本文關(guān)鍵詞：金融生態(tài)環(huán)境、審計(jì)意見(jiàn)與債務(wù)融資成本，由筆耕文化傳播整理發(fā)布。

金融生態(tài)環(huán)境、審計(jì)意見(jiàn)與債務(wù)融資成本

Financial Ecological Environment, Audit Opinion and the Cost of Debt Financing

[1] [2] [3] [4]

Wei Zhihua,Wang Zhenjie,Wu Yuhui,Li Changqing

[1]廈門(mén)大學(xué)經(jīng)濟(jì)學(xué)院,361005; [2]中國(guó)海洋大學(xué)管理學(xué)院;,361005; [3]廈門(mén)大學(xué)管理學(xué)院,361005;

文章摘要：本文旨在研究金融生態(tài)環(huán)境、審計(jì)意見(jiàn)對(duì)于上市公司債務(wù)融資成本的影響。以2006-2009年1555家中國(guó)A股上市公司為樣本，實(shí)證發(fā)現(xiàn)，良好的金融生態(tài)環(huán)境有助于上市公司獲得較低成本的債務(wù)融資，民營(yíng)上市公司承擔(dān)了比國(guó)有上市公司顯著更高的債務(wù)融資成本，而金融生態(tài)環(huán)境的改善有助于降低這種信貸融資成本差異。同時(shí)，，被出具非標(biāo)審計(jì)意見(jiàn)的上市公司相比獲得標(biāo)準(zhǔn)審計(jì)意見(jiàn)的上市公司具有顯著更高的債務(wù)融資成本，并且無(wú)論是對(duì)國(guó)有企業(yè)抑或民營(yíng)企業(yè)來(lái)說(shuō)，良好的金融生態(tài)環(huán)境都有助于增強(qiáng)審計(jì)意見(jiàn)的風(fēng)險(xiǎn)揭示功能。研究結(jié)果表明，在我國(guó)良好的金融生態(tài)環(huán)境以及外部審計(jì)監(jiān)督有助于增強(qiáng)債務(wù)融資的市場(chǎng)化定價(jià)，提高信貸資源的配置效率。

Abstr：Using a sample of 1555 Chinese A-share listed companies for the period 2006-2009, this study empirically tests the impact of the fmancial ecological environment and audit opinion on the cost of debt. We find that a favorable financial ecological environment is associated with a lower listed companies＇ cost of debt. Furthermore, private listed companies take significant higher cost of debt than state-owned enterprises （SOEs）, while a favorable financial ecological environment helps to eliminate this credit discrimination on cost of debt. In the meantime, listed companies receiving non-standard audit opinion have significant higher cost of debt than those receiving qualified audit opinions, and a favorable financial ecological environment contributes to enhancing the signal role of audit opinion on the cost of debt whether in private or SOEs listed companies. Our results indicate that a favorable financial ecological environment and the external audit supervision in China help to implement market-set prices on the debt fmancing, and thus improve the allocation efficiency of credit resources.

文章關(guān)鍵詞：

Keyword：:financial ecological environment, audit opinion, cost of debt financing, corporate governance

課題項(xiàng)目：本文得到國(guó)家自然科學(xué)基金項(xiàng)目（項(xiàng)目批準(zhǔn)號(hào)：71102058、71102059、71172050）、教育部人文社會(huì)科學(xué)一般項(xiàng)目（項(xiàng)目批準(zhǔn)號(hào)：11YJC790197）以及中央高�；究蒲袠I(yè)務(wù)費(fèi)項(xiàng)目（項(xiàng)目批準(zhǔn)號(hào)：2011221012、201113022、2010221028）的資助.

作者信息：會(huì)員可見(jiàn)

  本文關(guān)鍵詞：金融生態(tài)環(huán)境、審計(jì)意見(jiàn)與債務(wù)融資成本，由筆耕文化傳播整理發(fā)布。