审计师质量对资本结构的影响  

Effect of auditor quality on capital structure

作　　者：刘笑霞[1] 李明辉[2] 杨鑫[2] 

机构地区：[1]河海大学商学院,江苏南京211100 [2]南京大学商学院,江苏南京210093

出　　处：《科研管理》2016年第11期127-134,共8页Science Research Management

基　　金：国家自然科学基金面上项目<外部审计对上市公司投融资行为的影响>(71272099;起止时间2013.1-2016.12);国家自然科学基金青年项目<审计师对客户税收激进度的反应>(71602047;起止时间2017.1-2019.12);中国特色社会主义经济建设协同创新中心资助

摘　　要：对于审计师质量对资本结构的影响,现有实证研究并不充分,且现有研究忽略了二者之间的相互关系。本文利用2008-2011年A股上市公司及其主审会计师事务所数据,以事务所行业专长和规模作为审计师质量的替代变量,并采用联立方程方法来解决审计师质量与资本结构之间相互影响所产生的内生性问题,进而实证考察审计师质量对资本结构的影响。结果发现,审计师质量对资本结构具有显著的负向影响。进一步研究表明,上述负向关系在国有企业中比在非国有企业中更为明显。并且,上述负向关系仅存在于法治环境、信贷环境较好地区。本文的研究可以提供转型经济环境下审计师质量与资本结构之间关系的经验证据,从而丰富资本结构影响因素的文献,并加深对审计在公司融资过程中作用的理解。There is limited empirical evidence on the effect of auditor quality on capital structure, and the interaction between auditor choice and capital structure is ignored by existing literatures. Using the data of A - share listed companies and their auditors from 2008 to 2011, this paper investigates the effect of auditor quality （proxied by industry expertise and scale of audit firm） on capital structure. Simultaneous equation approach is used to deal with the problem of endogeneity resulted from the interaction between auditor quality and financial leverage. The results show that auditor quality negatively affects leverage. Further tests demonstrate that such negative effect is more profound in state -owned companies and in the districts with good legal environments/credit environments. By providing empirical evidence about the effect of external auditor on capital structure, this paper enriches the literatures on influential factors of capital structure and deepens the understanding of the role of external audit in the process of corporate financing.

关 键 词：审计师质量 资本结构 联立方程 

分 类 号：F239.43[经济管理—会计学] F275.1[经济管理—国民经济]