自愿双重审计对A+H股公司债务融资成本的影响研究  

A Study on the Impact of Voluntary Dual Audit on A+H Share Firms’ Cost of Debt Financing

作　　者：张睿[1] 田高良[2] 刘扬 ZHANG Rui;TIAN Gaoliang;LIU Yang(School of Economics and Management,Northwest University,Xi'an 710127,China;School of Management,Xi'an Jiaotong University,Xi'an 710049,China;College of Business,City University of Hong Kong,Hong Kong SAR 999077,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127 [2]西安交通大学管理学院,陕西西安710049 [3]香港城市大学商学院,中国香港特别行政区999077

出　　处：《南京审计大学学报》2023年第1期29-38,共10页Journal of Nanjing Audit University

基　　金：国家自然科学基金青年科学基金项目(72202176);国家自然科学基金面上项目(71672141);国家社会科学基金后期资助项目(21FGLB006);教育部人文社会科学基金项目(21YJA630082)。

摘　　要：以2010—2018年A+H股交叉上市公司为样本,检验双重审计强制要求取消后公司自愿采用双重审计对债务融资成本的影响。研究发现,自愿双重审计公司比放弃双重审计公司面临更低的债务融资成本。进一步,自愿双重审计对债务成本的抑制作用在低信息透明度公司中更显著;较之放弃双重审计的公司,自愿双重审计公司的债务融资规模也更大。研究结论对新时期本土审计行业的国际化发展具有启示性意义,在促进国内国际双循环的大背景下,提升内地会计师事务所H股审计服务实力和品牌形象知名度、加快获得国际认同成为一项必要而迫切的任务。Taking Chinese A+H share cross-listed firms from 2010 to 2018 as samples, this paper analyzes the impact of the voluntary dual audit on the cost of debt financing after the cancellation of the mandatory dual audit requirement. The main findings suggest that firms voluntarily using the dual audit have a lower cost of debt financing than firms dropping the dual audit. Further tests show that the effect of the voluntary dual audit on reducing the cost of debt is more pronounced in firms with lower information transparency;firms voluntarily using the dual audit obtain more debt financing than firms dropping the dual audit. The conclusions have enlightening significance for the internationalization of the local audit industry in the new era. In the context of promoting the domestic and international dual circulation, it becomes a necessary and urgent task to enhance mainland audit firms’ H-share audit service and brand image popularity and accelerate their acquisition of international recognition.

关 键 词：A+H股 自愿双重审计 债务融资成本 债务融资规模 审计质量 信息透明度 

分 类 号：F239[经济管理—会计学]