Based on the questionnaire of 500 new enterprises, this study explores how entrepreneurial learning affect the novelty-centered business model design, and how to better promote this design by adopting different modes of entrepreneurial learning under different market uncertainty environments. The results show that experiential learning and acquisitive learning both have positive effects on novelty-centered business model design. Acquisitive learning has a more important effect on novelty-centered business model design than experiential learning under highly competitive environment. There is a complementary relationship between the two types of learning.

This paper takes the annual report inquiry letters sent by Shanghai and Shenzhen Stock Exchanges between the years of 2015 and 2016 as samples to study the impact of the annual report inquiry letters of stock exchange on the audit fees of listed companies. The results show that: after controlling other factors, the listed companies which receive the annual report letter pay higher audit fees than the listed companies which do not receive the annual report letter. Furthermore, the analysis of the characteristics of the inquiry letter shows that the more the number of questions covered in the annual report and the more the number of the times that inquiries are made, the higher the audit fees are. This study enriches the related literature of audit fees and external supervision. It not only reveals the auditor’s adjustment model of audit fees in face of the potential risks of customers, but also serves as an early warning to the external supervision of auditors.