会计师事务所审计质量对上市公司权益资本成本影响研究

发布时间：2018-01-18 06:37

本文关键词：会计师事务所审计质量对上市公司权益资本成本影响研究　出处：《北方工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：权益资本成本是企业通过发行股票获得资金而付出的代价,同时也是投资者要求的必要报酬。因此,权益资本成本的高低不论是对企业还是对投资者都至关重要。通过发行股票进行股权融资具有融资规模大、融资约束小、财务风险小的优点,因而在实务中被众多企业所偏好。在理论研究中,权益资本成本的影响因素众多,内部因素包括公司规模、产权性质、经营及财务风险、盈利能力、股票流动性等,外部因素包括系统风险因素、行业因素、市场监管因素等。会计师事务所独立审计制度是资本市场中进行市场监管的重要力量,因而是影响权益资本成本的重要外部制度因素。本文研究思路是从高审计质量具有增强上市公司会计信息质量、降低投资风险的信息价值出发,结合信息相关理论,提出会计师事务所审计质量的提高具有降低上市公司权益资本成本作用的假设,并进一步从产权性质、公司规模两个维度,基于不同产权性质和规模的上市公司在经营目标、公司治理、融资约束、破产风险等方面的差异性,探讨这些差异对于审计质量降低权益资本成本作用的影响。文章使用实证研究方法,选取2012-2015年我国A股上市的393家公司为研究样本,采用预测约束较少的OJ模型测算权益资本成本,采用盈余质量和会计师事务所规模两个指标共同衡量审计质量,对本文的研究观点进行实证检验。通过理论分析和实证检验,得出本文的研究结论:第一,会计师事务所审计质量的提高可以降低上市公司的权益资本成本,这说明会计师事务所独立审计制度在资本市场中的信息鉴证和监督作用得到了有效发挥,独立审计具有经济价值;第二,较国有控股上市公司,提高审计质量对权益资本成本的降低作用在非国有控股上市公司中发挥的作用更大;较大规模公司,提高审计质量对权益资本成本的降低作用在小规模公司中发挥的作用更大。本文的研究丰富了权益资本成本影响因素的研究文献,同时将资本市场与审计市场联系在一起,对于会计师事务所审计地位的提升,审计质量的提高,审计质量标准的建立都具有积极的意义。
[Abstract]:The cost of equity capital is the enterprise through the issuance of shares to obtain funds and pay necessary remuneration, but also the requirements of investors. Therefore, the cost of equity capital or whether on business or for investors is crucial. Through the issuance of shares of equity financing is financing scale, financing constraints, the advantages of small financial risk, and so on practice is preferred by many enterprises. In the theoretical study, many factors affecting the cost of equity capital, the internal factors include the company size, property rights, business and financial risk, profitability, liquidity and other external factors, including the risk factors, industry factors, market factors and so on. The system of independent audit of CPA firms is an important force in market supervision in the capital market, which is the important factors to influence the external system of cost of equity capital. The research idea of this paper is from High audit quality can enhance the quality of accounting information of listed companies, the value of information to reduce the investment risk of the combination of information theory, put forward to improve the audit quality of listed companies reduce the cost of equity capital effect hypothesis, and further from the nature of property rights, the two dimensions of company size, different properties and scale of listed companies based on business objectives, corporate governance, financing constraints, bankruptcy and risk differences, to explore these differences for the audit quality to reduce the impact of the cost of equity capital. The article makes effect by empirical research method, select the 2012-2015 in China's A shares of 393 listed companies as the research sample, using less predictive constraint OJ model of equity capital the cost of the earnings quality and the scale of accounting firms two indicators to measure the audit quality, the research point of this thesis The empirical test. Through theoretical analysis and empirical test, the conclusion of this article: first, the audit quality can reduce the cost of equity capital of listed companies, the information assurance and supervision function of independent audit system of accounting firms in the capital market has been effective, independent audit has economic value; second, a the state-owned listed companies, improve the audit quality on the cost of equity capital to play a role in reducing non state-owned listed companies in a larger role; large scale company, improve audit quality on the cost of equity capital to play a role in reducing small companies in the greater effect. This study enriches the research literature on Influence Factors of the cost equity capital, while the capital market is in connection with the audit market for audit status of accounting firms up audit The improvement of quality and the establishment of audit quality standards are of positive significance.

【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F239.4

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