Going-concern Audit Opinions,Audit Fees and Real Earnings Management
The issuance of going-concern audit opinions will strengthen the business distress of enterprises,thus affecting the earnings management of enterprises.The impact of going-concern audit opinions on earnings management is one of the focu-ses of the research on the economic consequences of going-concern audit opinions.Based on signal transfer theory,this paper takes as the research object the non-financial listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2013 to 2021t.The empirical results show that the issuance of going-concern audit opinions can effectively inhibit the real earn-ings management behavior of the management.Further research shows that the inhibitory effect is further enhanced under the in-fluence of high audit expenses,and audit expenses play a moderating role in the relationship between going-concern audit opin-ions and real earnings management.The supervision effect of going-concern audit opinions on real earnings management is more significant in non-state-owned enterprises.For listed companies in financial distress,going-concern audit opinions also re-duce the degree of real earnings management.Conclusions are still valid when the endogeneity of the model is treated by the pro-pensity score matching method(PSM).
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