本文關(guān)鍵詞：會計師事務(wù)所行業(yè)專長、信用評級與債券融資成本　出處：《南京大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：信息不對稱與委托代理問題的存在,為獨立審計師的出現(xiàn)提供了契機(jī)。之前的文獻(xiàn)表明審計師在資本市場中擔(dān)任兩個重要的角色：信息中介和提供保證。本文從審計師特征的一個角度——行業(yè)專長出發(fā),研究了會計師事務(wù)所行業(yè)專長、信用評級與債券融資成本之間的關(guān)系。 已有研究表明,更加透明和可靠的財務(wù)信息可以幫助債權(quán)人更好的預(yù)測未來現(xiàn)金流,從而降低信息風(fēng)險。直接評價公司財務(wù)信息的質(zhì)量比較困難,所以投資者往往要依靠其他間接的途徑。許多研究都表明審計質(zhì)量越高,財務(wù)信息披露的質(zhì)量越高。因此,我們認(rèn)為債權(quán)人在評估公司風(fēng)險時,會重點關(guān)注公司的審計質(zhì)量。行業(yè)專長有利于保證和提高審計質(zhì)量,經(jīng)行業(yè)專長會計師事務(wù)所審計的客戶往往盈余管理、財務(wù)舞弊的可能性更低。因此,本文認(rèn)為會計師事務(wù)所行業(yè)專長有助于降低信息不對稱風(fēng)險,從而減少公司債券的融資成本。信用評級也是獨立第三方對公司違約風(fēng)險的鑒證,信用評級越高的公司債券融資成本越低�？紤]到信用評級需要利用公司的財務(wù)信息,因此會計師事務(wù)所行業(yè)專長在影響公司財務(wù)信息質(zhì)量的同時,會影響到信用評級跟債券融資成本之間的關(guān)系。另外,考慮到我國公司債券發(fā)行市場主要有交易所市場和銀行間市場兩個市場,一些公司債券選擇了在交易所市場和銀行間市場跨市場發(fā)行。已有研究表明股票交叉上市可以降低信息風(fēng)險,本文推測債券市場也有這種功能,所以跨市場發(fā)行的公司債券和非跨市場發(fā)行的公司債券信息不對稱風(fēng)險可能不同,那么會計師事務(wù)所行業(yè)專長、信用評級對公司債券融資成本的影響程度會不同。 本文用公司債券的發(fā)行利差作為債券融資成本的代理變量,用行業(yè)市場份額法計算會計師事務(wù)所的行業(yè)專長,以市場份額是否排名第一作為行業(yè)專長的代理變量,帶入模型進(jìn)行實證檢驗。本文的研究結(jié)果表明,會計師事務(wù)所行業(yè)專長在降低信息不對稱風(fēng)險,減少債券融資成本方面確實發(fā)揮了作用。信用評級越高的公司,債券融資成本越低,這一結(jié)論也與前人的研究一致。對行業(yè)專長和信用評級的交叉變量的回歸結(jié)果表明,會計師事務(wù)所行業(yè)專長可以增強(qiáng)信用評級對債券融資成本的負(fù)向作用。另外,本文為了研究跨市場發(fā)行對研究結(jié)果的影響,在模型中加入了跨市場發(fā)行與其他解釋變量的交叉變量,結(jié)果表明,會計師事務(wù)所行業(yè)專長在跨市場發(fā)行的公司債券和非跨市場發(fā)行的公司債券中作用并不相同,這個結(jié)果也從側(cè)面說明了跨市場發(fā)行的企業(yè)債和非跨市場發(fā)行的公司債券信息風(fēng)險不同。
[Abstract]:Information asymmetry and the existence of principal-agent problem. This provides an opportunity for the emergence of independent auditors. Previous literature has shown that auditors play two important roles in capital markets:. Information intermediation and provision of assurance. This article starts from the perspective of auditor characteristics-industry expertise. The relationship between accounting firm industry expertise, credit rating and bond financing cost is studied. Studies have shown that more transparent and reliable financial information can help creditors better predict future cash flow, thereby reducing the risk of information. It is difficult to directly evaluate the quality of financial information. So investors often have to rely on other indirect ways. Many studies have shown that the higher the audit quality, the higher the quality of financial information disclosure. Will focus on the audit quality of the company. Industry expertise helps to ensure and improve the quality of audit. Clients audited by professional accounting firms tend to manage earnings and are less likely to commit financial fraud. This paper argues that accounting firm industry expertise can reduce the risk of asymmetric information, thus reducing the financing costs of corporate bonds. Credit rating is also an independent third party to identify the risk of corporate default. The higher the credit rating, the lower the financing cost of corporate bonds. Considering that credit rating needs to utilize the financial information of the company, accounting firm industry expertise affects the quality of corporate financial information at the same time. It will affect the relationship between credit rating and bond financing cost. In addition, considering that there are two main markets in China's corporate bond issuance market: the exchange market and the interbank market. Some corporate bonds have been issued in the exchange market and interbank market. Some studies have shown that cross-listing can reduce the risk of information. This paper speculated that the bond market also has this function. Therefore, the risk of asymmetric information between cross-market corporate bonds and non-cross-market corporate bonds may be different, then accounting firms industry expertise. The impact of credit rating on corporate bond financing costs will vary. This paper uses the corporate bond issue spread as the proxy variable of the bond financing cost, and calculates the profession specialty of the accounting firm by using the industry market share method. Whether the market share ranks first as the proxy variable of industry expertise is brought into the model for empirical test. The results of this paper show that accounting firm industry expertise is reducing the risk of asymmetric information. Reducing the cost of bond financing does play a role. The higher the credit rating, the lower the cost of bond financing. This conclusion is also consistent with previous studies. The regression results of cross variables of industry expertise and credit rating show that. Accounting firm industry expertise can enhance the negative impact of credit rating on bond financing costs. In addition, this paper aims to study the impact of cross-market issues on the results of the study. Cross-market distribution and other explanatory variables are added to the model, and the results show that. Accounting firm industry expertise is not the same in cross-market corporate bonds and non-cross-market corporate bonds. The result also shows that the information risk of corporate bonds issued across the market is different from that of corporate bonds that are not issued across the market.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F233;F832.51

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