管理层认定信息、审计意见信息与债务融资成本  

Management Identification Information,Audit Opinion Information and Debt Financing Cost

作　　者：万晓文[1] 田长慧 

机构地区：[1]山东财经大学会计学院,山东济南250014

出　　处：《经济与管理评论》2016年第5期81-87,共7页Review of Economy and Management

摘　　要：将审计意见所包含的信息分离为管理层认定信息和审计意见信息,旨在研究管理层认定信息、审计意见信息对企业债务融资成本的影响。以我国的沪深A股上市公司为样本,研究发现:公司的盈利能力越强,规模越大,负债水平越低,成长性越低,其债务融资成本就越低;相对被出具标准审计意见的企业,被出具非标准审计意见的企业,其管理层认定信息对债务融资成本的影响更大,而公司的流动性与产权性质对这债务融资成本影响不大。The purpose of dividing the information from the audit opinion into the management identification information and audit o- pinion information is to study the influence of the management information and the audit opinion information on the cost of debt finan- cing. Taking China＇s Shanghai and Shenzhen A-share listed companies as samples, the study discovers that the stronger the company＂ s profit ability, the larger the scale, the lower the debt level, and the lower the growth, the lower the debt financing cost is; Compared to the enterprises which are issued standard audit opinion, the management identification information of those being issued by non- standard audit opinion has a greater effect on the cost of debt financing. However, corporate liquidity or property rights nature has little influence on the cost of debt financing.

关 键 词：盈利能力 企业规模 负债水平 审计意见 债务成本 

分 类 号：F239[经济管理—会计学]