产权性质、审计师声誉与债务融资能力--基于中国2010－2014年A股IPO公司的经验证据

以2010－2014年中国沪深两市A股IPO公司为样本，实证检验产权性质、审计师声誉与债务融资能力的关系，研究结果发现：公司选择高声誉审计师的概率与国有控股比例成反方向变化；在其他条件相同的情况下，审计师声誉与IPO公司债务融资能力显著正相关；进一步研究发现，审计师声誉与债务融资能力的正相关会随着国有控股比例的提高而减弱。

The Nature of Ownership,Auditor Reputation and Debt Financing Ability---Based on the Empirical Evidence of China's A-share IPO Companies from 2010 to 2014

This paper samples the data of China's A-share IPO Companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2014 to examine the relationship among the nature of ownership, auditor reputation and debt financing ability.The results of the study are as follows:The higher the proportion of state-owned shares, the lower the probability for the com-pany to select an auditor with a high reputation;when other conditions are the same, the auditor reputation has a significant positive relation with the debt financing ability of the IPO companies;further study finds that the position relation between the auditor reputation and IPO companies'debt financing ability is weakened with the increase of the proportion of state-owned shares.