无心之失抑或有的放矢：上市公司存贷双高异象与审计质量

摘要/Abstract

摘要： 我国上市公司的审计质量一直饱受争议，而近些年一再爆雷的“存贷双高”型企业进一步凸显了这一问题的严重性，上市公司造假案件不仅对资本市场造成极大冲击，也集中暴露了会计师事务所在审计工作中的职责缺位与利益勾结问题，引发了市场对企业“存贷双高”异象与审计质量问题的关注及担忧。立足于当前证监会坚持“一案双查”的现状，究竟上市公司的“存贷双高”异象与审计质量间存在何种关系？如何来改善“存贷双高”型企业的审计质量以防范风险？本文在理论分析的基础上，以2007—2018年沪深A股上市公司为研究样本进行了实证分析，系统验证了“存贷双高”型企业存在的低水平审计质量问题，凸显了这一财务异象潜在的隐患特征。进一步，从公司内部治理机制与外部治理渠道展开了缓解机制的探究，并探究了“存贷双高”影响审计质量的路径。研究结果表明，提升审计委员会的人员规模与独立性可以有效改善“存贷双高”型企业的审计质量，而公司面临的卖空压力越大、媒体关注度越高亦能显著提高“存贷双高”型企业的审计质量。同时，“存贷双高”通过审计合谋影响审计质量。上述结果不仅揭示了现阶段审计工作在防范“存贷双高”型企业爆雷中的职责缺位，也给相关市场主体预防风险和监管部门加强监督提供了借鉴参考，有助于资本市场更好地认清“存贷双高”这一财务异象与审计质量之间的关系。

关键词: 存贷双高, 审计质量, 缓解机制

Abstract: The highly controversial audit quality of listed companies in China is highlighted in recent years by one after another defaulted company with high deposits and loans. This paper makes an empirical analysis of Shanghai and Shenzhen A-share listed companies from 2007 to 2018, and systematically verifies the low-level audit quality problems existing in the companies with high deposits and loans, highlighting the potential dangers of this financial anomaly. Further analysis also explores the mitigation mechanism from the internal governance mechanism and external governance channels of the companies. This paper also explores the path of “high deposits and loans” affecting audit quality. The research results show that improving the size and independence of the audit committee can effectively improve the audit quality of the companies with high deposits and loans, and the greater the short selling pressure faced by the companies and the higher the media attention can also significantly improve the audit quality of the companies with high deposits and loans. At the same time, “high deposits and loans” affects audit quality through audit collusion.

Key words: high deposits and loans, audit quality, mitigation mechanism

窦超, 原亚男, 杨雪, 罗棪心. 无心之失抑或有的放矢：上市公司存贷双高异象与审计质量[J]. 管理评论, 2025, 37(10): 185-196.

Dou Chao, Yuan Yanan, Yang Xue, Luo Yanxin. The Phenomenon of “High Deposits and Loans” and Audit Quality of Listed Companies[J]. Management Review, 2025, 37(10): 185-196.

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