审计质量对上市公司借款成本的影响研究

发布时间：2018-01-10 12:02

本文关键词：审计质量对上市公司借款成本的影响研究　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：在我国,随着市场经济的迅速发展,审计的作用日益凸显出来,这从会计师事务所队伍的不断扩大就可以看出来。尤其是近年来,越来越多的利益相关者认识到审计作为独立第三方的重要作用,他们在进行投资决策前会越来越理性,更加关注审计报告所能带给他们的信息。当企业有融资的需求时,银行贷款是其从外部融资的主要渠道。对于银行来说,当其将款项贷出去后,借款企业有可能会进行盲目投资或进行高风险的投资项目,但这些有损银行利益的经济活动无法被银行完全观测到,这时就需要作为第三方的会计师事务所来缓解信息不对称现象。当事务所的审计质量越高时,银行会更信任该企业的财务报告,并且会以此为决策依据。本文讨论的便是审计质量对借款成本的影响。除此之外,特别引入金融生态环境,分析金融生态环境对审计质量与借款利率关系的调节功能。在查阅以往的文献资料过程中发现,对于这一问题国内学者和国外学者的研究结果并不完全一致,可以说审计质量对借款成本的影响仍有研究的价值。本文首先对四个基础理论进行了介绍——信贷契约理论、信息不对称理论、信号传递理论、金融生态环境理论,在理论的基础上剖析了审计质量与借款成本的关系,进而提出假设:假设一为公司聘请高质量的事务所有助于降低自身借款成本;假设二为在金融生态环境越高的地区,高质量审计对降低借款成本的作用越小;假设三为相比大型企业,高质量审计对借款成本的影响对中小型企业更强烈。本文以上市公司聘请的事务所是否国内“十大”来衡量审计质量,用偿付利息所支付的现金/平均借款总额来衡量上市公司借款成本,加上影响借款成本的其他因素作为控制变量来建立模型进行实证分析。通过实证分析,得出结论如下:(1)聘请国内“十大”事务所进行审计的企业的借款成本显著较低,即选择国内“十大”事务所的企业的借款成本低于聘请非“十大”的公司。(2)在金融生态环境越好的地区,企业的借款成本也就越低。随着金融生态环境的改善,审计质量的作用会被金融生态环境的作用所削弱。(3)在中小企业和大型企业中,审计质量发挥的作用明显不同。相对于大型企业来说,审计质量在中小企业中发挥着更强的作用。基于研究结论,本文提出以下对策建议:第一,企业应聘请高质量的事务所降低借款成本;第二,提高会计师事务所的业务能力才能保证审计质量;第三,中小企业应提高自身竞争能力降低借款成本;第四,政府应大力改善金融生态环境。
[Abstract]:In our country, with the rapid development of market economy, the role of the audit has become increasingly prominent, this can be seen from the accounting firm team continues to expand. Especially in recent years, the important role of stakeholders are increasingly recognized as an independent third party audit, in their investment decisions will be more rational. Pay more attention to the audit report can bring their information. When the enterprise has the demand of financing, bank loan is the main channel from external financing for banks, when the money out, the borrower can make the investment blindly or high risk investment projects, but the loss of bank the interests of the economic activities cannot be fully observe the bank, then it needs as the accounting firm of the third parties to alleviate the information asymmetry phenomenon. When the firm's audit quality is higher, the bank will More confidence in the enterprise's financial report, and will take this as the basis for decision making. This paper is the effect of audit quality on the cost of borrowing. In addition, in particular the introduction of the financial ecological environment, analysis the regulating function of financial ecological environment on the relationship between audit quality and loan interest. Check found in the previous literature data process. Study on the issue of domestic scholars and foreign scholars of the results are not consistent, can be said that the audit quality still has the effect on the cost of borrowing the value. This paper first introduces the credit contract theory of four basic theory, asymmetric information theory, signal transmission theory, the theory of financial ecological environment, based on the theory on the analysis of the relationship between audit quality and the cost of borrowing, and then put forward the assumption: one for the company to hire high quality firms to help reduce its borrowing costs; hypothesis two In the financial ecological environment in higher areas, high quality audit more small to reduce borrowing costs; assuming three compared to large enterprises, high quality audit impact on borrowing costs for small and medium-sized enterprises more intense. This paper takes the listed companies to hire a firm is the domestic "big ten" to measure the quality of auditing, payment with interest payments, cash / average total borrowing of listed companies to measure the cost of borrowing, and set up as the control variable model for empirical analysis to other factors that influence the cost of borrowing. Through empirical analysis, the conclusions are as follows: (1) employ domestic "big ten" firms audit the cost of borrowing is significantly lower. Choose "ten" domestic firm's corporate borrowing costs lower than the non employed "big ten" of the company. (2) in the financial ecological environment and better area, the cost of borrowing is also lower with. With the improvement of financial ecological environment, audit quality effect will be weakened by the financial ecological environment. (3) in small and medium-sized enterprises and large enterprises, the role of the audit quality is significantly different. Compared with large enterprises, audit quality plays a stronger role in the small and medium-sized enterprises. Based on the research conclusion, put forward the following countermeasures this paper suggests: first, enterprises employ high quality firms to reduce borrowing costs; second, improve the accounting firm's business ability to ensure audit quality; third, small and medium-sized enterprises should improve their competitive ability to reduce borrowing costs; fourth, the government should vigorously improve the financial ecological environment.

【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F239.4;F832.51;F275.3

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