审计质量、债务融资与企业投资行为——来自我国上市公司的经验证据  

Auditing Quality, Debt Financing and Investment:Empirical Evidence from the Listed Companies in China

作　　者：李四海[1] 罗月乔[1] 

机构地区：[1]暨南大学管理学院

出　　处：《投资研究》2012年第10期14-26,共13页Review of Investment Studies

基　　金：国家自然科学基金(70972080)项目的资助和支持

摘　　要：本文选择2007年至2009年的A股上市公司为研究样本,考察了在我国转轨经济背景下,西方财务理论界研究发现的债务能够发挥治理作用的结论是否仍然适用,是否存在能有效增强债务治理作用的外部治理机制,研究的结果发现由于预算软约束的存在,在西方财务理论界已经研究发现的负债治理作用在我国制度背景下受到严重削弱,而外部审计也没有能有效改善这种状况。这为我们从保护债权人利益和优化信贷资源的配置角度出发,如何进行相关制度和体制的改革以促使负债约束硬化和外部治理机制的治理作用实现提供了理论支持。This paper applies the 2007-2009 A-share listed companies as samples to research on whether debt that can give rise to the role of governance mechanism in our country＇s economic transition period existing special system background, which was found by western financial theorists, and on whether there is an external governance mechanism that can protect interests of creditors and enhance the governance role of debt. Our findings are that due to the serious soft budget constraint issue from our governance context of the present system, the conclusion that financial liabilities can restrict over-investment, which is confirmed by the western scholars, was seriously weakened. And there is no evidence that external audit can improve this kind of condition. These findings provide a theoretical support for us to reform relevant institutions to protect the interests of creditors.

关 键 词：债务融资 企业投资 外部审计 

分 类 号：F275[经济管理—企业管理] F239.4[经济管理—国民经济] F832.51F224