光华讲坛

主题：Public Audit Oversight and Corporate Innovation: International Evidence（审计监督和企业创新：国际证据）

主讲人：黄媛 香港理工大学会计及金融学院

主持人：唐雪松 西南财经大学会计学院

时间：2022年5月31日（周二）15:00—16:30

地点：#腾讯会议： 358-740-829

主办单位：会计学院 科研处

主讲人简介：

Dr. Yuan HUANG is an Associate Professor of Accounting at the Hong Kong Polytechnic University. She obtained her Ph.D. in Accounting from Hong Kong University of Science and Technology. Her research interests include accounting- based equity valuation and the effect of financial reporting practices on corporate financial management decisions. Her research has appeared in the Journal of Financial and Quantitative Analysis, Journal of Accounting and Public Policy, and Journal of Accounting, Auditing and Finance.

摘要：

This paper examines how the switch to public audit oversight affects corporate innovation output. Exploiting the staggered adoption of inspection programs worldwide and employing a difference-in-differences methodology, we find that firms have significantly more patents and patent citations following the introduction of auditor inspections, indicating a positive effect of auditor oversight on corporate innovation activities. We further explore possible mechanisms through which audit inspections spur corporate innovation: relaxed financial constraints, improved monitoring on managers, and enhanced risk-taking by CEOs. Additional analyses show that 1) audit quality improvement around POB establishment has a direct effect on innovation outcomes, and 2) firms are engaged with more explorative innovation activities after the establishment of POBs and these patents (and patent citations) have a stronger positive association with firm value. Collectively, our study sheds light on how public auditor oversight affect the real economy from an international setting.

本文探讨了转向公共审计监督如何影响企业创新产出。利用全球范围内检查计划的交错采用并采用差异化方法，我们发现在引入审计员检查后，公司拥有的专利和专利引用明显增多，这表明审计员监督对企业创新活动产生了积极影响。我们进一步探索审计检查刺激企业创新的可能机制：放松财务约束、改进对经理的监督以及增强 CEO 的风险承担。其他分析表明，1) 围绕 POB 建立的审计质量改进对创新成果有直接影响，2) 公司在 POB 建立后参与了更多的探索性创新活动，并且这些专利（和专利引用）与坚定的价值。总的来说，我们的研究揭示了公共审计师的监督如何从国际环境影响实体经济。