媒体报道、审计意见对融资约束的影响研究

发布时间：2018-02-16 09:21

本文关键词： 信息不对称融资约束审计意见媒体报道　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：融资约束是当今新型经济体中普遍存在的问题,其主要表现在内源资金与外部融资获取的成本不同和资金获取的难易程度两个方面。信息不对称问题是引起公司融资约束问题的直接根源,而相比内部资本成本,外部资金成本过高和市场供给不足则是其直接原因。注册会计师以独立于所有者与经营者的第三方对被审计单位的财务报告信息质量进行鉴证,合理保证了被审计单位向市场公开披露信息的真实性和可靠性,而其发表的审计意见就是其对财务报表鉴证结果的表现形式。通过审计意见信息含量本身的可靠性和市场与市场参与者对独立审计师及其发表的审计意见,尤其是标准无保留意见的信任度缩小了投融资双方的信息不对称差距,从而缓解公司的融资约束。随着信息化的发展,大数据的共享,媒体行业的兴起,市场和市场参与者对媒体报道的关注度逐渐增强。媒体报道的存在就是信息的传播,它快速的、低成本的传播给予了市场和市场参与者更多的获取信息的渠道和信息。媒体报道以独立于公司所有者、经营者、审计师的“第四监督人”为市场和市场参与者提供者更多的信息,辅助市场参与者做出更为明智的决策。媒体报道根据报道内容分为“负面报道”和“非负面报道”。媒体报道通过报道的内容和形式影响着市场的信息环境和市场参与者的思维、心态,甚至可以说是在改变着。面对不同的媒体报道,不同的人有不同的角度和不同的理解;在不同的媒体信息环境下,不同的人对同样的审计信息会有不同的理解和思考。通过对融资约束、审计意见、媒体报道等相关文献的回顾,在委托代理、信号传递和融资约束等理论基础上,本文以2010-2014年A股上市公司为样本,实证研究了媒体报道、审计意见与融资约束的影响关系。研究发现,标准无保留意见能缓解融资约束;媒体报道次数的增加在缓解融资约束的同时,强化了标准无保留意见对融资约束的缓解作用;但随着负面媒体报道次数的增加,公司会面临逐渐加剧的融资约束问题,也会弱化标准无保留意见对融资约束的缓解作用。根据研究结论,本文提出了合理缓解融资约束、充分发挥媒体作用和合理利用媒体信息等方面的对策建议。当然,本文也存在不足,这也是笔者未来研究的突破点。
[Abstract]:Financing constraints are a common problem in today's emerging economies. It is mainly manifested in two aspects: the difference between the cost of internal and external financing and the difficulty of obtaining funds. The problem of information asymmetry is the direct source of financing constraints, while the cost of internal capital. The external capital cost is too high and the market supply is insufficient. The certified public accountant authenticates the financial report information quality of the audited unit by a third party independent of the owner and operator. It reasonably ensures the authenticity and reliability of the information publicly disclosed to the market by the audited units, The audit opinion issued is the form of expression of the results of the verification of the financial statements. Through the reliability of the information content of the audit opinion itself and the audit opinion of the market and market participants on the independent auditor and the audit opinion issued by the market and market participants, In particular, the standard and unqualified degree of trust has narrowed the information asymmetry gap between investment and financing parties, thereby easing the financing constraints of companies. With the development of information technology, the sharing of big data and the rise of the media industry, The market and market participants are paying more and more attention to media reports. The existence of media reports is the dissemination of information. It is fast. Low cost communication gives market and market participants more access to information and information. Media reports are independent of the owner and operator of the company. Auditor's "4th Supervisor" provides more information for market and market participants, Media reports are divided into "negative reports" and "non-negative reports" according to the content of the reports. Media reports influence the information environment of the market and the thinking of market participants through the content and form of the reports. The mentality can even be said to be changing. In the face of different media reports, different people have different perspectives and different understandings; in different media information environments, Different people will have different understanding and thinking about the same audit information. Based on the review of relevant documents, such as financing constraints, audit opinions, media reports, etc., on the basis of principal-agent, signaling and financing constraints, In this paper, A share listed companies from 2010-2014 as a sample, empirical study of media reports, audit opinions and financing constraints, the study found that the standard unqualified opinion can ease the financing constraints; The increase of the number of media reports not only alleviates the financing constraints, but also strengthens the mitigation effect of the standard unqualified opinions on the financing constraints. However, with the increase of the number of negative media reports, the companies will be faced with increasing financing constraints. According to the conclusion of the research, this paper puts forward some countermeasures and suggestions on how to alleviate the financial constraints, give full play to the role of the media and make use of the media information reasonably. This article also has the insufficiency, this also is the author future research breakthrough point.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F239.4

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