金融连锁审计师与民营企业债务融资

Financial Interlocking Auditor and Debt Financing of Private Enterprises

如何畅通民营企业融资渠道是民营经济发展面临的瓶颈问题。本文研究了金融连锁审计师(即同时为企业与金融机构提供审计服务的审计师)对民营企业债务融资的影响,发现金融连锁审计师通过资源联结和信誉担保,促进了民营企业获取债务融资,并减少了企业财务违规行为。异质性检验发现:金融连锁审计师对民营企业债务融资的正向影响,在银根紧缩时期、信贷市场竞争激烈的地区以及审计师金融服务质量高的企业中更显著。进一步检验发现:金融连锁审计师促进了民营企业获取长期债务,降低了融资成本和债务违约风险,也增加了审计师收费;不同类型的金融连锁审计师有助于民营企业获取不同类型的债务融资。本文拓展了金融关联、关系型审计服务领域的研究。

How to remove obstacles in financing private enterprises is a bottleneck question for the development of the private economy.This paper empirically examines the impact of financial interlocking auditors on private enterprises’debt financing.The results show that financial interlocking auditors enhance the ability of private enterprises to obtain debt financing through resource linkage and credit guarantee,while reduce the financial irregularities of private enterprises.Heterogeneity test shows that financial interlocking auditors have a more positive impact on debt financing of private enterprises during the periods of monetary tightening,in regions with f ierce competition in credit market,and in enterprises hiring auditors with high-quality financial services.Further tests show that financial interlocking auditors help private enterprises obtain long-term debt,reduce financing costs and debt default risks,and increase fees charged by auditors.Meanwhile,different types of financial interlocking auditors can help private enterprises obtain different types of debt financing.This paper expands the research of f inancial linkage and relational audit services.