耐心资本的审计效应：基于股东稳定性视角的研究

The Audit Effects of Patient Capital: Evidence from Shareholder Stability

摘要: 耐心资本强调资本以长期视角参与企业价值创造，股东稳定性是这一理念在微观层面的核心行为表征。既有研究多从静态视角考察股权特征，对股东稳定性这一动态属性的经济后果缺乏系统考察。本文以中国A股上市公司为样本，实证考察了股东稳定性对审计师决策的影响。研究发现，股东稳定性越高，审计师收费越低，企业被出具非标准审计意见的概率也越低。机制检验表明，股东稳定性主要通过强化监督治理与提升企业经营目标稳定性两条路径作用于审计师决策。进一步分析显示，审计质量并未受影响，同时股东稳定性对审计费用的影响主要体现为异常审计费用的下降。本文从审计师决策视角，为耐心资本的治理价值提供了微观经验证据。

Abstract: Patient capital emphasizes a long-term orientation in value creation, and shareholder stability represents a key micro-level manifestation of this concept. Prior research has largely examined ownership characteristics from a static perspective, offering limited evidence on the economic consequences of shareholder stability as a dynamic attribute. Using a sample of Chinese A-share listed firms, this study empirically investigates the impact of shareholder stability on auditor decisions. We find that greater shareholder stability is associated with lower audit fees and a lower likelihood of receiving modified audit opinions. Mechanism analyses indicate that shareholder stability affects auditor decisions through two primary channels: enhanced governance monitoring and increased stability of corporate strategies. Further analyses show that audit quality is not compromised, and the effect on audit fees is mainly driven by a reduction in abnormal audit fees. From the perspective of auditor decisions, this study provides micro-level empirical evidence on the governance value of patient capital.