市场化环境、审计师行业专长与债务融资成本
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摘要
本文以2010-2015年度沪深两市非金融类A股上市公司为样本,研究审计师行业专长对公司债务融资成本的影响,并结合各地区市场化环境的差异,进一步从公司的产权性质和内部控制质量两个方面,研究审计师行业专长与公司债务融资成本的关系。研究结果表明:审计师行业专长对债务融资成本具有明显的抑制作用,并且市场化环境在审计师行业专长影响债务融资成本的过程中发挥了调节作用,这种调节作用在市场化环境好的地区有显著的表现。进一步研究发现,当地区市场化环境较好时,相对于国有企业和内部控制质量较低的公司,审计师行业专长对债务融资成本的降低效果在民营企业和内部控制质量较高的公司更显著。这说明良好的市场化环境以及审计师的行业专长能够降低企业的债务融资成本。
This paper selected the non-financial A-share listed companies in Shanghai and Shenzhen from 2010 to 2015,and explored the effect of auditor industry expertise on the cost of debt financing.What's more,based on the differences of marketization environment in different regions,we also consider the property pattern and the quality of internal control to discuss the relation between auditor industry expertise and the cost of debt financing deeply.The result showed that the auditor's professional expertise has a significant inhibitory effect on the cost of debt financing.The marketization environment played a regulatory role in the process that the auditor's profession expertise affects the cost of debt financing,and such adjustment was important in the region where the degree of marketization was relatively high.Further research found out that when the market environment in the region is relatively good,the effect of auditor's professionalism on the cost of debt financing is lower in private-owned enterprises and those with higher internal control quality than those in state-owned enterprises and companies with weaker internal control.Our research indicated that a good marketization environment and the auditor's expertise can reduce the cost of debt financing.
This paper selected the non-financial A-share listed companies in Shanghai and Shenzhen from 2010 to 2015,and explored the effect of auditor industry expertise on the cost of debt financing.What's more,based on the differences of marketization environment in different regions,we also consider the property pattern and the quality of internal control to discuss the relation between auditor industry expertise and the cost of debt financing deeply.The result showed that the auditor's professional expertise has a significant inhibitory effect on the cost of debt financing.The marketization environment played a regulatory role in the process that the auditor's profession expertise affects the cost of debt financing,and such adjustment was important in the region where the degree of marketization was relatively high.Further research found out that when the market environment in the region is relatively good,the effect of auditor's professionalism on the cost of debt financing is lower in private-owned enterprises and those with higher internal control quality than those in state-owned enterprises and companies with weaker internal control.Our research indicated that a good marketization environment and the auditor's expertise can reduce the cost of debt financing.
引文
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[18]郝东洋,王静.审计师行业专长降低了公司权益资本成本吗?——基于法制环境与产权性质的分析[J].财经研究,2015(3):132-144.
[19]谢盛纹.法治水平、审计行业专业性与管理层代理成本——来自我国上市公司的经验证据[J].当代财经,2011(3):120-129.
[20]蔡春,鲜文铎.会计师事务所行业专长与审计质量相关性的检验——来自中国上市公司审计市场的经验证据[J].会计研究,2007(6):41-47.
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[23]李延喜,曾伟强,马壮,等.外部治理环境、产权性质与上市公司投资效率[J].南开管理评论,2015,18(1):25-36.
[24]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009(12):137-150.
[25]方军雄.所有制、制度环境与信贷资金配置[J].经济研究,2007(12):82-92.
[26]Masli A,Peters G F,Richardson V J,et al.Examining the Potential Benefits of Internal Control Monitoring Technology[J].The Accounting Review,2010,85(3):1001-1034.
[27]Krishnan G V.Does Big 6Auditor Industry Expertise Constrain Earnings Management?[M]Accounting Horizons,2003.
[28]王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].社会科学出版社,2017.
[29]陈少华,陈菡,陈爱华.债务资本成本与资本结构动态调整——基于市场化程度差异视角[J].审计与经济研究,2013(6):46-55.
[30]杨兴全,张丽平,吴昊旻.市场化进程、管理层权力与公司现金持有[J].南开管理评论,2014,17(2):34-45.
[31]Pittman J A,Fortin S.Auditor Choice and the Cost of Debt Capital for Newly Public Firms[J].Journal of Accounting&Economics,2004,37(1):113-136.
[2]Hempel G,Coleman A,Simonson D.Bank Management:Text and Cases[C].New York,N.Y.:Wiley,1994.
