究设计 16

4.1 数据来源和样本选取 16

4.2 研究方法与模型设定 16

4.3 变量定义 17

4.3.1 被解释变量 17

4.3.2 解释变量 17

4.3.3 控制变量 17

第5章 实证结果 19

5.1 描述性统计分析 19

5.2 “陆港通”对审计服务定价的影响 19

5.3 进一步分析 21

5.3.1 对不同规模事务所审计服务定价的影响 21

5.3.2 对交叉上市与非交叉上市公司审计服务定价的影响 21

5.4 稳健性检验 22