审计质量能否助力高杠杆企业的股权再融资实施?

Can the Audit Quality Help the Implementation of Equity Refinancing of Highly Leveraged Enterprises?

股权再融资是上市公司在资本市场补充股权资本最直接,也是最重要的方式。它为检验高杠杆企业实施“增权”式“去杠杆”提供了独特的视角。本文以2006—2020年A股上市公司股权再融资事件为研究对象,实证检验了高杠杆企业的股权再融资实施行为及其影响因素。结果发现,高杠杆企业更不容易实施股权再融资,会受到一定“限制”,表现为高杠杆企业的股权再融资审批通过率更低,股权再融资规模更小;外部审计作为重要的外部治理机制,能在一定程度上改善高杠杆企业所受到的这种“限制”,表现为外部审计质量越高,高杠杆企业与股权再融资规模之间的负相关程度越低。进一步研究发现,实施股权再融资后的高杠杆企业也持续加大创新投入,一定程度上证明了“去杠杆”带来的积极效应。本文的研究结论,丰富和深化了上市公司股权再融资的影响因素和中国式“去杠杆”研究,也能够为企业降低杠杆率和资本市场股权再融资监管提供一定的政策参考。

Seasoned Equity Ofierings(SEO)is the most direct and important way for listed companies to supplement equity capital in the capital market,and it also provides a unique perspective ior testing the implementation of highly leveraged enterprises(HUE)to deleverage by increasing shares(DIS).This paper takes the SEO events of A-share listed companies from 2006 to 2020 as the research object,testing the highly HUEs’implementation behavior of SEO and its influencing factors empirically.The results found that HUEs are more likely to implement SEO,which will be subject to certain“restrictions”,because the SEO approval rate of HUEs is lower and the scale of SEO is smaller;as an important external governance mechanism,External Audit Quality(EAQ)can improve the“restrictions”imposed by HUEs to some extent,which shows that the higher the EAQ,the lower the negative correlation between HUEs and the scale of SEO.Further research found that,after SEO,the HUEs can also support long-term innovation investment,which to some extent proves the positive effect of deleveraging brought by deleveraging.The research conclusions of this paper enrich and deepen the influencing factors of the SEO of listed companies and the research of Chinese-style“deleveraging”,it can also provide a certain policy references for enterprises to reduce the leverage ratio and the capital market SEO supervision.