审计机构特征、企业信息透明度与借款利率

发布时间：2018-03-16 06:06

本文选题：审计师规模　切入点：审计任期　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：自上世纪初,独立审计就倍受债权债务人的注重,理论界给予了高度重视。另外,尽管公司融资已有资本市场这个直接融资渠道,但银行贷款这种间接融资方式仍占主导地位,企业外部融资仍然主要依赖于银行贷款。因此,科学地认识独立审计在借款契约中的作用机制和实际效用以及有效提升这种效用就成为关系到庞大债务市场有序运行、审计行业健康发展的重大问题,具有重要的意义。目前,我们已经知道独立审计在银行借款契约中具有一定的信息传递作用,那么这种信息传递作用在企业自身的信息环境发生变迁时是否会发生变化?提高企业的信息透明度能否降低企业的借款资本成本?事实上,目前关于审计师规模的研究不少,但对于审计师规模与银行贷款政策的专题性研究还较少。此外,对于审计任期与银行借款成本的研究也比较少,部分研究都集中在审计任期与债券发行成本的关系上。关于信息透明度与债务成本的研究也相当少,大部分研究都集中在信息透明度与股权融资成本的研究上,关于不同信息环境背景下审计机构特征对银行借款利率的作用的研究基本更是非常缺乏。所以,本文的研究在弥补这几方面的理论上是具有重要的意义的。因此,本文以2006至2011年间深圳证券交易所上市公司为样本,在契约理论、信息不对称理论的基础上,分析了审计机构特征、企业信息透明度与企业银行借款利率的关系,并检验了不同信息环境下审计机构特征对借款利率的作用。本文的研究结果证实,审计师规模与企业银行借款利率存在负相关关系。在在控制了审计意见、公司规模、资产负债率、总资产周转率、净资产收益率和企业成长性的因素之后,审计师规模与借款利率负相关,也就是说如果审计师的规模为“十大”,则有助于企业争取更优惠的借款利率。而目前我国的会计师事务所市场集中度很低,事务所规模普遍较小,因此实现会计师事务所规模化具有重要的意义。通过对审计机构特征的进一步的分析发现,审计任期对借款利率的作用会受审计师规模的影响。当审计师规模为“十大”时,审计任期对借款利率具有一个相对较弱的正影响,审计任期越长,企业借款利率越大；而当审计师规模为“非十大”时,审计任期的作用要更突出一些,并且是负相关,即审计任期越长,企业借款利率越小。这是因为“十大”与“非十大”会计师事务所的专业胜任能力存在差异,所以学习效用对该胜任能力有不同的影响。由于“十大”会计师事务所的审计人员自身的专业胜任能力较强,当审计任期越来越长时学习效果可能不明显,甚至可能由于缺乏挑战,审计人员会产生过度自信心理,从而无法保持合理的职业谨慎态度,导致审计质量降低。而对于“非十大”事务所来讲,学习效应可能相对显著,随着审计任期越来越长,审计师的专业胜任能力也不断增强,审计结果的质量更佳。因此,当审计师规模为“十大”时,审计任期越长企业借款利率越大,当审计师规模为“非十大”时,审计任期越长企业借款利率越低。为了进一步考察不同信息透明度下审计机构特征(审计师规模和审计任期)与公司借款利率的关系,即审计机构特征对借款利率的作用是否会因为上市公司信息透明度的高低而不同。本文根据样本公司的信息透明度把总样本划分为高信息透明度和低信息透明度的两个子样本,分别对总样本和两个子样本进行回归。结果发现,当企业自身信息透明度高时,审计师规模和审计任期对借款利率有显著的负影响,而在在信息透明度低时,这种反向关系不显著。这说明,审计机构特征只有在一定的透明度下才会起作用,信息透明度低时审计机构特征的作用不大。另外,本文还发现,企业信息透明度对审计意见与借款利率的相关性影响较大。在较高的信息透明度下,审计意见与借款利率的相关性不显著,而在较低的信息透明度下,审计意见与借款利率显著正相关,且在5%水平上显著。这说明,当企业信息透明度高的时候,审计对借款利率的作用主要集中在审计机构特征方面。当企业信息透明度较低时,由于企业与银行间信息不对称程度较高,银行需要通过其他途径获得更多有效的信息以减少信息不对称所带来的风险,此时审计意见对借款利率的作用会比较突出。综上所述,企业信息透明度对借款利率的直接影响不大,但是他可以通过影响审计机构特征及审计意见等对企业借款利率的作用对借款利率产生间接的影响。当企业本身信息透明度低时,审计意见在借款利率中的作用会更突出；而在信息透明度高时,审计机构特征对借款利率的作用更明显。本文的研究贡献主要有以下几点：第一,同时研究了审计师规模和审计任期与借款利率的关系,丰富了独立审计与企业借款利率关系的研究文献；第二,本文基于企业信息环境变迁的视角考察审计机构特征在债务契约中的作用,丰富了信息透明度与银行借款利率的理论体系,特别是信息透明度变动的情况下审计机构特征对银行借款利率的影响；第三,本文的研究结果对于有针对性的提高审计在债务契约中的效用、降低企业借款契约的交易成本、强化债务市场的监管以及审计行业的健康发展等均具有重要意义。另外,本文还存在以下几方面的不足,这也是未来研究需要注意的方面。首先,在控制变量方面,本文选取了审计意见、公司规模、资产负债率、资产周转率、公司的盈利水平、公司的成长性和企业破产指数来降低其他因素对企业借款利率的影响。但事实上这些因素不足以囊括所有的影响因素,目前已被证实能够影响企业借款利率的因素就有很多,包括大股东占款程度、其他外部融资、公司上市年限、金融市场水平、法制环境等。因此,本文在控制变量的选取方面不够全面,如果能控制更多的影响因素,本文的实证检验结果可能会更具有意义。其次,在审计任期变量的选取上,本文采用了事务所的任期作为审计任期,而有些学者以审计师的任期年限为基础对审计任期进行研究,如果能够对两种任期分别进行研究和对比,实证结果可能会更全面。此外,在样本选择与数据来源方面,本文的样本来自于2006至2011年间的深交所A股非金融类上市公司,而非所有上市公司。另外,这些样本公司必须同时具备以下条件：披露审计事务所聘任信息；披露当年年度财务报告；借款利率为正；具有深交所信息披露评级信息。因此,经过筛选处理后的样本量偏小,尤其是信息透明度较低的样本量只有604个,因此实证结果尤其是信息透明度分类分析的结果可能不够精确。如果能够有更丰富的样本数据,在两种信息环境下的样本量差异较小的情况下进行分析的话,研究结果可能更为准确。
