审计质量对资本配置效率的影响研究

发布时间：2018-03-05 10:47

本文选题：审计质量　切入点：资本配置效率　出处：《东华大学》2015年硕士论文　论文类型：学位论文

【摘要】：资本配置效率是经济学和财务管理研究的核心内容之一，从资本市场运作上看，企业除了考虑从外部市场上融资所需的成本，还应考核所筹措的资金是否投放到正确的项目和公司上即投资效率问题；而从公司财务活动角度看，企业筹资活动、投资活动的成功对其经营状况以及未来可持续发展至关重要。因此从融资成本和投资效率两方面来研究资本配置效率显得尤为重要。由于资本市场有效运转很大程度上又取决于会计信息的质量，而审计的鉴证作用又保证了会计信息真实可靠，减少了公司内外部的信息不对称问题，提高了信息质量。因此，文章直接从审计质量角度研究与资本配置效率的关系。本文采用规范理论研究与实证研究相结合的方法。首先，对审计质量与资本配置效率的相关概念进行界定，归纳了现有文献中审计质量与资本配置效率的衡量方法，并对国内外的研究现状进行分析评述，接着从相关理论基础出发分析了审计质量如何影响资本配置效率并提出假设；然后分别对审计质量与融资成本、投资效率的关系进行了实证研究，选择PEG比率方法来计量股权融资成本，采用Richardson模型计算非效率投资，选取了2010-2013年我国沪深1427家上市公司作为样本，运用描述性统计、相关性分析和多元线性回归分析等方法验证假设。通过分析，得出以下结论：（1）审计质量与股权融资成本负相关。即高质量的审计增强了投资者对上市公司信息的信任程度，减少预期投资回报率，从而使得上市公司的融资成本降低。（2）审计质量与债务融资成本负相关，但是不显著。审计质量高的公司，其债务融资成本比较低，，但是债权人投资时重点考察公司的资本结构、偿债能力和抵债资产，对于真实审计质量的高低并未有足够重视，或者说审计质量的高低并未显著影响其债券投资的风险预期。（3）审计质量与非效率投资负相关，即审计质量的提高改善了投资不足、投资过度行为发生，促使企业有效的投资决策，优化社会资本的配置。
[Abstract]:The efficiency of capital allocation is one of the core content of financial management and economics, from the capital market point of view, in addition to considering the enterprise financing from outside the market cost, should also assess whether to raise funds on the right projects and the company is investment efficiency problem; and from the point of view of the company's financial activities. Enterprise financing activities, investment activities of the success of its operations and future sustainable development is very important. So from the two aspects of financing cost and investment efficiency of capital allocation efficiency is particularly important.
Because the capital market operation depends on the quality of accounting information effectively, and verification audit and ensure the reliability of accounting information, reduce information asymmetry inside and outside the company, improve the quality of information. Therefore, the relationship between the direct research and capital allocation efficiency from the perspective of audit quality.
In this paper, the theoretical research and empirical research method of combining normative. Firstly, defines the related concepts of audit quality and capital allocation efficiency, summarizes the existing literature methods to measure the audit quality and the efficiency of capital allocation, and research status at home and abroad were analyzed. Then, from the basis of the theory analysis of the audit how to influence the quality of capital allocation efficiency and put forward hypothesis; then the audit quality and the cost of financing, the relationship between investment efficiency for the empirical research, choose the PEG ratio method to measure the cost of capital, calculation of non efficiency of investment by using Richardson model, we selected the 2010-2013 years of China's Shanghai and Shenzhen 1427 listed companies as the sample, using descriptive statistics. Correlation analysis and multiple linear regression analysis method to verify the hypothesis. Through the analysis, draw the following conclusions:
(1) audit quality is negatively correlated with the cost of equity financing. That is, high quality audit enhances investors' trust in listed companies and reduces expected investment return, which reduces the financing cost of listed companies.
(2) the audit quality and the cost of debt financing is negatively correlated, but not significant. The audit quality is high, the debt financing cost is relatively low, but the creditor investment focuses on the company's capital structure, solvency and debt assets, the real level of audit quality and not enough attention, or the risk that the level of audit quality did not significantly affect the bond investment expectations.
(3) audit quality is negatively correlated with inefficient investment. That is to say, the improvement of audit quality has improved investment and investment behavior, and promoted effective investment decisions and optimized allocation of social capital.

【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F239.4

【参考文献】