Based on Corporate Governance framework, this paper analyzes the impact of agency costs on the audit fees by using Chinese A-stock market panel data from 2001 to 2003.

笔者借助公司内部治理框架，运用2001—2003年我国A股上市公司面板数据，考察了代理成本对于审计定价的影响。

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Single-variable test shows that excess earning of stock price has a high positive correlation with return ratio on net assets, but a weak correlation with audit opinion type.

单变量检验结果表明，净资产收益率与股价超额收益具有显著的正价值相关性，审计意见类型则弱之；

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Single-variable test shows that excess earning of stock price has a high positive correlation with return ratio on net assets, but a weak correlation with audit opinion type.

单变量检验结果表明，净资产收益率与股价超额收益具有显著的正价值相关性，审计意见类型则弱之；

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