审计师声誉影响企业债务融资成本和融资能力吗？--基于2010-2014年A股上市公司的经验证据  

Will Auditor Reputation Affect the Financial Cost of Companies Debt and Financing Ability? Based on the Empirical Evidence of A-share of Listed Companies from 2010 to 2014

作　　者：余冬根[1,2] 张嘉兴[1] 

机构地区：[1]天津财经大学商学院 [2]河北工业大学廊坊分校经管学部

出　　处：《中国经济问题》2017年第1期111-120,共10页China Economic Studies

基　　金：国家自然科学基金面上项目(71272189);教育部人文社会科学研究规划基金项目(12YJA790193)的资助

摘　　要：以2010-2014年沪深两市主板A股非金融类上市公司为研究对象,实证检验了审计师声誉对企业债务融资成本和融资能力的影响。研究显示:高声誉的审计师向金融机构传递着上市公司良好质量的信号,显著降低了公司的债务融资成本,提高了债务融资能力。进一步研究发现,国有企业相对于民营企业,金融市场欠发达地区相对于发达地区,审计师声誉对企业债务融资成本的负相关性和统计显著性均更强。这些结论为审计师声誉在资本市场上的经济后果研究提供了新的经验证据。By taking A-share non-financial listed Companies in Shanghai and Shenzhen Stock Exchanges as research objects from year 2010 to year 2014,the paper examines the effect of auditor reputation for the debts of the companies financial cost and financing ability.Research show that：the high auditor reputation can play a good quality signal to lower its financial cost of debt and raising the debt financing ability significantly to financial institutions.Further studies show that the effect of auditor reputation on the debts of companies financial cost is more negative correlation and more statistically significant in stateowned enterprises compared with private enterprises,regions where financial market is not developed than developed.These conclusions will provide new empirical evidence for the economic consequences of auditor reputation in the capital markets.

关 键 词：审计师声誉 债务融资成本 融资能力 信号传递 经济后果 

分 类 号：F275[经济管理—企业管理]