[Abstract]:Since the beginning of the century, independent audit has the creditor and the debtor to pay attention to, the theory circle has given high attention. In addition, although the company has been the capital market financing channels for direct financing, bank loans but this indirect financing mode is still dominant, enterprise external financing still mainly rely on bank loans. Therefore, the scientific understanding of the role of independent audit the mechanism in the loan contract and the actual utility and improve the utility has become related to the orderly debt market operation, major issues of the healthy development of the audit industry, has important significance. At present, we already know that the independent audit has a certain role in the transmission of information in the bank loan contract, so the role of information transfer in the enterprise the information environment changes will change? Improve the transparency of information can reduce the loan capital In fact, the current cost? Many studies on auditor size, but for the special research on the auditor size and bank loan policy is still less. In addition, for the study of audit tenure and bank borrowing costs are relatively small, some studies have focused the relationship in the cost of issuing bonds on audit tenure and quite a few studies on. Transparency of information and the cost of debt, most studies have focused on the study of information transparency and the cost of equity financing, on the audit characteristics of different information environment under the background of the bank loan interest rate of basic research is very lack. So, this study has important significance in making up several aspects of this theory is.
Therefore, this paper takes 2006 to 2011 years, the Shenzhen Stock Exchange listed companies as samples, in contract theory, based on the theory of information asymmetry, analyzes the characteristics of audit institutions, the relationship between enterprise information transparency and corporate borrowing rates for banks, and examines the characteristics of different audit institutions under the environment of information on loan interest.
The results of this study confirmed that there is a negative correlation between auditor size and corporate bank loan interest rate. In the control of the audit opinion, the company size, asset liability ratio, total assets turnover, the rate of return on net assets and factors of enterprise growth, auditor size is negatively correlated with the loan interest rate, that is to say if the auditor the size of the "big ten", will help enterprises to strive for more favorable borrowing rates. The market concentration and the current accounting firms in China is very low, firm size is generally small, so the implementation of the accounting firm scale has important significance.
