对外担保与债务成本关系研究——基于审计意见调节效应的视角

发布时间：2018-02-01 21:55

本文关键词： 对外担保审计意见债务成本信息不对称　出处：《预测》2017年02期 　论文类型：期刊论文

【摘要】：基于信息不对称理论,本文选取2007年至2011年中国沪深主板A股上市公司为研究样本,通过OLS回归的方法研究了企业对外担保行为对自身债务成本的影响,并考虑审计意见对上述关系的调节效应。研究结果表明,上市公司的对外担保行为显著增加了自身债务成本,债权人对企业的对外担保行为持谨慎态度;本文并没有发现非标准审计意见导致债务成本提升的证据,审计意见对于上市公司的债务成本并没有单独发挥外部治理效应;但当审计师出具了非标准审计意见时,上市公司对外担保行为与其债务成本的正向关系更为凸显。
[Abstract]:Based on the information asymmetry theory, this paper selects the A-share listed companies of Shanghai and Shenzhen motherboard from 2007 to 2011 as the research samples. Through the method of OLS regression, this paper studies the effect of external guarantee behavior on the cost of debt, and considers the adjustment effect of audit opinion on the above relationship. The research results show that. The external guarantee behavior of listed companies has significantly increased the cost of their debts, and creditors have a cautious attitude towards the external guarantee behavior of enterprises; This paper does not find the evidence that the non-standard audit opinion leads to the increase of debt cost, and the audit opinion does not exert the external governance effect on the debt cost of listed companies alone. However, when auditors issue non-standard audit opinions, the positive relationship between external guarantee behavior and debt cost of listed companies is more prominent.
【作者单位】：西安交通大学管理学院;过程控制与效率工程教育部重点实验室;香港城市大学商学院;
【基金】：国家自然科学基金资助项目(71172186,71472148,71572144,71502138) 财政部会计名家培养工程资助项目[财会(2015)14号]
【分类号】：F275;F832.51
【正文快照】： 710049;3.香港城市大学商学院,香港)1引言近年来,中国经济保持了快速发展的态势,中国资本市场亦取得了长足的进步。然而,由于在中国发行股票有诸多的限制条件且审批环节严格,更多的企业只能选择银行信贷等债务融资方式。根据2012年中国统计年鉴的社会融资规模资料,2002~2011年

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