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论文编号：	10046
作者编号：	2120162685
上传时间：	2018/6/7 11:26:17
中文题目：	现金股利对盈余质量和审计收费关系的影响研究
英文题目：	The Influence of Cash Dividend on the Relationship Between Earnings Quality and Audit Fees
指导老师：	张继勋
中文关键字：	现金股利；盈余持续性；盈余操纵风险；盈余质量；审计收费
英文关键字：	cash dividend; earnings persistence; earnings manipulation risk; earnings quality; audit fees
中文摘要：	股利政策作为企业的重要财务政策之一，一直以来都受到广泛关注，尤其是上市公司的现金股利支付情况更是广大投资者关注的焦点。由于我国上市公司的股利政策存在许多不规范之处，证监会自2001年起逐步将股利分配与上市公司的再融资挂钩，在这种半强制分红的背景下，国内的一些研究仍然发现支付现金股利的公司其盈余质量显著高于未支付现金股利的公司，这表明现金股利仍然具有信息含量。基于现金股利信息含量和信号传递理论的相关研究，本文从盈余持续性和盈余操纵风险两个角度出发，首先证实了盈余持续性和盈余操纵风险对审计收费的影响，然后研究了现金股利的支付是否会影响审计师对盈余持续性和盈余操纵风险的评估，进而影响到审计收费。实证结果发现：（1）在其他条件不变的情况下，企业的盈余持续性越高，审计师的审计收费越低；（2）在其他条件不变的情况下，企业的盈余操纵风险越高，审计师的审计收费也越高；（3）现金股利的支付增强了盈余持续性与审计收费的负相关关系；（4）现金股利的支付减弱了盈余操纵风险与审计收费的正相关关系。结果表明，尽管在半强制性分红政策的背景之下，现金股利仍能作为传递公司盈余质量的积极信号，减弱审计师对盈余操纵风险的担忧，增加其对盈余持续性的信心，进而影响到审计师的审计收费决策。
英文摘要：	Dividend policy, as one of the important financial policies of enterprises, has been widely concerned, especially the cash dividend payment of listed companies is the focus of investors. As the dividend policy of the listed companies in our country has many irregularities, China Securities Regulatory Commission has gradually linked the dividend distribution with the refinancing of the listed companies since 2001. Under the background of semi compulsory dividend, some domestic researches still find that the earnings quality of cash dividend paying companies is significantly higher than that of companies that do not pay cash dividends, which indicates that cash dividends still have information content. Based on the related research of cash dividend information content and signaling theory, this thesis starts from earnings persistence and earnings manipulation risk. The thesis first confirms the effect of earnings persistence and earnings manipulation risk on audit fees, then it studies whether the payment of cash dividends will affect the auditor's assessment of earnings persistence and earnings manipulation risk, and affect the audit fees. The empirical results show that: (1) under the same conditions, the higher earnings persistence the enterprises have, the lower audit fees auditors charge; (2) under the same conditions, the higher earnings manipulation risk the enterprises have, the higher audit fees auditors charge;(3) the cash dividend payment enhances the negative relationship between earnings persistence and audit fees; (4) the cash dividend payment weakens the positive correlation between earnings manipulation risk and audit fees. The results show that even under the background of semi mandatory dividend policy, cash dividend can still as a positive signal of earnings quality, which weakens auditors' concerns about earnings manipulation risks, increases their confidence in earnings quality, and influences auditors' audit fees decisions.
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