独立审计与公司股权融资成本:基于签字注册会计师个体视角的实证研究

Independent Audit Quality and Cost of Equity: An Empirical Research from the Perspective of Individual Signature CPAs

本文以沪深两市A股上市公司2013年至2015年数据作为样本,从签字注册会计师视角考察了独立审计与股权融资成本的关系。实证结果发现:①在其他条件一定的情况下,签字注册会计师出具的年度审计报告数量越少,公司的股权融资成本越低;②在其他条件一定的情况下,签字注册会计师如果是行业审计专家,公司股权融资成本低;③在其他条件一定的情况下,签字注册会计师的审计经验越丰富,公司股权融资成本越低。

Based on the data from the Chinese A-share listed companies in Shenzhen and Shanghai from 2013 to 2015 as samples, this article researched the relationship between independent audit and cost of equity capital from the perspective of individual signature CPAs. Empirical results show that:(1) Under other constant conditions, the smaller the annual number of audit reports issued by signature CPAs is, the lower cost of equity will be;(2) Under other constant conditions, if signature CPAs are industry audit specialists, the lower cost of equity will be;(3) Under other constant conditions, the richer audit experience signature CPAs audit have, and the lower cost of equity will be.