本文選題：上市公司　切入點：年報　出處：《陜西科技大學(xué)》2014年碩士論文

【摘要】：融資問題一直是財務(wù)研究的熱點，債務(wù)融資作為財務(wù)管理的重要內(nèi)容，同時也是上市公司融資的重要方式之一，因此對債務(wù)融資的研究具有極其重要的意義。影響債務(wù)融資的因素很多，本文選擇從審計意見的角度對債務(wù)融資進(jìn)行研究，獨立審計作為替代性的外部保護(hù)機(jī)制，可以提供給債權(quán)人更加充分可靠的信息，緩解信息不對稱問題。本文的研究目的在于系統(tǒng)探討年報審計意見與債務(wù)融資的相關(guān)關(guān)系,從年報審計意見類型與可靠性兩方面，分析其對債務(wù)融資成本與期限結(jié)構(gòu)的影響，剖析審計意見信息在債務(wù)融資中的運(yùn)用情況。 本文采用了實證研究和規(guī)范研究相結(jié)合的方法，所用數(shù)據(jù)來自于2008-2012年上市公司財務(wù)報表及國泰安數(shù)據(jù)庫，通過SPSS統(tǒng)計軟件進(jìn)行數(shù)據(jù)分析。本文首先系統(tǒng)分析了債務(wù)融資的影響因素，其中內(nèi)部因素為公司規(guī)模、償債能力、資產(chǎn)結(jié)構(gòu)、成長性和盈利能力，外部因素為市場利率，金融市場的發(fā)展程度和審計意見。其次，本文分別對我國上市公司年報審計意見的類型與可靠性進(jìn)行了分析，并分別論述了審計意見類型及可靠性與債務(wù)融資的相關(guān)性，并總結(jié)了審計意見的現(xiàn)實分布，提出了年報審計意見可靠性的衡量標(biāo)準(zhǔn)；再次，本文通過進(jìn)行實證研究，得出了以下結(jié)論：年報審計意見的類型與利息支出率負(fù)相關(guān)；年報審計意見的類型與長期負(fù)債比率正相關(guān)，年報審計意見為標(biāo)準(zhǔn)無保留意見時上市公司的長期債務(wù)比率較大，更易獲得長期債務(wù)融資；年報審計意見的可靠性與利息支出率負(fù)相關(guān)，年報審計意見可靠性越高，上市公司的債務(wù)融資成本越低；年報審計意見的可靠性與長期負(fù)債比率正相關(guān)，年報審計意見可靠性較高的上市公司更易獲得長期債務(wù)融資。最后，，本文從審計意見的角度提出了債務(wù)融資的優(yōu)化對策，分別是：充分發(fā)揮審計委員會的作用；加強(qiáng)對會計師事務(wù)所的選擇和溝通；提高內(nèi)部審計的有效性；進(jìn)一步加強(qiáng)行業(yè)監(jiān)管與處罰力度。 本文的創(chuàng)新之處主要是：已有文獻(xiàn)對上市公司年報審計意見與債務(wù)融資的相關(guān)性研究中將債務(wù)融資的范圍局限在銀行貸款，本文擴(kuò)大了研究的范圍，將商業(yè)信用、企業(yè)債券和租賃納入債務(wù)融資的范疇，將貸款、債券利息費用等計入債務(wù)融資的成本，更全面的分析了審計意見對債務(wù)融資的影響；本文創(chuàng)新性的提出了審計意見可靠性的衡量標(biāo)準(zhǔn)，所創(chuàng)建的回歸模型中解釋變量包括：會計師事務(wù)所規(guī)模、注冊會計師人數(shù)、是否受行業(yè)監(jiān)管與處罰，進(jìn)一步深化已有研究；關(guān)于債務(wù)融資的優(yōu)化，本文基于審計意見，從充分發(fā)揮審計委員會作用、加強(qiáng)對會計師事務(wù)所的選擇和溝通、提高內(nèi)部審計的有效性的角度，創(chuàng)新性的提出債務(wù)融資的優(yōu)化對策。
[Abstract]:Financing has always been a hot topic in financial research. As an important part of financial management, debt financing is also one of the important ways of financing for listed companies. Therefore, the research on debt financing is of great significance. There are many factors that affect debt financing. This paper chooses to study debt financing from the perspective of audit opinion, and independent audit as an alternative external protection mechanism. The purpose of this paper is to systematically explore the relationship between the audit opinion of annual report and debt financing, from the two aspects of type and reliability of audit opinion of annual report. This paper analyzes its influence on debt financing cost and term structure, and analyzes the application of audit opinion information in debt financing. This paper adopts the method of combining empirical research with normative research. The data are obtained from the financial statements of listed companies from 2008 to 2012 and the Cathay Pacific database. Firstly, this paper systematically analyzes the influencing factors of debt financing, in which the internal factors are company size, solvency, asset structure, growth and profitability, and the external factors are market interest rate. Secondly, this paper analyzes the types and reliability of audit opinions of listed companies in China, and discusses the types of audit opinions and the correlation between reliability and debt financing. The paper summarizes the actual distribution of audit opinion and puts forward the standard of reliability of audit opinion in annual report. Thirdly, through empirical research, this paper draws the following conclusions: the type of audit opinion of annual report is negatively related to the rate of interest expenditure; The type of audit opinion of the annual report is positively related to the long-term debt ratio. When the audit opinion of the annual report is standard and unqualified, the long-term debt ratio of listed companies is larger, and it is easier to obtain long-term debt financing. The reliability of the audit opinion of the annual report is negatively correlated with the rate of interest expenditure, the higher the reliability of the audit opinion of the annual report, the lower the debt financing cost of the listed company, and the positive correlation between the reliability of the audit opinion of the annual report and the long-term debt ratio. It is easier for listed companies with high reliability of annual report audit opinion to obtain long-term debt financing. Finally, this paper puts forward the optimization countermeasures of debt financing from the point of view of audit opinion, which are as follows: give full play to the role of audit committee; Strengthen the choice and communication of accounting firms; improve the effectiveness of internal audit; further strengthen industry supervision and punishment. The main innovation of this paper is: in the study of the correlation between the audit opinion of the annual report of listed companies and debt financing, the scope of debt financing is limited to bank loans. Corporate bonds and leases are included in the scope of debt financing, and the cost of loans and bond interest are included in the cost of debt financing. The impact of audit opinions on debt financing is analyzed more comprehensively. This paper creatively puts forward the standard of reliability of audit opinion. The variables in the regression model include: the size of accounting firm, the number of certified public accountants, whether or not they are subject to industry supervision and punishment, and further deepen the existing research; With regard to the optimization of debt financing, based on the audit opinion, this paper gives full play to the role of the audit committee, strengthens the selection and communication of the accounting firm, and improves the effectiveness of the internal audit. Innovatively put forward the optimization countermeasure of debt financing.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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