产权背景、审计意见与银行贷款成本

发布时间：2018-01-02 07:10

本文关键词：产权背景、审计意见与银行贷款成本　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：企业在发展壮大的过程中难免会遇到各种各样的资本约束,在企业内部资金难以满足企业日常经营和投资需要时,企业便需要进行外部融资。虽然自1992年起我国资本市场的蓬勃发展给企业的资本市场直接融资带来了更为广阔的平台,但是企业仍然倾向于负债融资的间接融资方式,再加上我国的债券市场尚不发达,银行贷款便成为了上市公司主要的融资渠道。据统计,在1993-2008年间,我国企业发行股票(A/B)的筹资额22796亿元相当于银行贷款筹资额283490亿元的8.04%,与债券筹资22247亿元大体相当。银行贷款利率市场化的改革正在紧锣密鼓的推行中,金融机构被允许在央行公布的基准利率基础上自主确定贷款利率,这意味着银行拥有了对利率的自主决定权。在这种情况下,作为资金供给方的银行将更加看重信息的真实、可靠。但现实中往往由于信息不对称现象的难以有效避免以及信贷员自身知识结构的局限,银行无法获得可靠的财务信息进行信贷风险控制,往往难以保证每笔信息、都能得到有效的甄别。因此,银行不得不持有更为谨慎的态度,通过提高审查标准、提高贷款成本等一系列的方式降低自身的风险,这无疑增加了企业的贷款难度和贷款成本。而负债融资尤其是银行贷款是我国企业主要的融资渠道,企业面临这样一个严峻的形势,为获取更多的贷款、谋求更低的债务成本,就必须采取相应措施保障自身信息的客观可信度。但如何才能找到恰当的措施来保障信息的客观可信度呢?银行能相信企业所采取的措施的权威性吗?众所周知,贷款契约是保障债权人利益的重要机制,为能及时了解自身权益的实际状况并适时采取措施,债权人需要获得真实、可靠的信息,故债权人需要独立的第三方提供有效监督。并且,为实现合作的持续和稳定,借款企业也会产生高质量的独立审计需求,在证明公司所贷资金的合法性和有效性的同时,以契合债权人的要求,降低企业未来的银行贷款成本。无疑,银行与企业都迫切需要一个独立于企业和银行的第三方,以寻求最佳协同效应。独立审计势必成为架起企业和银行间桥梁的最佳对象,其按照公认的原则对会计进行“鉴证”和“监督”,出具恰当的审计意见,对企业会计信息进行断言和声明,一方面,独立审计能起到提高会计信息可信度的作用,另一方面,又能基于第三方的专业性和规模效应从而降低企业和银行的成本。因此,本文在分析了国内外学者相关研究的基础上首先对审计意见对银行贷款成本的影响进行研究,考察获得标准审计意见和非标准审计意见的企业其银行贷款成本的差异。此外,审计意见对银行贷款决策的影响可能因不同的环境条件而有所差异,并且,已有学者研究发现银行对于不同产权背景贷款企业的会计信息质量要求不同。基于以上考虑,本文拟在产权理论、契约理论以及信息不对称理论的基础上对审计意见与银行贷款成本之间的关系进行研究,进一步剖析独立审计与银行贷款契约之间的关系,是否随着债务企业产权的不同而发生变化,由此探讨在不同企业产权背景下银行债务契约中独立审计的作用或治理效应。全文由六章组成。第一章,引言。本章首先介绍了论文的研究背景,接下来提出了本文的研究问题,阐述了研究的理论意义与实践意义,然后介绍了论文研究思路、研究方法以及文章基本框架。第二章,文献综述。本章在分析了以往审计意见与银行贷款契约以及企业产权背景与银行贷款契约的研究结果后,总结发现国内外采用实验研究的方法探讨审计意见的信贷决策有用性所获得的结论并不一致,采用问卷调查法的研究文献太少,但是,用档案式研究得到的结论基本肯定了审计意见对银行贷款契约的影响。另外,还发现企业产权背景的差异的确造成了会计信息在银行贷款契约中的不同影响。第三章,理论基础和研究假设。本章以产权理论、契约理论和信息不对称理论为基础,考察企业产权背景、审计意见与银行贷款决策的关系,进而提出本文的研究假设：(1)假设1：在其他条件相同的情况下,较之于被出具标准审计意见的企业,被出具非标准审计意见的企业的银行贷款成本更高。(2)假设2：在其他条件相同的情况下,国有企业获得的审计意见对银行贷款成本的影响小于非国有企业,即标准审计意见所导致的国有企业贷款成本降低的程度低于非国有企业贷款成本降低的程度,非标准审计意见所导致的国有企业贷款成本增加的幅度小于非国有企业贷款成本增加的幅度。第四章,研究设计。本章首先说明样本选择的标准和数据的来源,并在借鉴相关研究的基础上设定了本文研究的模型。文章选取了2006—2010年深沪两市上市的A股非金融类的公司为初始样本,以银行贷款成本作为被解释变量,解释变量为上年度审计意见类型、企业产权性质以及企业产权性质和上年度审计意见类型的交乘项,此外,本文借鉴了Kim(2007)、李海燕等(2008)、范文宣(2012)的研究,选取以下指标作为研究的控制变量：公司规模、债务规模、贷款期限结构、ROA、流动比率、营业收入增长率、总资产周转率、权益乘数。第五章,实证检验。本章首先对研究变量进行描述性统计,紧接着对上年度审计意见类型和企业产权性质进行单变量检验,然后采用相关性分析和档案式研究的方法验证研究假设与回归结果是否相符,并做出合理的解释,最后,对模型进行了稳健性检验。