The Effect of Listed Companies'Participation in PPP Projects on Audit Fee
In order to fully mobilize the vitality of social capital and to promote the sound development of infrastructure construction and public services,the Chinese government committed to the promotion of PPP and the improvement of its supervision in recent years.Listed companies responded to the call of the government and actively participated in PPP projects.From the perspective of auditing,using manual data and difference-in-differences method,this paper finds that the audit fees of listed companies increase significantly after their PPP participation.We also find that the effect is more pronounced for companies with larger investment scale,longer cooperation period and higher investment risk in PPP projects.Further analysis shows that for companies with higher operational risk and financing constraints,when accounting firms do not have industry expertise and audit tenure is longer,companies in regions with poor government-business relationship and in years with high economic policy uncertainty,the increase of audit fees after participating in PPP projects is more pronounced.This paper enriches the research on the influencing factors of audit fees and the economic consequences of PPP mode,which has important implications for external auditing and PPP project supervision.
万方数据
维普
