Research on the Influence of Enterprise Financialization on Audit Risk

文章以2013~2023年A股非金融业公司作为研究样本，研究企业金融化与审计风险的关系，发现企业金融化程度越高则审计风险越高。进一步分析发现，企业金融化通过增加融资约束程度和审计业务复杂度影响审计风险，信息透明度发挥负向调节作用。异质性分析发现，在内部控制程度低、客户集中度高以及处于东部地区的企业金融化对审计风险的增加更为显著。研究结果对于揭示企业金融化影响审计风险的具体原因有着重要意义，有助于企业在金融化的过程中能更好地防范审计风险。This paper uses the data of China’s A-share non-financial companies from 2013 to 2023 as the research sample to empirically demonstrate the relationship between enterprise financialization and audit risk. It is found that the higher the degree of enterprise financialization, the higher the audit risk. According to further analysis, enterprise financialization affects audit risk by increasing financing constraints and the complexity of audit business, and information transparency plays a negative regulatory role. The heterogeneity analysis reveals that enterprise financialization will increase audit risk more significantly when the level of internal control is low, customer concentration is high and the enterprise is located in the eastern region. The results are of great significance for revealing the specific reasons why enterprise financialization affects audit risks, and they are helpful for enterprises to better prevent audit risks during the process of financialization.