| With the rapid development of the world economy,human society has gradually entered the information society from the industrial society.As an economic resource mainly existing in the form of knowledge,intangible assets play a particularly important role in the development of a company.But compared with tangible assets,intangible assets can not be accurately identified,measured and disclosed.It is difficult to fully disclose the information of intangible assets in the financial statements,and reduce the usefulness of intangible assets information to users of financial statements.The particularity of intangible assets has brought new opportunities and challenges to the audit work of the intangible assets of the accounting firm.How to clarify the mechanism of intangible assets' impact on the audit fees and form a reasonable audit pricing mechanism for intangible assets has become a new topic for the research of audit pricing.From two angles of audit cost and risk premium,this paper expounds the relationship between the capitalization of intangible assets,the nature of property rights and the cost of audit,which is of guiding significance to understanding the motivation of managing the accounting behavior of intangible assets and standardizing the audit fees of the accounting firms.Based on the above analysis,this paper first reviews the relevant literature at home and abroad,and summarizes the literature on intangible assets and audit fees at home and abroad.Secondly,based on the audit fee model of Simunic(1980),this paper expounds the influence mechanism of intangible assets value and the degree of intangible assets capitalization on audit fees from two angles of audit cost and risk premium.Finally,the STATA statistical software is used to make a descriptive statistical analysis,the Pearson correlation analysis,the regression analysis and the relative robustness test on the intangible assets and the audit fees of the 2012-2016 year listed companies in the two cities of Shanghai and Shenzhen.The results show that:(1)the higher the value of intangible assets,the higher the audit cost and risk premium,the more audit fees charged by CPA,that is,there is a significant positive correlation between the value of intangible assets and the audit cost.(2)there is an inverted U relationship between the degree of intangible assets capitalization and the audit cost in 1% significant levels,that is,the degree of capitalization of intangible assets is under certain conditions(the degree of capitalization is less than 51.94%).With the increase of the degree of capitalization of intangible assets,the audit cost is gradually rising.When the degree of capitalization of intangible assets reaches a certain extent(capitalization degree is greater than 51.94%),audit fees will gradually decrease.(3)this paper divides the whole sample into the sample of the state-owned and non-state-owned listed companies and carries out an empirical test.The empirical results show that the degree of intangible capital capitalization has a more significant impact on the audit cost of the state-owned listed companies which are ultimately controlled by the government.The possible innovation and characteristic of this paper is that the existing research is mainly from the perspective of corporate governance,earnings management,audit risk and internal control to explain the audit costs,but rarely study the audit cost from the perspective of intangible assets value.From two angles of audit cost and risk premium,this paper expounds the influence mechanism of intangible assets value and the degree of intangible assets capitalization on audit fees,and empirically examines the relationship between intangible assets value,intangible asset capitalization and audit fees,and the motivation and standardization of understanding management intangible assets accounting behavior.The audit fee of the accounting firm has a guiding significance. |
