会计师事务所行业专长、信用评级与债券融资成本

发布时间：2018-01-10 18:02

本文关键词：会计师事务所行业专长、信用评级与债券融资成本　出处：《南京大学》2013年硕士论文　论文类型：学位论文

【摘要】：信息不对称与委托代理问题的存在,为独立审计师的出现提供了契机。之前的文献表明审计师在资本市场中担任两个重要的角色：信息中介和提供保证。本文从审计师特征的一个角度——行业专长出发,研究了会计师事务所行业专长、信用评级与债券融资成本之间的关系。已有研究表明,更加透明和可靠的财务信息可以帮助债权人更好的预测未来现金流,从而降低信息风险。直接评价公司财务信息的质量比较困难,所以投资者往往要依靠其他间接的途径。许多研究都表明审计质量越高,财务信息披露的质量越高。因此,我们认为债权人在评估公司风险时,会重点关注公司的审计质量。行业专长有利于保证和提高审计质量,经行业专长会计师事务所审计的客户往往盈余管理、财务舞弊的可能性更低。因此,本文认为会计师事务所行业专长有助于降低信息不对称风险,从而减少公司债券的融资成本。信用评级也是独立第三方对公司违约风险的鉴证,信用评级越高的公司债券融资成本越低。考虑到信用评级需要利用公司的财务信息,因此会计师事务所行业专长在影响公司财务信息质量的同时,会影响到信用评级跟债券融资成本之间的关系。另外,考虑到我国公司债券发行市场主要有交易所市场和银行间市场两个市场,一些公司债券选择了在交易所市场和银行间市场跨市场发行。已有研究表明股票交叉上市可以降低信息风险,本文推测债券市场也有这种功能,所以跨市场发行的公司债券和非跨市场发行的公司债券信息不对称风险可能不同,那么会计师事务所行业专长、信用评级对公司债券融资成本的影响程度会不同。本文用公司债券的发行利差作为债券融资成本的代理变量,用行业市场份额法计算会计师事务所的行业专长,以市场份额是否排名第一作为行业专长的代理变量,带入模型进行实证检验。本文的研究结果表明,会计师事务所行业专长在降低信息不对称风险,减少债券融资成本方面确实发挥了作用。信用评级越高的公司,债券融资成本越低,这一结论也与前人的研究一致。对行业专长和信用评级的交叉变量的回归结果表明,会计师事务所行业专长可以增强信用评级对债券融资成本的负向作用。另外,本文为了研究跨市场发行对研究结果的影响,在模型中加入了跨市场发行与其他解释变量的交叉变量,结果表明,会计师事务所行业专长在跨市场发行的公司债券和非跨市场发行的公司债券中作用并不相同,这个结果也从侧面说明了跨市场发行的企业债和非跨市场发行的公司债券信息风险不同。
[Abstract]:Information asymmetry and the existence of principal-agent problem. This provides an opportunity for the emergence of independent auditors. Previous literature has shown that auditors play two important roles in capital markets:. Information intermediation and provision of assurance. This article starts from the perspective of auditor characteristics-industry expertise. The relationship between accounting firm industry expertise, credit rating and bond financing cost is studied. Studies have shown that more transparent and reliable financial information can help creditors better predict future cash flow, thereby reducing the risk of information. It is difficult to directly evaluate the quality of financial information. So investors often have to rely on other indirect ways. Many studies have shown that the higher the audit quality, the higher the quality of financial information disclosure. Will focus on the audit quality of the company. Industry expertise helps to ensure and improve the quality of audit. Clients audited by professional accounting firms tend to manage earnings and are less likely to commit financial fraud. This paper argues that accounting firm industry expertise can reduce the risk of asymmetric information, thus reducing the financing costs of corporate bonds. Credit rating is also an independent third party to identify the risk of corporate default. The higher the credit rating, the lower the financing cost of corporate bonds. Considering that credit rating needs to utilize the financial information of the company, accounting firm industry expertise affects the quality of corporate financial information at the same time. It will affect the relationship between credit rating and bond financing cost. In addition, considering that there are two main markets in China's corporate bond issuance market: the exchange market and the interbank market. Some corporate bonds have been issued in the exchange market and interbank market. Some studies have shown that cross-listing can reduce the risk of information. This paper speculated that the bond market also has this function. Therefore, the risk of asymmetric information between cross-market corporate bonds and non-cross-market corporate bonds may be different, then accounting firms industry expertise. The impact of credit rating on corporate bond financing costs will vary. This paper uses the corporate bond issue spread as the proxy variable of the bond financing cost, and calculates the profession specialty of the accounting firm by using the industry market share method. Whether the market share ranks first as the proxy variable of industry expertise is brought into the model for empirical test. The results of this paper show that accounting firm industry expertise is reducing the risk of asymmetric information. Reducing the cost of bond financing does play a role. The higher the credit rating, the lower the cost of bond financing. This conclusion is also consistent with previous studies. The regression results of cross variables of industry expertise and credit rating show that. Accounting firm industry expertise can enhance the negative impact of credit rating on bond financing costs. In addition, this paper aims to study the impact of cross-market issues on the results of the study. Cross-market distribution and other explanatory variables are added to the model, and the results show that. Accounting firm industry expertise is not the same in cross-market corporate bonds and non-cross-market corporate bonds. The result also shows that the information risk of corporate bonds issued across the market is different from that of corporate bonds that are not issued across the market.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F233;F832.51

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