本文選題：審計(jì)質(zhì)量　切入點(diǎn)：資本配置效率　出處：《東華大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：資本配置效率是經(jīng)濟(jì)學(xué)和財(cái)務(wù)管理研究的核心內(nèi)容之一，從資本市場(chǎng)運(yùn)作上看，企業(yè)除了考慮從外部市場(chǎng)上融資所需的成本，還應(yīng)考核所籌措的資金是否投放到正確的項(xiàng)目和公司上即投資效率問題；而從公司財(cái)務(wù)活動(dòng)角度看，企業(yè)籌資活動(dòng)、投資活動(dòng)的成功對(duì)其經(jīng)營狀況以及未來可持續(xù)發(fā)展至關(guān)重要。因此從融資成本和投資效率兩方面來研究資本配置效率顯得尤為重要。 由于資本市場(chǎng)有效運(yùn)轉(zhuǎn)很大程度上又取決于會(huì)計(jì)信息的質(zhì)量，而審計(jì)的鑒證作用又保證了會(huì)計(jì)信息真實(shí)可靠，減少了公司內(nèi)外部的信息不對(duì)稱問題，提高了信息質(zhì)量。因此，文章直接從審計(jì)質(zhì)量角度研究與資本配置效率的關(guān)系。 本文采用規(guī)范理論研究與實(shí)證研究相結(jié)合的方法。首先，對(duì)審計(jì)質(zhì)量與資本配置效率的相關(guān)概念進(jìn)行界定，歸納了現(xiàn)有文獻(xiàn)中審計(jì)質(zhì)量與資本配置效率的衡量方法，并對(duì)國內(nèi)外的研究現(xiàn)狀進(jìn)行分析評(píng)述，接著從相關(guān)理論基礎(chǔ)出發(fā)分析了審計(jì)質(zhì)量如何影響資本配置效率并提出假設(shè)；然后分別對(duì)審計(jì)質(zhì)量與融資成本、投資效率的關(guān)系進(jìn)行了實(shí)證研究，選擇PEG比率方法來計(jì)量股權(quán)融資成本，采用Richardson模型計(jì)算非效率投資，選取了2010-2013年我國滬深1427家上市公司作為樣本，運(yùn)用描述性統(tǒng)計(jì)、相關(guān)性分析和多元線性回歸分析等方法驗(yàn)證假設(shè)。通過分析，得出以下結(jié)論： （1）審計(jì)質(zhì)量與股權(quán)融資成本負(fù)相關(guān)。即高質(zhì)量的審計(jì)增強(qiáng)了投資者對(duì)上市公司信息的信任程度，減少預(yù)期投資回報(bào)率，從而使得上市公司的融資成本降低。 （2）審計(jì)質(zhì)量與債務(wù)融資成本負(fù)相關(guān)，但是不顯著。審計(jì)質(zhì)量高的公司，其債務(wù)融資成本比較低，，但是債權(quán)人投資時(shí)重點(diǎn)考察公司的資本結(jié)構(gòu)、償債能力和抵債資產(chǎn)，對(duì)于真實(shí)審計(jì)質(zhì)量的高低并未有足夠重視，或者說審計(jì)質(zhì)量的高低并未顯著影響其債券投資的風(fēng)險(xiǎn)預(yù)期。 （3）審計(jì)質(zhì)量與非效率投資負(fù)相關(guān)，即審計(jì)質(zhì)量的提高改善了投資不足、投資過度行為發(fā)生，促使企業(yè)有效的投資決策，優(yōu)化社會(huì)資本的配置。
[Abstract]:The efficiency of capital allocation is one of the core content of financial management and economics, from the capital market point of view, in addition to considering the enterprise financing from outside the market cost, should also assess whether to raise funds on the right projects and the company is investment efficiency problem; and from the point of view of the company's financial activities. Enterprise financing activities, investment activities of the success of its operations and future sustainable development is very important. So from the two aspects of financing cost and investment efficiency of capital allocation efficiency is particularly important.
Because the capital market operation depends on the quality of accounting information effectively, and verification audit and ensure the reliability of accounting information, reduce information asymmetry inside and outside the company, improve the quality of information. Therefore, the relationship between the direct research and capital allocation efficiency from the perspective of audit quality.
In this paper, the theoretical research and empirical research method of combining normative. Firstly, defines the related concepts of audit quality and capital allocation efficiency, summarizes the existing literature methods to measure the audit quality and the efficiency of capital allocation, and research status at home and abroad were analyzed. Then, from the basis of the theory analysis of the audit how to influence the quality of capital allocation efficiency and put forward hypothesis; then the audit quality and the cost of financing, the relationship between investment efficiency for the empirical research, choose the PEG ratio method to measure the cost of capital, calculation of non efficiency of investment by using Richardson model, we selected the 2010-2013 years of China's Shanghai and Shenzhen 1427 listed companies as the sample, using descriptive statistics. Correlation analysis and multiple linear regression analysis method to verify the hypothesis. Through the analysis, draw the following conclusions:
(1) audit quality is negatively correlated with the cost of equity financing. That is, high quality audit enhances investors' trust in listed companies and reduces expected investment return, which reduces the financing cost of listed companies.
(2) the audit quality and the cost of debt financing is negatively correlated, but not significant. The audit quality is high, the debt financing cost is relatively low, but the creditor investment focuses on the company's capital structure, solvency and debt assets, the real level of audit quality and not enough attention, or the risk that the level of audit quality did not significantly affect the bond investment expectations.
(3) audit quality is negatively correlated with inefficient investment. That is to say, the improvement of audit quality has improved investment and investment behavior, and promoted effective investment decisions and optimized allocation of social capital.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F275;F239.4

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