第六章,结论与启示。本章总结了研究的结论,并给出了相应的启示,提出了相关政策建议,最后,指出了本文研究的局限性以及后续研究的方向。本文的研究方法：在对产权背景、审计意见与银行贷款成本三者之间的内在联系进行相关理论分析后,选取A股市场非金融类企业五年的数据进行实证研究,建立模型,对假设进行验证,从而得出文章的研究结论。本文的研究结论：第一,在其他条件相同的情况下,较之于被出具标准审计意见的企业,被出具非标准审计意见的企业其银行贷款成本更高,这说明非标准审计意见在借贷市场中具有显著信息含量；第二,企业产权性质和上年度审计意见类型的交乘项回归系数为负值,在5%的限制水平下显著,说明当企业为国有企业时,非标准审计意见对银行贷款成本的影响被削弱,即标准审计意见所导致的国有企业贷款成本降低的程度低于非国有企业贷款成本降低的程度,非标准审计意见所导致的国有企业贷款成本增加的幅度小于非国有企业贷款成本增加的幅度。本文的创新之处：第一,在研究上年度审计意见类型对银行贷款成本基础上加入了上年度审计意见与企业产权性质的交乘项,以考察企业产权性质对审计意见在银行贷款成本定价中的调节作用。多元回归结果表明交乘项对被解释变量具有显著影响,交乘项的系数为负值,在5%的限制水平下显著,说明当企业为国有企业时,非标准审计意见对银行贷款成本的影响被削弱。第二,本文所获得的结论充实了审计意见决策有用性方面的文献,尤其是不同企业产权背景的考虑,丰富了银行贷款契约方面的研究成果,为审计意见在借贷市场中的决策有用性提供了更全的经验支持,实现有效降低贷款成本。第三,由本文的研究结果观之利用审计意见的各方主体应积极采取措施以进一步提高审计意见的有用性。就审计方而言,必须加强审计制度建设、提高注册会计师专业胜任能力、强化事务所质量控制、向使用者解释审计意见的作用与局限,努力改善审计信息的可理解性。作为主要债权人的银行方则应该提高使用审计意见的“动力”和“能力”,进行信贷决策时充分使用审计意见所传达的信号,提高信贷决策的有效性,另外,也要加强信贷员相关知识的培训,减少不必要的损失。政府则应该适度减少对银行贷款行为的干预,让银行拥有更多更独立自主的信贷决策权,进一步推进银行业市场化进程,加快建立竞争性的市场环境,使银行自负盈亏,同时,也使得独立审计更为有效发挥其在信贷市场中的作用。本文的研究局限主要体现在以下几个方面：第一,文章限于数据获取的难度,以财务费用作为利息支出额的粗略估计值,将被解释变量银行贷款成本定义为财务费用/(短期借款+长期借款),事实上,企业财务费用含了很多方面的内容,比如：利息支出、利息收入等,虽然本文最后考虑剔除利息收入的情况下对模型进行了稳健性检验,但由于利息收入的数据较难获取,样本量不够丰富,因此,银行贷款成本这个变量仍然存在不小的噪音,可能会影响文章的最终结论。第二,本文的样本选自于CSMAR数据库中2006年到2010年深沪两市上市的A股非金融类公司的数据,由于在选取样本时,已限定范围为上市公司,而已上市公司中国有企业的比重较大,因此,存在影响本文关于企业产权性质相关研究的结论的可能,限于数据获取的难度,难以对此影响进行更深入的探讨,望后续研究进一步对结论进行验证。第三,本文并未对企业进行行业类别的划分,未来的研究可以分行业进行更深层次的研究。
[Abstract]:Capital enterprises will inevitably encounter various constraints in the process of development and growth, in the enterprise internal funds to meet the daily management of the enterprise and the need of investment, enterprises need external financing. Although since 1992 the vigorous development of China's capital market to the capital market direct financing brings a broader platform, indirect but financing enterprises still prefer debt financing, coupled with China's bond market is not developed, bank loans have become the main financing channels for listed companies. According to statistics, during 1993-2008, China's enterprises offering (A/B) financing amount of 22796 billion yuan equivalent to bank loan financing $283490 8.04% yuan, and 22247 yuan bond financing roughly.
