本文關(guān)鍵詞： 商業(yè)信用融資 銀行信用 標(biāo)準(zhǔn)審計(jì)意見 貨幣緊縮　出處：《天津商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：商業(yè)信用融資在企業(yè)中已經(jīng)得到廣泛應(yīng)用。現(xiàn)有關(guān)于企業(yè)商業(yè)信用融資方面的研究主要可以劃分為兩個(gè)方向:一部分學(xué)者關(guān)注于企業(yè)內(nèi)部影響因素如企業(yè)規(guī)模、財(cái)務(wù)狀況以及現(xiàn)金流等對(duì)企業(yè)商業(yè)信用如何產(chǎn)生影響;另一部分學(xué)者加入貨幣政策、金融危機(jī)等宏觀經(jīng)濟(jì)環(huán)境為大背景研究宏觀經(jīng)濟(jì)政策與企業(yè)商業(yè)信用之間的相互作用,很少有涉及標(biāo)準(zhǔn)審計(jì)意見對(duì)企業(yè)商業(yè)信用融資產(chǎn)生影響的研究,在貨幣緊縮背景下研究標(biāo)準(zhǔn)審計(jì)意見與企業(yè)商業(yè)信用之間的關(guān)系的文獻(xiàn)更是匱乏。本文從審計(jì)意見這一角度進(jìn)行研究,發(fā)現(xiàn)標(biāo)準(zhǔn)審計(jì)意見能夠增加企業(yè)商業(yè)信用的獲取量,同時(shí)加入產(chǎn)權(quán)性質(zhì)和貨幣緊縮兩個(gè)虛擬變量,發(fā)現(xiàn)非國(guó)有企業(yè)中標(biāo)準(zhǔn)審計(jì)意見的正向作用更加顯著,同時(shí)在標(biāo)準(zhǔn)審計(jì)意見可以幫助非國(guó)有企業(yè)在緊縮時(shí)期獲得的商業(yè)信用比在寬松時(shí)期更多。這不僅為研究商業(yè)信用融資拓展了新的視角,彌補(bǔ)了審計(jì)意見對(duì)商業(yè)信用作用方面文獻(xiàn)的不足,同時(shí)為受貨幣緊縮影響最嚴(yán)重的非國(guó)有企業(yè)提供新的抵御方式,具有現(xiàn)實(shí)意義。本文從商業(yè)信用融資、貨幣緊縮與商業(yè)信用融資以及審計(jì)意見與商業(yè)信用融資三個(gè)方面的相關(guān)文獻(xiàn)分別進(jìn)行梳理和述評(píng),在以往文獻(xiàn)的基礎(chǔ)上進(jìn)行理論分析并提出研究假設(shè)。本文選取1998年至2015年我國(guó)深滬兩市A股上市公司的財(cái)務(wù)數(shù)據(jù)作為研究樣本,并按照相應(yīng)標(biāo)準(zhǔn)進(jìn)行數(shù)據(jù)篩選得出有效研究數(shù)據(jù),并按照研究假設(shè)建立研究模型。根據(jù)研究需要,采用描述性統(tǒng)計(jì)分析、相關(guān)性分析、多元回歸分析及穩(wěn)健性檢驗(yàn)對(duì)研究假設(shè)進(jìn)行驗(yàn)證。最后提出研究結(jié)論、相對(duì)應(yīng)的政策意見以及對(duì)未來研究的展望。研究結(jié)果表明:(1)在貨幣緊縮期,企業(yè)商業(yè)信用融資與銀行貸款呈負(fù)相關(guān),即商業(yè)信用融資與銀行貸款存在替代效應(yīng);(2)標(biāo)準(zhǔn)審計(jì)意見與企業(yè)下一年度商業(yè)信用融資額呈正相關(guān);(3)與國(guó)有企業(yè)相比較,標(biāo)準(zhǔn)審計(jì)意見對(duì)非國(guó)有企業(yè)商業(yè)信用融資的正向作用更加顯著;(4)在貨幣緊縮時(shí)期,與國(guó)有企業(yè)相比較,標(biāo)準(zhǔn)審計(jì)意見對(duì)非國(guó)有企業(yè)商業(yè)信用融資的正向作用更加顯著。
[Abstract]:Commercial credit financing has been widely used in enterprises. The existing research on business credit financing can be divided into two directions: some scholars pay attention to the internal factors such as enterprise scale. How the financial situation and cash flow influence the business credit; another part of the scholars join the monetary policy, financial crisis and other macroeconomic environment for the background of the study of the interaction between macroeconomic policy and business credit. There are few studies on the impact of standard audit opinions on business credit financing, In the context of monetary tightening, there is a lack of literature on the relationship between standard audit opinions and business credit. This paper, from the perspective of audit opinions, finds that standard audit opinions can increase the amount of business credit obtained by enterprises. At the same time, by adding two fictitious variables of property right nature and monetary tightening, we find that the positive effect of standard audit opinion in non-state-owned enterprises is more significant. At the same time, standard audit opinions can help non-state-owned enterprises gain more commercial credit during the austerity period than in the loose period. This not only opens up a new perspective for the study of commercial credit financing, It is of practical significance to make up for the deficiency of audit opinion on the role of commercial credit, and to provide a new way to resist the most serious effects of monetary tightening on non-state-owned enterprises. Monetary tightening and commercial credit financing, as well as audit opinions and commercial credit financing, respectively, are reviewed and reviewed. On the basis of previous literature, this paper makes theoretical analysis and puts forward research hypotheses. This paper selects the financial data of A-share listed companies in Shenzhen and Shanghai stock markets from 1998 to 2015 as the research samples. According to the corresponding criteria, the effective research data are obtained, and the research model is established according to the research hypothesis. According to the research needs, descriptive statistical analysis and correlation analysis are used. Multivariate regression analysis and robustness test are used to verify the hypothesis. Finally, the conclusions of the study, corresponding policy opinions and prospects for future research are put forward. The results show that: 1) is in the period of monetary tightening. There is a negative correlation between commercial credit financing and bank loans, that is, there is a substitution effect between commercial credit financing and bank loans. The standard audit opinion has a positive correlation with the amount of business credit financing in the next year. The positive effect of the standard audit opinion on the commercial credit financing of the non-state-owned enterprises is more significant than that of the state-owned enterprises in the period of monetary tightening. The positive effect of the standard audit opinion on the commercial credit financing of the non-state-owned enterprises is more significant than that of the state-owned enterprises.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F822.0;F832.51

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