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金融研究 Research Proposal 中国公司治理与审计之间的关联 The association between corporate governance and audit fees in China 1. Introduction and motivation: 本研究的目的是探讨在中国的公司治理和审计费用之间的关联。以前已经在这方面采取了实证研究并主要提出了两种可能的关系：从需求的基本观点和审计的角度来看。审计的基础的观点认为：企业治理会产生相关的审计费用。因为强有力的公司治理，会导致审计风险降低和审计师数量的将减少，这将使得审计费用有效降低(Muniandy， 2007)。需求为基础的观点认为，企业治理会增加相关的审计费用，因为强大的企业治理，审计师需要额外的补充及增加。例如：科利尔和杰拉瑞在1996年发现，审计委员会有效性的审计费用与此相关。雅培，帕克，彼得和罗浮兰丹在2003年发现，审计委员会的独立性和专业知识将显著关联检查公司的审计费用。 The purpose of this study is to examine the association between the corporate governance and the audit fees in China. Previous empirical research which has been taken on this area suggested two main possible relationships: the demand-base perspective and the audit-base perspective. The audit-base perspective suggests that the corporate governance is negatively related with the audit fee because with the strong corporate governance the audit risk is reduced to auditors so that the audit test will be less, which would lead to a lower audit fees (Muniandy, 2007). The demand-base perspective suggests that the corporate governance is positively related with the audit fees because strong corporate governance needs the additional assurance from the auditors. For example: Collier and Gregory (1996) found that the audit committee effectiveness is positively related with the audit fee. Abbott, Parker, Peter and Raghunandan(2003) found that the audit committee independence and the expertise are significantly positively related with the audit fees by examining firms. Besides these two perspectives, Griffin, lont and Sun(2008) estimates a model that reflects two countervailing but interacting relations between corporate governance and auditing fees. They point that “a fee increase because auditing services are one costly means to attain better corporate governance, and a fee reduction because auditors are assumed to price their service to reflect the benefits of the better governance, including auditing “. Although much research has been under taken on the association between the corporate governance and the audit fees, it has largely been focused on the developed countries (US, UK and Australia) where the corporate governance is more mature and the roles of boards with the corporate governance is more clearly defined and achieved. In contrast with these developed countries, there are many problems in the corporate governance in China. First, most of the public company stock is still held by the government, there are much different between the largest shareholder’s holding and second shareholder’s holding. Second, the percentage of the percentage of the traded shares is small. Third, the board of directors and the Supervisory Board have played a limited role in supervision function. Fourth, the protection of the minority shareholders is very limited as compared with that in more mature capitalist countries. (Cui, 1996) Consequently, the areas for study for the Chinese market are rather different. There has been less research about the association between the corporate governance and the audit fee in China than that in the developed countries. Zhang (2007) found that if government holds the biggest percentage of the share, the audit fee tend to be lower. Pan (2008) found that the corporate governance index (which is related with the independence of the boards and the information discourse of the corporate governance) is negatively related with the audit fees in China. 2. Research objective 这份工作的总体目标是研究在中国的公司治理和审计费用之间的关联。 The overall aim of the proposed work is to examine the association between the corporate governance and the audit fees in China. The objectives and innovations of the work are as follows: a. To verify the relationship between the determinant factors of the corporate governance and audit fees in China by using a wider range of control variables than those have been used before. b. To make some suggestions for the corporate governance structure in China c. To make some suggestions for the regulation of the auditing fees market 3. The proposed structure of the research: Chapter1 -Introduction -A background: corporate governance and the audit fees Chapter2 -The association between the corporate governance and the audit fees: a literature review Chapter3 -Research design -Methodology Chapter4 -Results Chapter5 –Conclusion and recommendation for the corporate governance structure and the audit fees in China References Appendix 4. Data sources I will choose the A shares companies from the Chinese market from 2009 to 2010 as the sample. I will reject the companies from the financial industry and the B shares companies and the H shares companies. Financial data, information such as the audit fees and the corporate governance will be primarily obtained from the CSMAR (China Stock Market Accounting Research) data Base, but this will be supplemented by data from the Yahoo Finance. In the research, the data would be analyzed by TSM software and the Excel. According to the former research and the circumstance of the Chinese market, the key variables are following: Control variables: a. Whether the audit firm is a large multinational b. The size of the company(natural log of the total assets) c. Audit complexity (number of the subsidiaries) d. The auditor’s opinion about the company e. The location of the company f. The industry of the company g. The asset-liability ratio h. Inventory ratio i. Receivable ratio j. Whether a loss is reported in the last three years Explanatory variables: a. Whether the firm has an audit committee b. The meeting time of the board c. Whether the government holds the most percentage of the shares d. The traded shares/ the total shares e. The number of independent directors/ the total directors f. The average salaries of the independent directors g. The stock proportion of the controlling stockholder h. The independent director expertise i. The shares of the board numbers/ the total shares 5. The methodology Following the previous studies (e.g. Peel and Clatworthy, 2001; Abbott et al 2003; Shilo et al 2010), I will use the ordinary least square multivariable linear regression model to examine the association between the corporate governance and the audit fees in China. The software I will use are the TSM and the Excel. The hypotheses which would be tested are following: H1: Whether the firm has an audit committee is positively related with the audit fees H2: The meeting time of the board is positively related with the audit fees H3: Whether the government holds the most percentage of the shares is http://www.ukassignment.org/cwgllw/ negatively related with the audit fees H4: The traded shares/ the total shares is positively related with the audit fees H5: The number of independent directors/ the total directors is positively related with the audit fees H6: The average salaries of the independent directors is positively related with the audit fees H7: The stock proportion of the controlling stockholder is positively related with the audit fees H8: The independent director expertise is positively related with the audit fees H9: The shares of the board numbers/ the total shares is negatively related with the audit fees |
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