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论文编号：	12614
作者编号：	2120192808
上传时间：	2021/6/16 22:50:17
中文题目：	关键审计事项披露对企业权益资本成本影响研究
英文题目：	Research on the Influence of Key Audit Matters for the Cost of Equity Capital
指导老师：	张继勋
中文关键字：	审计报告新准则；关键审计事项；权益资本成本；信息透明度
英文关键字：	New Auditing Standards For Reports; Key Audit Matters; Cost of Equity Capital; Corporate Information Transparency
中文摘要：	2016年我国财政部制订（修订）了12项与审计报告相关的系列审计准则。此次改革的目的一方面是为了增加审计报告信息，从而为资本市场提供高质量的会计信息；另一方面是与2015年国际审计准则的改革相同步。新审计报告准则采取分步施行的方法，2017年首先在A+H股上市公司施行，2018年全部A股上市公司开始执行新准则。审计报告格式的变化是否真的增加了审计报告信息，对资本市场中的融资活动产生一定的影响，值得在新审计报告准则执行后进一步探究。 本文以2017—2019年我国A股上市公司为研究对象，探究新审计报告准则实施以后，关键审计事项披露对企业权益资本成本的影响。研究发现，关键审计事项的披露将对企业的权益资本成本产生显著的正向影响。同时，本文还探究了企业信息透明度对二者关系的影响，发现企业的高信息透明度能够抑制关键审计事项披露对企业权益资本成本的正向影响。 本篇论文共分为六大章。第一章为绪论，描述选题背景、意义等；第二章为文献综述，主要对当前国内外关于审计报告新准则颁布、关键审计事项披露、权益资本成本的相关文献进行了回顾、梳理；第三章为理论分析与研究假设，通过对有关理论的分析及一定的逻辑推理，提出两个研究假设；第四章为研究设计，对样本选取、模型建立及变量进行了介绍。第五章为实证分析，对两个模型分别检验，包括变量的描述性统计、相关性检验、多元回归分析及稳健性检验。第六章为总结，汇总结果、提出对策、同时探讨该论文写作的不足之处。 本文得到的主要结论有： （1）关键审计事项的披露提高了企业的权益资本成本。关键审计事项的披露为投资者提供了关于公司的更多的增量风险信息，使得投资者提高期望的报酬率来补偿较高的风险，公司权益资本成本提高。 （2）企业信息透明度能够抑制关键审计事项披露对企业权益资本成本的正向影响。企业信息透明度越高，信息不对称的问题将被削弱，外部投资者由于可以从多渠道获取需要的信息，因而对审计报告中关键审计事项披露的风险感知降低，这使得关键审计事项披露过多所带来的增量风险被削弱，二者之间的正向关系受到抑制。
英文摘要：	In 2016, the Ministry of Finance of my country formulated ( revised ) 12 series of auditing standards related to audit reports. The purpose of this reform is to increase the information content of audit reports and meet the needs of my country's capital market for high-quality accounting information; on the other hand, it is to maintain convergence with the 2015 international auditing standards reform. After A+H-share companies and H-share companies took the lead in implementing the new audit standards in 2017, all A-share listed companies began to implement the new standards in 2018. It is of great significance to study whether the reformation does increase the audit report information, improve information transparency, or have a certain impact on financing activities in the capital market. This article takes A-share listed companies from 2016 to 2018 as the research object, explores the impact of the disclosure of key audit matters on the cost of equity capital after the implementation of the new audit standards for reports. The study found that the disclosure of key audit matters increased the company's cost of equity capital. At the same time, this article also explores the impact of corporate information transparency on the relationship between the two. The research found that high corporate information transparency can inhibit the positive impact of the disclosure of key audit matters on the cost of corporate equity capital. This article is divided into six chapters. The first chapter is the introduction, describing the background and significance of the topic; the second chapter is a literature review, mainly reviewing and sorting out the current domestic and foreign related documents on the promulgation of new audit reporting standards, the disclosure of key audit matters, and the cost of equity capital; The third chapter is theoretical analysis and research hypotheses. Through the analysis of related theories and certain logical reasoning, two research hypotheses are proposed; the fourth chapter is research design, which introduces sample selection, model establishment and variables. The fifth chapter is empirical analysis, which tests the two models separately, including descriptive statistics of variables, correlation test, multiple regression analysis and robustness test. The sixth chapter is a summary, summarizing the results, putting forward countermeasures, and discussing the shortcomings of the paper. The main conclusions obtained in this article are: (1) The disclosure of key audit matters has increased the cost of equity capital of the enterprise. The disclosure of key audit matters provides investors with more incremental risk information about the company, enabling investors to increase the expected rate of return to compensate for higher risks, and the cost of company equity capital increases. (2) The transparency of corporate information can inhibit the positive impact of the disclosure of key audit matters on the cost of corporate equity capital. The higher the transparency of corporate information, the problem of information asymmetry will be weakened. Since external investors can obtain required information from multiple channels, their perception of the risk of key audit matters disclosed in audit reports is reduced, which makes key audit matters disclosed too much The incremental risk brought about is weakened, and the positive relationship between the two is suppressed.
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