The reform of the bank loan interest rate marketization is the implementation of financial institutions in wildly beating gongs and drums, were allowed to independently determine lending rates in the benchmark interest rate announced by the central bank, which means that the bank has the right to decide their own interest. In this case, as the capital of the supply side of the bank will be more valued information is true, but reliable. In reality, often because of the information asymmetry phenomenon is difficult to avoid and Xindaiyun the knowledge structure of the limitations, the bank can not get reliable financial information for credit risk control, are often difficult to guarantee that every information can be effectively screened. Therefore, banks have to hold a more cautious attitude, by raising the standard of review, improve the loan the cost of a series of ways to reduce their risk, it will increase the cost and difficulty of loan lending business.
While the debt financing especially bank loans are the main financing channels of China's enterprises, enterprises are facing such a grim situation, in order to obtain more loans to lower the cost of debt, we must take corresponding measures to guarantee the credibility of the objective information. But how to find appropriate measures to protect the information of objective credibility? The authority of the bank can believe that enterprises take measures? As everyone knows, loan contract is an important mechanism to protect the interests of creditors, for the actual situation can timely understanding of their rights and take timely measures, creditors need to obtain the true and reliable information, so the creditors need to provide effective supervision and independent third party. And, for the realization of cooperation the continuous and stable, independent audit demand loan companies will have a high quality, in the proof of company funds to lend legitimacy and effectiveness at the same time, in order to Fit the requirements of creditors, reduce the cost of bank loans to enterprises in the future. Undoubtedly, banks and enterprises are in urgent need of an independent enterprise and the bank's third party, in order to find the best synergistic effect. The independent audit is bound to become the best object set up a bridge between enterprises and banks, in accordance with the accepted principles of accounting for "verification" and "supervision", issued by the appropriate audit opinions on accounting information of assertions and statements, on the one hand, independent audit can play the role of improving the accounting information credibility, on the other hand, and the third party professional and scale effect based on enterprise and bank so as to reduce the cost.
Therefore, based on the analysis of the domestic and foreign research on the first of the cost of bank loans to the audit opinion research, study the differences of standard audit opinion and non-standard audit opinion the enterprise cost of bank loans. In addition, the effect of audit opinions on bank loan decisions may be due to different environmental conditions the differences, and some scholars found that the bank for the quality of accounting information of different property loan enterprises require different background. Based on the above considerations, this paper intends to property rights theory, contract theory and information asymmetry theory to study the relationship between the audit opinion and the cost of bank loans, further analysis of the relationship between independent audit and bank loans as the debt contract, whether enterprise property rights changes, thus to explore the different property rights of enterprises under the background of silver The role of independent audit in the debt contract or the effect of governance.
The full text is composed of six chapters.
The first chapter is the introduction. This chapter first introduces the research background of the paper, then puts forward the research questions in this paper, expounds the theoretical significance and practical significance of the research, and then introduces the research ideas, research methods and basic framework of the article.
The second chapter is literature review. This chapter in the analysis of the research results of previous audit opinion and bank loan contract and enterprise property rights background and bank loan contract after the conclusion obtained by experimental methods at home and abroad to explore the audit opinion of the credit decision usefulness of inconsistent literature questionnaire too little, however, obtained by archival research conclusion basically affirmed the effect of audit opinion on the bank loan contract. In addition, also found differences in background of enterprise property rights do cause different effects of accounting information in bank loans in the contract.
The third chapter, the theoretical basis and research hypothesis. In this chapter, the theory of property rights, contract theory and information asymmetry theory, research background of enterprise property rights, the relationship between auditing opinion and bank loan decision-making, then put forward the hypothesis of this study: (1) hypothesis 1: under the same conditions, compared with the standard was issued the audit opinion of the enterprise, non-standard audit opinions issued corporate bank loans cost more. (2) hypothesis 2: under the same conditions, the state-owned enterprises receive audit opinion on the impact of bank loan cost less than the non state-owned enterprises, resulting in the standard audit opinions of state-owned enterprises to reduce the cost of the loan the degree is lower than that of non state-owned enterprises to reduce the cost of the loan, resulting in non-standard audit opinions of state-owned enterprises loan costs less than non-state-owned enterprises loan cost increase.
