制度环境、独立审计与银行贷款——来自我国财务困境上市公司的经验证据  

Institutional Environment,Independent Audit and the Bank Loans——Evidence from the sample of financial distress companies

作　　者：廖义刚[1] 张玲[2] 谢盛纹[3] 

机构地区：[1]江西财经大学会计学院,330013 [2]汕头大学商学院 [3]江西财经大学会计发展研究中心

出　　处：《审计研究》2010年第2期62-69,共8页Auditing Research

基　　金：国家自然科学基金项目(70802056)"中国资本市场GCO行为:信息解读;自我预言实现及其决策机制研究";国家社会科学基金项目(07BJY027)"投资者保护;公司治理与我国证券市场资源配置效率研究"的阶段性研究成果

摘　　要：本文以2000—2005年我国A股财务困境上市公司为样本,考察了被出具持续经营审计意见(going-concern opinion,以下简称"GCO")后,审计意见、制度环境与银行贷款变化的关系。研究发现,被出具GCO的上市公司,次年银行贷款水平有显著的降低;由于政府控制的公司债务约束软化,被出具GCO后,这类公司的银行贷款无明显的降低,并且制度环境因素对其没有促进作用;最后,对于非政府控制的公司,被出具GCO后,公司的银行贷款有显著的下降,且公司是否被出具GCO与次年银行贷款变化之间的负相关关系显著地受制度环境因素的影响,即在市场化进程较快、金融发展水平高、法治水平高的地区,这种负向关系更为强烈。The paper investigates the relationship between institutional environment, audit opinion, and the change of bank loans after being given going-concern audit opinion. Using a sample of publicly listed financial distress companies from 2000 to 2005, we find the following results： The first, for the publicly listed company which has been given going-concern audit opinion, bank loan has experienced more significant decline in the next year; The second, because of soft budget constraints, the bank loan of SOE have no significant decrease after been given going-concern audit opinion, and the institutional environment factors show no positive effects on it, whereas for the non-government controlled companies, the bank loan declines dramatically after been given going-concern audit opinion; The third, for the non-government controlled company, the institutional environment factors have significant effects on the negative relationship between whether has been given going-concern audit opinion and the changes of following year bank loan： the higher maketization, or higher finance development ,or higher legal level, their negative relation is stronger.

关 键 词：独立审计 控制人性质 制度环境 银行贷款 

分 类 号：F239.4[经济管理—会计学] F832.4[经济管理—国民经济]