制度环境、独立审计与银行贷款——来自我国财务困境上市公司的经验证据

发布时间：2018-04-29 19:59

本文选题：独立审计 + 控制人性质　；参考：《审计研究》2010年02期

【摘要】：本文以2000—2005年我国A股财务困境上市公司为样本,考察了被出具持续经营审计意见(going-concern opinion,以下简称"GCO")后,审计意见、制度环境与银行贷款变化的关系。研究发现,被出具GCO的上市公司,次年银行贷款水平有显著的降低;由于政府控制的公司债务约束软化,被出具GCO后,这类公司的银行贷款无明显的降低,并且制度环境因素对其没有促进作用;最后,对于非政府控制的公司,被出具GCO后,公司的银行贷款有显著的下降,且公司是否被出具GCO与次年银行贷款变化之间的负相关关系显著地受制度环境因素的影响,即在市场化进程较快、金融发展水平高、法治水平高的地区,这种负向关系更为强烈。
[Abstract]:Based on the sample of A share financial distress listed companies in China from 2000 to 2005, this paper examines the relationship between the audit opinion, institutional environment and bank loan changes after the audit opinion of going-concern ("GCO") is issued. The study found that the level of bank loans of listed companies issued with GCO decreased significantly the following year; because of the softening of debt constraints of government-controlled companies, the bank loans of such companies did not decrease significantly after the issuance of GCO. And the institutional environmental factors did not promote it. Finally, for the non-government-controlled companies, after the issuance of GCO, the bank loans of the companies decreased significantly. The negative correlation between GCO and the change of bank loan in the following year is significantly affected by institutional environmental factors, that is, in areas with fast marketization process, high level of financial development and high level of rule of law. This negative relationship is stronger.
【作者单位】：江西财经大学会计学院;汕头大学商学院;江西财经大学会计发展研究中心;
【基金】：国家自然科学基金项目(70802056)“中国资本市场GCO行为:信息解读、自我预言实现及其决策机制研究” 国家社会科学基金项目(07BJY027)“投资者保护、公司治理与我国证券市场资源配置效率研究”的阶段性研究成果
【分类号】：F239.4;F832.4

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