[3]Petersen M A,Rajan R G.The Benefits of Lending Relationships:Evidence from Small Business Data[J].Journal of Finance,1994:49(1):3-37.
[4]Bhojraj S,Sengupta P.Effect of Corporate Governance on Bond Ratings and Yields:The Role of Institutional Investors and the Outside Directors[J].Journal of Business,2003,76(3):455-475.
[5]崔伟.公司治理与债务成本——来自深交所A股上市公司的经验证据[J].财会通讯(学术版),2008(1):73-76.
[6]Anderson R C,Mansi S A,Reeb D M.Board Characteristics Accounting Report Integrity and the Cost of Debt[J].Journal of Accounting and Economics,2004,37(3):315-342.
[7]李万福,林斌,宋路.内部控制在公司投资中的角色——效率促进还是抑制[J].管理世界,2011(2):81-98.
[8]Kim J B,Song B Y,Zhang L.Internal Control Weakness and Bank Loan Contracting:Evidence from SOX Section 404Disclosure[J].The Accounting Review,2011,86(4):1157-1188.
[9]陈汉文,周中胜.内部控制质量与企业债务融资成本[J].南开管理评论,2014,(03):103-111.
[10]周志方,温康,曾辉祥.碳风险、媒体关注与债务融资成本——来自中国A股高碳行业上市企业的经验证据[J].现代财经,2017(8):16-32.
[11]魏志华,王贞洁,吴育辉,李常青.金融生态环境、审计意见与债务融资成本[J].审计研究,2012(3):98-105.
[12]Balsam S,Krishnan J,Yang J S.Auditor Industry Specialization and Earnings Quality[J].Auditing:A Journal of Practice&Theory,2003,22(2):71-97.
[13]范经华,张雅曼,刘启亮.内部控制、审计师行业专长、应计与真实盈余管理[J].会计研究,2013(4):81
[14]刘文军.审计师行业专长、客户重要性与审计质量[J].南方经济,2012(6):44-57.
[15]Gul F A,Fung S Y K,Jaggi B.Earnings Quality:Some Evidence on the Role of Auditor Tenure and Auditors’Industry Expertise[J].Journal of Accounting and Economics,2009,47(3):265-287.
[16]宋常,杨华领,李沁洋.审计师行业专长与企业费用粘性[J].审计研究,2016(6):72-79.
[17]李明辉,刘力涵.审计师行业专长对上市公司融资规模的影响——基于中国A股上市公司的经验研究[J].中国经济问题,2016(3):95-108.
[18]郝东洋,王静.审计师行业专长降低了公司权益资本成本吗?——基于法制环境与产权性质的分析[J].财经研究,2015(3):132-144.
[19]谢盛纹.法治水平、审计行业专业性与管理层代理成本——来自我国上市公司的经验证据[J].当代财经,2011(3):120-129.
[20]蔡春,鲜文铎.会计师事务所行业专长与审计质量相关性的检验——来自中国上市公司审计市场的经验证据[J].会计研究,2007(6):41-47.
[21]Jensen M C,Meckling W H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(10):305-360.
[22]李扬,张涛.中国地区金融生态环境评价(2009)[M].中国金融出版社,2009.
[23]李延喜,曾伟强,马壮,等.外部治理环境、产权性质与上市公司投资效率[J].南开管理评论,2015,18(1):25-36.
[24]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009(12):137-150.
[25]方军雄.所有制、制度环境与信贷资金配置[J].经济研究,2007(12):82-92.
[26]Masli A,Peters G F,Richardson V J,et al.Examining the Potential Benefits of Internal Control Monitoring Technology[J].The Accounting Review,2010,85(3):1001-1034.
[27]Krishnan G V.Does Big 6Auditor Industry Expertise Constrain Earnings Management?[M]Accounting Horizons,2003.
[28]王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].社会科学出版社,2017.
[29]陈少华,陈菡,陈爱华.债务资本成本与资本结构动态调整——基于市场化程度差异视角[J].审计与经济研究,2013(6):46-55.
[30]杨兴全,张丽平,吴昊旻.市场化进程、管理层权力与公司现金持有[J].南开管理评论,2014,17(2):34-45.
[31]Pittman J A,Fortin S.Auditor Choice and the Cost of Debt Capital for Newly Public Firms[J].Journal of Accounting&Economics,2004,37(1):113-136.