Corporate Innovation and the Auditor's Assessment of Going Concern
研究了外部审计师在评估财务困境客户的持续经营能力时，是否考虑其创新活动。发现创新数量和质量越高，收到持续经营意见的可能性越低，且该效应在审计部门创新经验丰富或客户处于研发密集型行业时更显著。
SYNOPSIS In this study, we examine whether external auditors assess corporate innovation activities when considering a financially distressed client's ability to continue as a going concern. Using patent count, patent market value, and patent citation to measure the firm-level innovation output, we document that higher quantity and quality of innovation activities are associated with a lower likelihood of going concern opinions. The association between innovation and going concern opinions is more pronounced for audit offices with high exposure to corporate innovation and clients operating in R&D-intensive industries. In additional analyses, we confirm that innovation is associated with future business value, as measured by future profitability and intellectual property licensing agreements. We conclude that corporate innovation represents a mitigating factor when auditors consider whether a going concern opinion is appropriate for a financially distressed client. Data Availability: All data are available from public databases identified in the paper. JEL Classifications: M41; M42; O32.