上市公司年报审计意见与债务融资相关性研究

发布时间：2018-03-30 20:29

本文选题：上市公司　切入点：年报　出处：《陕西科技大学》2014年硕士论文

【摘要】：融资问题一直是财务研究的热点，债务融资作为财务管理的重要内容，同时也是上市公司融资的重要方式之一，因此对债务融资的研究具有极其重要的意义。影响债务融资的因素很多，本文选择从审计意见的角度对债务融资进行研究，独立审计作为替代性的外部保护机制，可以提供给债权人更加充分可靠的信息，缓解信息不对称问题。本文的研究目的在于系统探讨年报审计意见与债务融资的相关关系,从年报审计意见类型与可靠性两方面，分析其对债务融资成本与期限结构的影响，剖析审计意见信息在债务融资中的运用情况。本文采用了实证研究和规范研究相结合的方法，所用数据来自于2008-2012年上市公司财务报表及国泰安数据库，通过SPSS统计软件进行数据分析。本文首先系统分析了债务融资的影响因素，其中内部因素为公司规模、偿债能力、资产结构、成长性和盈利能力，外部因素为市场利率，金融市场的发展程度和审计意见。其次，本文分别对我国上市公司年报审计意见的类型与可靠性进行了分析，并分别论述了审计意见类型及可靠性与债务融资的相关性，并总结了审计意见的现实分布，提出了年报审计意见可靠性的衡量标准；再次，本文通过进行实证研究，得出了以下结论：年报审计意见的类型与利息支出率负相关；年报审计意见的类型与长期负债比率正相关，年报审计意见为标准无保留意见时上市公司的长期债务比率较大，更易获得长期债务融资；年报审计意见的可靠性与利息支出率负相关，年报审计意见可靠性越高，上市公司的债务融资成本越低；年报审计意见的可靠性与长期负债比率正相关，年报审计意见可靠性较高的上市公司更易获得长期债务融资。最后，，本文从审计意见的角度提出了债务融资的优化对策，分别是：充分发挥审计委员会的作用；加强对会计师事务所的选择和沟通；提高内部审计的有效性；进一步加强行业监管与处罚力度。本文的创新之处主要是：已有文献对上市公司年报审计意见与债务融资的相关性研究中将债务融资的范围局限在银行贷款，本文扩大了研究的范围，将商业信用、企业债券和租赁纳入债务融资的范畴，将贷款、债券利息费用等计入债务融资的成本，更全面的分析了审计意见对债务融资的影响；本文创新性的提出了审计意见可靠性的衡量标准，所创建的回归模型中解释变量包括：会计师事务所规模、注册会计师人数、是否受行业监管与处罚，进一步深化已有研究；关于债务融资的优化，本文基于审计意见，从充分发挥审计委员会作用、加强对会计师事务所的选择和沟通、提高内部审计的有效性的角度，创新性的提出债务融资的优化对策。
[Abstract]:Financing has always been a hot topic in financial research. As an important part of financial management, debt financing is also one of the important ways of financing for listed companies. Therefore, the research on debt financing is of great significance. There are many factors that affect debt financing. This paper chooses to study debt financing from the perspective of audit opinion, and independent audit as an alternative external protection mechanism. The purpose of this paper is to systematically explore the relationship between the audit opinion of annual report and debt financing, from the two aspects of type and reliability of audit opinion of annual report. This paper analyzes its influence on debt financing cost and term structure, and analyzes the application of audit opinion information in debt financing. This paper adopts the method of combining empirical research with normative research. The data are obtained from the financial statements of listed companies from 2008 to 2012 and the Cathay Pacific database. Firstly, this paper systematically analyzes the influencing factors of debt financing, in which the internal factors are company size, solvency, asset structure, growth and profitability, and the external factors are market interest rate. Secondly, this paper analyzes the types and reliability of audit opinions of listed companies in China, and discusses the types of audit opinions and the correlation between reliability and debt financing. The paper summarizes the actual distribution of audit opinion and puts forward the standard of reliability of audit opinion in annual report. Thirdly, through empirical research, this paper draws the following conclusions: the type of audit opinion of annual report is negatively related to the rate of interest expenditure; The type of audit opinion of the annual report is positively related to the long-term debt ratio. When the audit opinion of the annual report is standard and unqualified, the long-term debt ratio of listed companies is larger, and it is easier to obtain long-term debt financing. The reliability of the audit opinion of the annual report is negatively correlated with the rate of interest expenditure, the higher the reliability of the audit opinion of the annual report, the lower the debt financing cost of the listed company, and the positive correlation between the reliability of the audit opinion of the annual report and the long-term debt ratio. It is easier for listed companies with high reliability of annual report audit opinion to obtain long-term debt financing. Finally, this paper puts forward the optimization countermeasures of debt financing from the point of view of audit opinion, which are as follows: give full play to the role of audit committee; Strengthen the choice and communication of accounting firms; improve the effectiveness of internal audit; further strengthen industry supervision and punishment. The main innovation of this paper is: in the study of the correlation between the audit opinion of the annual report of listed companies and debt financing, the scope of debt financing is limited to bank loans. Corporate bonds and leases are included in the scope of debt financing, and the cost of loans and bond interest are included in the cost of debt financing. The impact of audit opinions on debt financing is analyzed more comprehensively. This paper creatively puts forward the standard of reliability of audit opinion. The variables in the regression model include: the size of accounting firm, the number of certified public accountants, whether or not they are subject to industry supervision and punishment, and further deepen the existing research; With regard to the optimization of debt financing, based on the audit opinion, this paper gives full play to the role of the audit committee, strengthens the selection and communication of the accounting firm, and improves the effectiveness of the internal audit. Innovatively put forward the optimization countermeasure of debt financing.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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