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《Securities Market Herald》 2015-01
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Can Financial Analysts Following Reduce Audit Fee Empirical Evidence from China Stock Market?

Zhou Donghua;Zhao Yujie;  
Financial analysts following can reduce information asymmetry between listed companies and information users as information intermediaries. This paper studied the relationship between fi nancial analysts following and audit fee from the chain of "information intermediaries- audit risk- audit fee". The results showed that fi nancial analysts following is signifi cantly negative with audit fees, and star analysts following will severely impact this relationship. We further found that the relationship between fi nancial analysts following and audit fee depends on the extent that audit fi rm and auditors rely on the information provided by fi nancial analysts. The marginal benefi t that analyst following helps mitigate agency problem would be less valued by selfsuffi cient auditors. The effect that analyst following reduces audit fee would be less pronounced for such auditors.
【Fund】: 国家自然科学基金(71262005)“证券分析师托市行为;投资者反应与上市公司融资策略”;; 中国博士后基金(批准号:2013M540352)“分析师特征、现金流预测与市场反应”的资助
【CateGory Index】: F832.51
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