Through the further analysis of the characteristics of audit institutions, audit tenure will be affected by the auditor size to the borrowing rate. When the size of the "big ten" auditors, audit tenure has a relatively weak positive effect on the borrowing rate, long auditor tenure, corporate borrowing rates increased; and when the auditor the size of "big ten", the audit tenure effect is more prominent, and is negatively related to audit tenure is longer, corporate borrowing rate is smaller. This is because the "big ten" and "non big ten CPA professional competency are different, so the study effect is different the influence on the competence. Because of the" big ten "accounting firms audit staff's professional competence is strong, when learning more and more long term audit effect may not be obvious, even because of the lack of challenge, audit People will have overconfidence, thus unable to maintain a reasonable occupation cautious, lead to lower audit quality. As for the "non big ten firms, learning effect may be relatively significant, with more and more long term audit, the auditor's professional competence is constantly enhanced, better quality of audit results. Therefore, when the auditor the size of the" big ten ", long auditor tenure corporate borrowing rate is larger, when the size of the" non big ten auditors ", long auditor tenure corporate borrowing rates are low.
In order to further investigate the characteristics of audit information transparency (auditor size and audit term) and relationship between corporate borrowing rates, namely audit characteristics effect on loan interest will because the information transparency of listed company and Sample Firms. According to the different information transparency of the total samples are divided into two sub samples of high and low information transparency the information transparency, respectively for the total sample and two sub sample regression. The results showed that when the enterprise information transparency is high, auditor size and audit term has a significant negative impact on borrowing rate, while in low information transparency, this inverse relationship is not significant. This shows that the audit agency features only in a certain transparency will take effect, not characteristics of audit agency information transparency low.
In addition, this paper also found that the effect of the enterprise information transparency correlation on the audit opinion and the loan interest rate greatly. The higher information transparency, no significant correlation between the audit opinion and the loan interest rate, while low information transparency, the audit opinion and the borrowing rate significantly positive correlation, and significant at the 5% level. That, when the enterprise information transparency, the role of the audit of loan interest mainly concentrated in the characteristics of audit institutions. When the enterprise information transparency is low, because of the degree of information asymmetry between enterprises and banks is higher, the bank through other ways to get more effective information to reduce the risk caused by the information asymmetry, the audit comments on the loan interest rate effect will be more prominent.
To sum up, the enterprise information transparency has little direct impact on the loan interest, but he can have an indirect effect on loan interest rate by affecting the audit agency audit opinion on the characteristics and the role of corporate borrowing rate. When the enterprise itself low information transparency, audit opinion in the loan interest rate in effect will be more prominent in the information transparency; when the audit characteristics effect on the loan interest rate is more obvious.
The main contributions of this article are as follows: first, the relationship between auditor size and audit tenure and loan interest, enrich the research literatures on the relationship between independent audit and corporate borrowing rates; second, the information environment changes of enterprises from the perspective based on the audit characteristics of institutions in the debt contract, enriches the theory of the system of information transparency and bank loan interest rates, especially the impact of audit institutions characteristics of information transparency changes on bank lending rates; third, the results of this study provided high utility for audit in the debt contract of the enterprise, reduce transaction costs of loan contracts, are of great significance to strengthen the debt market supervision and audit of the healthy development of the industry.
In addition, this article also has the following problems, this is the future research aspects need to pay attention to.
First of all, in the aspect of control variables, this paper selects the audit opinion, the company size, asset liability ratio, asset turnover, the company's profitability, corporate growth and corporate bankruptcy index to reduce the influence of other factors on corporate borrowing rates. But these factors do not include all factors, has been that can influence factors of enterprise loan interest there are many, including big shareholders, other external financing, the age of the listed companies, financial market, legal environment. Therefore, the selection of control variables is not comprehensive enough, if we can control more factors, the empirical test results may be more meaningful.
Secondly, in the selection of audit tenure variables, the firm's tenure as auditor tenure, and some scholars in the auditor's tenure as the foundation to study the audit term, if the term of two were studied and compared, the empirical results may be more comprehensive.
In addition, in the aspect of sample selection and data sources, the samples from 2006 to 2011 between the Shenzhen A shares of non-financial listed companies, but not all of the listed companies. In addition, the Sample Firms must also meet the following conditions: the disclosure of audit appointment information; disclosure of annual financial report; borrowing rate has positive; the Shenzhen stock exchange information disclosure rating information. Therefore, after screening after the treatment of small sample, especially the sample information transparency low of only 604, so the empirical results especially on the transparency of information classification results may not be accurate. If we can have more abundant sample data, analyze it in two the smaller sample size differences under the information environment under the condition that the results may be more accurate.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F239.2

【参考文献】