| Over the past 40 years of reform and opening-up,China has been striving to transform from a resource-consuming country to an innovation-intensive country.Enterprise innovation has always played a central role in the process.For each enterprise,carrying out innovative activities can enhance its core competitiveness,and its realization is to obtain corresponding innovation results through enterprise innovation investment.However,in enterprises in different industries,innovation activities are characterized by high investment,high risk,long cycle,etc.If the innovation input has no output or the output can hardly achieve the expected effect,the enterprise will encounter huge loss.According to the modern risk-oriented audit theory,CPAs need to pay enough attention to the high-risk activities of enterprises,and innovation investment is one of them.Based on this,starting from the hypothesis of corporate heterogeneity,this paper studies how corporate innovation affects the audit quality of certified public accountants.Firstly,starting from the relationship among corporate heterogeneity,corporate innovation and audit quality,this paper reviews the literature on the impact of heterogeneity on corporate innovation,the impact of corporate innovation on audit quality and the hypothesis of corporate heterogeneity through literature review.Secondly,this paper provides a theoretical basis for the study of the relationship between enterprise innovation and audit quality and how their relationship is affected by heterogeneous factors of enterprises through the elaboration of innovation theory,general system theory and strategic management theory.Thirdly,this paper chooses 737 listed companies in Shanghai and Shenzhen Stock Exchanges from 2012 to 2016 as the research object.I measure the innovation of the enterprise with the absolute amount of innovation investment and the number of patents in the year,and use audit fees and audit report aggressive schedule as a substitute for audit quality.This paper establishes an empirical model to test the impact of enterprise innovation on audit quality and to explore whether enterprise scale,debt level and property right nature can promote or restrain the effect of enterprise innovation on audit quality.Through empirical research,this paper finds that:(1)Enterprise innovation investment and enterprise innovation output are significantly positively correlated with audit quality,that is,the more investment in enterprise innovation,the higher the audit quality of CPA;the higher the enterprise innovation output,the higher the audit quality of CPA.After dividing the sample enterprises into high-input group and lowinput group according to innovation input,we find that the positive correlation between enterprise innovation and audit quality is stronger in high-input group.(2)Through further research,it is found that the size of the enterprise has a regulating effect on the correlation between the innovation investment and the audit quality of the enterprise,and the adjustment effect is positive.That is to say,the larger the enterprise,the stronger positive correlation between the innovation investment and the audit quality.(3)The debt level of enterprises has a regulating effect on the relationship between innovation investment and audit quality,and this adjustment effect is also positive,that is,the positive correlation between enterprise innovation investment and audit quality is stronger in enterprises with high debt level.(4)After grouping sample companies according to the nature of property rights,I found that the correlation between the innovation investment and audit quality of enterprises and the correlation between innovation output and audit quality have a stronger positive effect in the state-owned enterprise group.Finally,based on the results of theoretical and empirical research,combined with the current innovation environment of enterprises in China,some suggestions are put forward,including strengthen the innovation ability of enterprises themselves,build a first-class innovation service system,and improve the system related to enterprise innovation audit. |
