基于信息披露传导机制的审计质量与商业信用融资规模研究

发布时间：2018-04-26 12:19

本文选题：审计质量 + 信息披露质量　；参考：《西南交通大学》2016年硕士论文

【摘要】：商业信用作为一种非常重要的短期性融资方式,是自由市场经济中不可或缺的一部分。尤其在银行额度受限或信贷市场发展不成熟的地区,商业信用可以在一定程度上作为银行信贷的一种替代融资渠道,缓解企业融资难的问题,在我国企业发展中得到了广泛应用。因而学者们纷纷对其展开研究,但主要集中在影响因素、存在动机等方面,且结论仍存在很大分歧。对于企业而言,独立审计具有外部公司治理功能和投资者保护功能,审计质量具有信号传递功能,且企业自身的信息披露可以缓解信息不对称问题。但是,目前关于商业信用融资与独立审计的研究甚少,又将信息披露质量、独立审计、商业信用融资规模三者结合的研究寥寥无几。这为本文提供了契机。基于此,本文采用规范分析和实证分析相结合的研究方法,利用2012-2014年深证证券交易所A股主板上市公司数据,以商业信用融资规模为研究对象,从一个全新的视角出发,深入探究审计质量对商业信用融资规模的影响路径。首先,剖析审计质量对商业信用融资规模的影响程度,提出假设一并构建回归模型一；其次,探究审计质量对信息披露质量的影响,提出假设二并构建回归模型二；最后,以信息披露质量作为中介变量,探讨审计质量对商业信用融资规模的影响方式,提出假设三并构建模型三。此外,为了保证研究结果的稳健性,分别对模型一和模型三进行稳健性检验。实证研究发现：在控制了商业信用供给、成长能力、盈利能力、偿债能力、企业规模、实际控制人性质等因素后,选择高质量审计单位的上市公司,获得的商业信用融资规模更大；审计质量对信息披露质量具有正向促进作用；并且信息披露质量是审计质量与商业信用融资规模的中介变量,三者之间具有传导关系,选择高质量的审计单位,更能发挥独立审计的外部公司治理功能,监管公司管理层的信息披露行为,进而提升企业整体信息披露水平,有效缓解企业与外部利益相关者之间的信息不对称程度,扩大企业的商业信用融资规模。希望本文的研究结论,可以进一步丰富商业信用的研究理论,为提升审计质量和完善信息披露制度提供可借鉴依据。
[Abstract]:As a very important short-term financing method, commercial credit is an indispensable part of free market economy. Especially in the areas where the bank quota is limited or the credit market is not mature, the commercial credit can to some extent be used as an alternative financing channel for the bank credit, so as to alleviate the problem of enterprise financing difficulties. It has been widely used in the development of Chinese enterprises. As a result, scholars have carried out research on it, but they mainly focus on influencing factors, motivation and so on, and the conclusions are still very different. For enterprises, independent audit has the function of external corporate governance and investor protection, audit quality has the function of signal transmission, and the information disclosure of the enterprise itself can alleviate the problem of information asymmetry. However, there are few researches on commercial credit financing and independent audit, which combine the quality of information disclosure, independent audit and the scale of commercial credit financing. This provides an opportunity for this article. Based on this, this paper adopts the research method of combining normative analysis and empirical analysis, using the data of listed companies on the main board of Shenzhen Stock Exchange from 2012-2014, taking the scale of commercial credit financing as the research object, starting from a new angle of view. To explore the impact of audit quality on the scale of commercial credit financing. First of all, analyze the impact of audit quality on the scale of commercial credit financing, put forward assumptions and build a regression model; secondly, explore the impact of audit quality on the quality of information disclosure, put forward hypothesis 2 and build a regression model II; finally, Taking the quality of information disclosure as an intermediary variable, this paper discusses the influence of audit quality on the scale of commercial credit financing, and puts forward hypothesis three and constructs model three. In addition, in order to ensure the robustness of the results, model 1 and model 3 are tested respectively. After controlling the factors of commercial credit supply, growth ability, profitability, solvency, enterprise size and the nature of actual controller, the listed companies with high quality audit units are selected. The scale of commercial credit financing obtained is larger; the audit quality has a positive effect on the quality of information disclosure; and the quality of information disclosure is an intermediary variable between audit quality and the scale of commercial credit financing. Select high-quality audit units, can play the external corporate governance function of independent audit, supervise the information disclosure behavior of the management of the company, and then improve the overall information disclosure level of the enterprise. Effectively alleviate the information asymmetry between enterprises and external stakeholders and expand the scale of business credit financing. It is hoped that the conclusions of this paper can further enrich the research theory of commercial credit and provide reference basis for improving audit quality and perfecting information disclosure system.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F239.4

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