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论文编号：	8513
作者编号：	2120142441
上传时间：	2016/6/14 21:34:51
中文题目：	持续经营审计意见对上市公司股权融资成本的影响
英文题目：	How Auditor’s Going Concern Opinion Affects Cost of Equity of Listed Companies
指导老师：	张继勋
中文关键字：	持续经营;审计意见;股权成本
英文关键字：	Going-concern ability;type of auditor’s opinions;equity cost
中文摘要：	日益严峻的竞争环境让越来越多的现代企业都在面临着兼并、破产、重组的命运，持续经营不确定性成为现代企业的常态，上市公司的持续经营能力受到越来越多投资者的广泛关注。持续经营作为企业财务报告的基本假设之一，既是确保资本市场信息质量可靠性的重要工具，又是审计师评价企业财务报告信息质量的重要对象。随着企业竞争环境恶化程度的加深，持续经营审计意见受到了投资者的普遍关注。会计主体、持续经营、会计分期、货币计量共同构成了财务会计四大基本假设。财务会计四大假设是会计要素确认、计量、记录和报告的基础，而会计要素的恰当分类与准确列报为资本市场的参与者提供了有效决策的信息。持续经营审计意见，是审计师对上市公司持续经营能力的重大怀疑，既是上市公司持续经营不确定性的信号，也是其陷入财务困境的预警信息。在有效资本市场，如果被审计单位被出具持续经营审计意见，会导致投资者看淡被审计单位的股票，那么就意味着上市公司融资环境的恶化，导致企业股权融资成本的增加，另一方面，上市公司的债权人、供应商等其他利益相关方也会因收到坏消息而调高他们对上市公司的风险评价，从而调整与上市公司的交易政策，并最终传导至上市公司的经营与发展前景中，导致上市公司破产风险的增加，投资者的投资决策所承担的投资风险变大，导致上市公司的股权成本上升。论文的实证检验部分分为三个层次，选取2005-2014年沪深A股被出具持续经营审计意见的上市公司和陷入财务困境的非持续经营审计意见上市公司作为研究对象，分别对持续经营审计意见对上市公司股权成本的影响、严厉程度不同的持续经营审计意见对股权成本影响程度的差异以及上市公司是否首次收到持续经营审计意见对股权成本的影响程度的差异性进行检验。关键词：持续经营；审计意见；股权成本
英文摘要：	The increasingly severe competitive environment make more and more modern enterprise are facing the fate of mergers, bankruptcy, reorganization, the uncertainty of going concern become the norm in the modern enterprise, more and more investors pay close attention on the listed company's ability of going concern . As one of the basic assumptions of the corporate financial reporting, it is not only an important tool to ensure the quality and reliability of the capital market information, but also an important object for the auditor to evaluate the quality of financial reporting information. With the continuous deterioration of the competitive environment of enterprises, the continuous operation of the audit opinion has been widely concerned by investors. Accounting subject, going-concern, accounting stage, currency measurement constitute the four basic assumptions of financial accounting. The four major assumptions of financial accounting are the basis of accounting elements confirmation, measurement, record and report, and the appropriate classification of accounting elements and the accurate reporting of the participants in the capital market provides the information for effective decision-making. Going concern opinion, reflects auditor's doubt about unit’s ability of going concern, it is also a warning signal that enterprises are in financial distress. In an efficient capital market, if listed companies receive auditor’s going concern opinion , it will lead investors bearish stocks of the listed companies, then it means that listed companies financing environment deterioration, lead to an increase in the cost of equity capital of enterprises, on the other hand, listed company's creditors, suppliers and other stakeholders will also regard it as bad news and adjust high their risk evaluation of listed companies, so as to adjust their trade rules with the listed companies, and eventually transferred to the listed company's operation and development prospects, leading to the increase of bankruptcy risk of listed companies, increasing the risk of investment, resulting in rising cost of listed companies equity. This study is divided into three levels, with 2005-2014 years in Shanghai and Shenzhen A shares of listing Corporation as the research object. Firstly, this study test the relation between going concern opinion and equity cost of listed company. Second, this study test the difference of different severity degree going concern opinions on listed Corporation's equity cost . Third, this study test whether there is the same influence of equity cost between first issued going concern opinion and non-first –issued going concern opinion. Key words: Going-concern ability ; type of auditor’s opinions ; equity cost
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