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《Nankai Economic Studies》 2007-04
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Soft Budget Constraint,Financial Risk of Firms and Audit Pricing

Jiang Wei Li Bin (Accounting Department,Jinan University,Guangzhou ,510632; Accounting Department,Xiamen University,Xiamen ,361005)  
This paper examines how Chinese audit firms price financial risk of listed companies which exist soft budget constraint. The empirical results show that:①There is significantly positive relationship between audit fees and debt ratio of listed companies;②In state-owned listed companies,the increase of soft budget constraint reduces financial risk of listed companies,so the positive relationship between audit fees and debt ratio is weakened;③In areas where the level of financial development is high,the decrease of soft budget constraint enhances financial risk of listed companies,so the positive relationship between audit fees and debt ratio is strengthened. These results demonstrate that,not only financial risk is priced by Chinese audit firms,but also financial risk is adjusted by Chinese audit firms based on the extent of soft budget constraint.
【CateGory Index】: F233
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