审计意见与公司自由现金流的过度投资——来自中国A股市场的经验证据

Audit Opinion and the Over-investment of Free Cash Flow——Evidence from the A Stock Market in China

审计意见作为一种信号向市场传递之后,会影响资本市场中资金供需双方的行为。已有文献研究了审计意见对企业融资约束、资源配置的影响,但没有关注相应的资源配置效率的问题。以我国非金融类上市公司的数据为样本,通过两个相互验证和补充的设计研究了审计意见对公司投资的影响。研究结果表明,虽然标准审计意见一定程度上缓解了企业融资约束,但收到标准审计意见的公司,其经理人在随后期间更易进行过度投资。

The audit opinion as a signal sent to the market, will affect the capital market in the capital supply and demand sides of the behavior. The existing literatures have researched the impact of the audit opinion upon the corporate finance constraints, and the impact of the allocation of resources, but not concerned about the appropriate allocation of resources efficiency. To our non-financial listing Corporation data as sample, through the two mutual authentication and supplementary design of audit opinions on the company＇s investment effect, the research results show that the standard audit opinion alleviated on certain level the enterprise financing constraints, but received standard audit opinion company, its managers in a subsequent period are more excessive investment.