审计能否提高公司债券的信用评级  

Does Audit Quality Matter to Credit Rating in China Corporate Bond Market

作　　者：陈超[1] 李鎔伊[1] 

机构地区：[1]复旦大学管理学院,200433

出　　处：《审计研究》2013年第3期59-66,80,共9页Auditing Research

基　　金：国家自然科学基金项目(编号71072004)资助

摘　　要：发展债券市场是我国资本市场改革的重要战略。针对这一新局面,本文重点研究公司债的审计质量与信用评级的关系。信用评级是债券投资者判断债券的违约风险、评估债券价值的重要依据。评级机构基于经审计的财务信息对发债公司进行评级。审计质量越高,债券投资者的信息不对称越低,审计的保险价值越高,债券信用评级和发债主体信用评级越高。本文以2007至2011年上市的公司债为样本,发现审计质量与债券评级和发债主体评级呈正相关关系,且该正相关关系在民营企业中更为明显。研究表明,高质量的审计可以提高公司债券的信用评级。Recently, bond market development has become one of the most important strategies of capital market reform in China. Under such circumstance, this paper studies the relations of audit quality and credit rating. Credit rating serves as a basis for determining credit risk and bond price. Credit rating agency could use audited accounting information to decide rating grade of a certain firm. With the increase of audit quality, accounting information is more accurate and the insurance provided by the audit firm is more beneficial, which leads to lower information asymmetry, hence higher bonds＇ rating and issuers＇ rating. We use the corporate bond issued from 2007 to 2011 as the sample to study the relationship of audit quality and credit rating, considering bond terms, issuers＇ characteristic and corporate governance factors bankruptcy at the same time. Our empirical analysis shows that a bond or an issuer with better audit quality, the issuer＇ s bond rating or issuers＇ rating tends to be higher, and these relationships tend to be lower in state-owned enterprises and central government controlled firms.

关 键 词：审计质量 信用评级 公司债 

分 类 号：F832.51[经济管理—金融学]