【摘要】 “金牌董秘”奖项对董事会秘书而言是一种履职能力的认可，审计师对董事会秘书当选“金牌董秘”会做出何种反应？本文以“新财富金牌董秘”评选为准自然实验，考察董事会秘书履职能力对审计风险溢价的影响。结果表明，董事会秘书履职能力能够显著降低被审计单位的审计风险溢价，并且这一影响在被审计单位为非国有企业、经营业务复杂度较高、聘请会计师事务所任期较长时更加显著。此外，当董事会秘书内部兼任其他高管职位或者拥有超额薪酬时，更能够降低审计风险溢价。机制检验发现，董事会秘书履职能力通过降低企业信息风险和提高外部治理水平降低审计风险溢价。这对于改善市场评价机制以推动董事会秘书积极履职、帮助审计师评估企业审计风险具有重要的现实启示。更多还原

【Abstract】 “Golden Board Secretary” award represents social recognition of board secretaries’ competency. How do auditors react to board secretaries being awarded “Golden Board Secretary”? Using the “New Fortune Golden Board Secretary” award as a quasi-natural experiment, this paper studies the impact of board secretaries’ competency on audit risk premium. The results show that board secretaries’ competency can significantly reduce audit risk premium. This effect is more pronounced in auditees that are non-state-owned, or with higher business complexity, or whose auditor has a longer tenure. Moreover, when board secretaries concurrently hold other senior executive positions or have excess compensation, audit risk premium will be lower. Mechanism tests find that board secretaries’ competency decreases audit risk premium by reducing information risk and improving external governance. It has important practical implications for improving the market evaluation mechanism to motivate board secretaries to perform well and helping auditors to assess corporate risk.更多还原