The fourth chapter, the research design. This chapter first explain the sources of sample selection and data standard, and set the model studied in this paper based on relevant research. The paper selected 2006 2010 two cities of Shenzhen and Shanghai listed A shares of non-financial companies as the initial sample, with the cost of bank loans as the explanatory variable the explanatory variables, for the year on the type of audit opinion, the enterprise property rights and enterprise property rights and audit opinion in the last year of the product, in addition, we use Kim (2007), Li Haiyan (2008), Fan Wenxuan (2012) studies, select the following indicators as control variables of the study: company size, debt the scale of the loan term structure, ROA, liquidity ratio, revenue growth rate, total asset turnover and equity multiplier.
The fifth chapter, the empirical test. This chapter firstly studies the variable descriptive statistics, followed by univariate tests on the annual audit opinion types and their property rights, then uses the method of correlation analysis and records to verify the research hypotheses and regression results are consistent, and make reasonable explanation, finally, to test the stability the model.
The sixth chapter is the conclusion and inspiration. This chapter summarizes the conclusions of the study, gives the corresponding inspiration, and puts forward relevant policy recommendations. Finally, it points out the limitations of this research and the direction of future research.
The research methods of this paper: in the background of property rights, the intrinsic link between the audit opinion and the cost of bank loans of the three related theoretical analysis, select the A shares market of non-financial companies five years of data for empirical research, establish a model to verify the hypothesis, and comes to a conclusion of this paper.
The conclusion of this paper: first, under the same conditions, compared with the standard audit opinion, non-standard audit opinions issued the enterprise the cost of bank loans is higher, indicating that the non standard audit opinion has significant information content in the loan market; second, regression coefficients by negative enterprises the nature of property rights and the annual audit opinion type, significant restrictions on the 5% level, when the enterprise is state-owned enterprises, non standard audit opinion on the cost of bank loans is weakened, resulting in the standard audit opinions of state-owned enterprises to reduce the cost of the loan is less than the non state-owned enterprises loans to reduce the cost of the degree. In the non standard audit opinion of state-owned enterprises loan costs less than non-state-owned enterprises loan cost increase.
The innovation of this article:
First, in the research on the annual audit opinion on the basis of the cost of bank loans to the annual auditing opinions and enterprise property right product, in order to examine the nature of enterprise property rights to regulate the pricing of audit opinion in the cost of bank loans. Multiple regression results showed that the product was to have significant influence over variables. Take the coefficient is negative and significant in limiting the level of 5%, when the enterprise is state-owned enterprises, non standard audit opinion on the cost of bank loans is weakened.
Second, the conclusion in this paper enrich the audit opinion decision usefulness in the literature, especially the different enterprise property background, enrich the research on the bank loan contract, provides a more complete experience for audit opinion in the loan market decision usefulness, effectively reduce the cost of loans.
The third main parties, from the results of this study on the use of audit opinion should take active measures to further improve the usefulness of the audit opinion. We must strengthen party audit, audit system construction, improve the professional competence of CPA firms, strengthen quality control, explain the role and limitations of the audit opinion to the user, to improve the audit understanding the information. As the main creditor banks should improve the audit opinion of the "power" and "ability", the signal making credit decisions to make full use of audit opinion communication, improve the effectiveness of the credit decision, in addition, to strengthen the credit staff training, reduce unnecessary losses the government should be moderate. To reduce bank lending behavior intervention, to allow banks to have more credit decision-making more independent, further push into the banking industry city At the same time, it makes independent audit more effective to play its role in the credit market.
The limitations of this study are mainly reflected in the following aspects:
First, the article is limited to the difficulty of data acquisition, a rough estimate of the amount of interest payments to financial expenses will be interpreted as the value, definition of cost variable bank loans for financial expense / (short-term borrowings + long-term loans), in fact, the financial costs of enterprises with many aspects, such as interest expense, interest income, though finally, consider the case of excluding interest income model to test the stability, but because the interest income data are difficult to obtain, the sample size is not abundant enough, therefore, the cost of bank loans this variable is still not a small noise, may affect the final conclusions of the article.
Second, the sample is selected from the CSMAR database from 2006 to 2010, the two cities of Shenzhen and Shanghai listed A shares of non-financial corporate data, due to the selected samples, the defined range of listed companies, listed companies only Chinese enterprises accounted for a larger proportion, therefore, the influence on the enterprise property rights related research conclusion may be limited to the difficulty of data acquisition, which is difficult to be investigated further, hope further studies on the conclusion was verified.
Third, this article does not divide the industry category, and the future research can be further studied in the industry.

【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;F832.4;F239.4

【参考文献】