审计意见、制度环境与融资约束——来自我国上市公司的实证分析  

Audit Opinion, Institutional Characteristic and the Financing Restrain——Evidence from the capital market in China

作　　者：王少飞[1] 孙铮[1] 张旭[1] 

机构地区：[1]上海财经大学会计学院

出　　处：《审计研究》2009年第2期63-72,共10页Auditing Research

基　　金：第四十三批中国博士后科学基金资助项目<金字塔结构;治理机制与会计信息契约有用性>;教育部重点研究基地重大课题(批准号05JJD630027)的阶段性研究成果;国家自然科学基金课题(批准号70473055)的后续研究成果;上海财经大学"211"工程三期建设项目的资助

摘　　要：本文以产权经济学为背景,重新审视了我国转型经济中的审计融资契约有用性,研究发现相对于国有企业,审计意见对非国有企业的融资约束缓解作用更为显著,并且市场化程度越低这一作用越显著,进而反映了转型经济下国有企业融资中政府软约束对审计的替代作用,从融资契约角度为国有企业普遍缺乏审计意见产品的自主性需求提供了理论解释,对改善政府干预后果,促进非国有企业融资和发展具有实践价值。Based on property economics, this paper focuses on the effect of the audit to the financing contract in the transitional economy. The research tells that contrary to the SOEs, the effect of the audit opinion to the financing restrain is more useful to the non-SOEs. On the basis of the proceeding findings, it also discloses the effect from institutional characteristic of the transitional economy that with the worse of the external market conditions for development, the outcome will be more significant. These findings reflect the replacement of the political relationship to the audit, and explain that the lack of the voluntary demand of the audit opinion in the SOEs. Finally, this paper will be helpful to change the audit demand model directed by the government, and also to improve the financing ofnon-SOEs.

关 键 词：审计意见 融资契约 融资约束 产权性质 市场化程度 

分 类 号：F239.22[经济管理—会计学]