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论文编号：	9403
作者编号：	2120152427
上传时间：	2017/6/21 11:55:39
中文题目：	行业环境、审计意见与债务成本
英文题目：	Industry Environment, Audit Opinion and Debt Cost
指导老师：	张继勋
中文关键字：	资源丰度；复杂性；审计意见；债务成本
英文关键字：	Resource abundance, Complexity, Audit opinion, Debt cost
中文摘要：	企业在不断的发展过程中会产生较大资本需求，需要不断融资。融资途径有内部融资和外部融资两种方式，当内部融资无法满足企业进行日常运营和对外投资的需要时，企业便需要借助外部融资。从1992年起，我国的资本市场开始蓬勃发展，为企业直接融资带来新的动力和源泉，但是大多数企业还是倾向于债务融资方式，目前我国的债券市场尚未达到成熟水平，银行等金融机构贷款就成为了企业债务融资的主要途径。债务契约的订立实则是银行与企业的博弈，企业谋求较低的贷款成本、更多的贷款并且实现合作的持续稳定，而银行谋求真实可靠的信息与低水平的违约风险。所以，不论是债务人还是债权人都需要独立审计来架起双方信息沟通的桥梁。因此，本文在国内外学者相关研究的基础上，首先对审计意见对债务成本的影响进行研究，考察获得标准审计意见和非标准审计意见的企业其债务成本的差异。此外，审计意见对银行等金融机构贷款决策的影响可能因不同的行业环境条件而有所差异，纵观国内外均极少关注不同行业环境下审计意见与债务成本之间的关系。基于以上考虑，本文又进一步剖析独立审计与债务成本之间的关系，是否随着债务企业所在行业资源丰度和复杂性的不同而发生变化，由此探讨在不同行业环境对债务契约中审计意见决策有用性的调节作用。通过本文实证结果发现，上年度审计意见类型显著影响本年度债务成本。具体而言，非标准审计意见与债务成本之间的回归系数为正数，说明在银行等金融机构在考察企业时，审计意见所起到较为重要的作用。增加行业因素后发现，行业资源丰度愈低、复杂性越高，即行业整体环境愈严峻，非标准审计意见的警示作用会越强，银行等金融机构会要求更高的债务成本。
英文摘要：	In the process of development, enterprises have large capital requirements and may sometimes face financing constraints. There are two financing channels of internal channels and external channels, when the internal financing can't meet the needs of the daily operations and investment, enterprises need the assistance of external financing. Since 1992, our country's capital markets began to flourish, but most companies still inclined to debt financing. At present, our country's bond market has not yet reached a mature level, banks and other financial institutions loans has become the main way of debt financing. In the process of debt contracts, enterprises want to get lower interest rates while bank need true performance level of enterprises. Both the debtor and creditors need independent audit to set up a bridge of information communication on both sides. According to the research of previous scholars, this paper study the debt cost differences between the standard and non-standard audit opinion. The influence of the auditing opinions may vary as the industry environment, but most scholars pay attention to macroeconomic environment but pay rarely attention to the industry environment. Based on the above consideration, this paper analyzes whether the relationship between independent audit opinion and debt cost will change in the different industry environment. Industry is divided into different groups by resource abundance and complexity to explore the role of independent audit. In this paper, the empirical results found that last year's audit opinion type significantly affect the cost of debt of this year. Specifically, the regression coefficient between non-standard audit opinions and the cost of debt is positive, for banks and other financial institutions, the audit opinion has played a more important role. And the impact will change in different industry environment. While the industry environment is not optimistic, as the company is issued by the non-standard audit opinions, banks and other financial institutions will demand higher interest rates.
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