金融生态环境、审计意见与债务融资成本

本文旨在研究金融生态环境、审计意见对于上市公司债务融资成本的影响。以2006—2009年1555家中国A股上市公司为样本,实证发现,良好的金融生态环境有助于上市公司获得较低成本的债务融资,民营上市公司承担了比国有上市公司显著更高的债务融资成本,而金融生态环境的改善有助于降低这种信贷融资成本差异。同时,被出具非标审计意见的上市公司相比获得标准审计意见的上市公司具有显著更高的债务融资成本,并且无论是对国有企业抑或民营企业来说,良好的金融生态环境都有助于增强审计意见的风险揭示功能。研究结果表明,在我国良好的金融生态环境以及外部审计监督有助于增强债务融资的市场化定价,提高信贷资源的配置效率。

Financial Ecological Environment,Audit Opinion and the Cost of Debt Financing

Using a sample of 1555 Chinese A-share listed companies for the period 2006-2009,this study empirically tests the impact of the financial ecological environment and audit opinion on the cost of debt.We find that a favorable financial ecological environment is associated with a lower listed companies’ cost of debt.Furthermore,private listed companies take significant higher cost of debt than state-owned enterprises(SOEs),while a favorable financial ecological environment helps to eliminate this credit discrimination on cost of debt.In the meantime,listed companies receiving non-standard audit opinion have significant higher cost of debt than those receiving qualified audit opinions,and a favorable financial ecological environment contributes to enhancing the signal role of audit opinion on the cost of debt whether in private or SOEs listed companies.Our results indicate that a favorable financial ecological environment and the external audit supervision in China help to implement market-set prices on the debt financing,and thus improve the allocation efficiency of credit resources.