标准审计意见、货币政策紧缩与企业商业信用融资

发布时间：2018-02-13 14:02

本文关键词： 商业信用融资银行信用标准审计意见货币紧缩　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：商业信用融资在企业中已经得到广泛应用。现有关于企业商业信用融资方面的研究主要可以划分为两个方向:一部分学者关注于企业内部影响因素如企业规模、财务状况以及现金流等对企业商业信用如何产生影响;另一部分学者加入货币政策、金融危机等宏观经济环境为大背景研究宏观经济政策与企业商业信用之间的相互作用,很少有涉及标准审计意见对企业商业信用融资产生影响的研究,在货币紧缩背景下研究标准审计意见与企业商业信用之间的关系的文献更是匮乏。本文从审计意见这一角度进行研究,发现标准审计意见能够增加企业商业信用的获取量,同时加入产权性质和货币紧缩两个虚拟变量,发现非国有企业中标准审计意见的正向作用更加显著,同时在标准审计意见可以帮助非国有企业在紧缩时期获得的商业信用比在宽松时期更多。这不仅为研究商业信用融资拓展了新的视角,弥补了审计意见对商业信用作用方面文献的不足,同时为受货币紧缩影响最严重的非国有企业提供新的抵御方式,具有现实意义。本文从商业信用融资、货币紧缩与商业信用融资以及审计意见与商业信用融资三个方面的相关文献分别进行梳理和述评,在以往文献的基础上进行理论分析并提出研究假设。本文选取1998年至2015年我国深沪两市A股上市公司的财务数据作为研究样本,并按照相应标准进行数据筛选得出有效研究数据,并按照研究假设建立研究模型。根据研究需要,采用描述性统计分析、相关性分析、多元回归分析及稳健性检验对研究假设进行验证。最后提出研究结论、相对应的政策意见以及对未来研究的展望。研究结果表明:(1)在货币紧缩期,企业商业信用融资与银行贷款呈负相关,即商业信用融资与银行贷款存在替代效应;(2)标准审计意见与企业下一年度商业信用融资额呈正相关;(3)与国有企业相比较,标准审计意见对非国有企业商业信用融资的正向作用更加显著;(4)在货币紧缩时期,与国有企业相比较,标准审计意见对非国有企业商业信用融资的正向作用更加显著。
[Abstract]:Commercial credit financing has been widely used in enterprises. The existing research on business credit financing can be divided into two directions: some scholars pay attention to the internal factors such as enterprise scale. How the financial situation and cash flow influence the business credit; another part of the scholars join the monetary policy, financial crisis and other macroeconomic environment for the background of the study of the interaction between macroeconomic policy and business credit. There are few studies on the impact of standard audit opinions on business credit financing, In the context of monetary tightening, there is a lack of literature on the relationship between standard audit opinions and business credit. This paper, from the perspective of audit opinions, finds that standard audit opinions can increase the amount of business credit obtained by enterprises. At the same time, by adding two fictitious variables of property right nature and monetary tightening, we find that the positive effect of standard audit opinion in non-state-owned enterprises is more significant. At the same time, standard audit opinions can help non-state-owned enterprises gain more commercial credit during the austerity period than in the loose period. This not only opens up a new perspective for the study of commercial credit financing, It is of practical significance to make up for the deficiency of audit opinion on the role of commercial credit, and to provide a new way to resist the most serious effects of monetary tightening on non-state-owned enterprises. Monetary tightening and commercial credit financing, as well as audit opinions and commercial credit financing, respectively, are reviewed and reviewed. On the basis of previous literature, this paper makes theoretical analysis and puts forward research hypotheses. This paper selects the financial data of A-share listed companies in Shenzhen and Shanghai stock markets from 1998 to 2015 as the research samples. According to the corresponding criteria, the effective research data are obtained, and the research model is established according to the research hypothesis. According to the research needs, descriptive statistical analysis and correlation analysis are used. Multivariate regression analysis and robustness test are used to verify the hypothesis. Finally, the conclusions of the study, corresponding policy opinions and prospects for future research are put forward. The results show that: 1) is in the period of monetary tightening. There is a negative correlation between commercial credit financing and bank loans, that is, there is a substitution effect between commercial credit financing and bank loans. The standard audit opinion has a positive correlation with the amount of business credit financing in the next year. The positive effect of the standard audit opinion on the commercial credit financing of the non-state-owned enterprises is more significant than that of the state-owned enterprises in the period of monetary tightening. The positive effect of the standard audit opinion on the commercial credit financing of the non-state-owned enterprises is more significant than that of the state-owned enterprises.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F822.0;F832.51

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