关键审计事项披露与债务融资

Disclosures of Key Audit Matters and Debt Financing

本文考察了关键审计事项披露对债务融资成本与规模的影响。本文发现,相较于未披露关键审计事项的公司,A+H股公司披露关键审计事项获得了债务融资优惠,具体表现为债务融资成本降低、债务融资规模增大,说明披露关键审计事项为债权人提供了积极的信息含量。进一步分析发现,经行业专长事务所审计的企业披露关键审计事项获取债务融资优惠更多;在制度环境较差情况下披露关键审计事项能够显著降低债务融资成本,而当制度环境良好时披露关键审计事项则增大了企业新增债务融资规模;区分债务融资类型后发现,关键审计事项披露仅对长期债务融资规模产生影响;最后,本文还发现债务融资成本和规模与关键审计事项披露数量分别呈U型和倒U型关系,体现了债权人随着风险感知变化"由喜到忧"的态度转变过程。本文的研究不仅丰富了债务融资影响因素的研究,也同时为评估审计报告改革提供了经验证据。

This paper examines the impact of disclosure of key audit matters on the cost and scale of debt financing.This paper finds that compared with traditional audit reports,disclosures of key audit matters can obtain financing facilities such as lower costs of debt and increasing corporate debt sizes.This conclusion also suggests that creditors are optimistic about the disclosures of key audit matters.Further analysis shows that creditors are happy to offer more debt financing benefits when the company is audited by the industry specialization accounting firm.In the areas of poor institutional environment,disclosures of key audit matters significantly reduce the cost of debt financing.However,it can increase the size of the company.s new debt financing when the institutional environment is good.By distinguishing the types of debt financing,we find that disclosures of key audit matters only influence the size of long-term debt financing.Finally,we also find a u-shaped relationship between the cost of debt and the number of disclosures of key audit matters,and an inverted u-shaped relationship between the size of debt and the number of disclosures of key audit matters.It reflects the changing process of the creditor.s attitude“from happy to worrying”with the change of risk perception.The conclusions not only enriches the research on the influencing factors of debt financing,but also provides empirical evidence for the evaluation of audit report reform.