审计行业专业性、债务代理成本与违约成本--来自中国上市公司的经验证据

Audit Industry Specialty, Agency Costs of Debt and Default Costs:Empirical Evidences from China’s Listed Companies

文章以2001-2008年我国上市公司为样本,实证检验了会计师事务所审计行业专业性与公司债务代理成本及违约成本之间的关系。研究结果显示:审计行业专业性与公司债务代理成本、违约成本之间均存在显著的负相关关系,这表明审计行业专业性在一定程度上可以抑制公司债务代理成本,降低公司违约成本。研究结论从审计行业专业性的角度丰富了代理问题的相关文献,并为我国会计师事务所发展审计行业专业性提供了经验支持。

Taking China＇s listed companies from 2001 to 2008 as samples, this paper conducts an empirical test of the relationship between the audit industry specialty of the accounting firms and the agency costs of corporate debts and default costs. The result shows that there is a significantly nega- tive correlation between the audit industry specialty and the agency costs of corporate debt and de- fault costs, which indicates that the audit industry specialty can restrain the agency costs of corporate debts and reduce the default costs to some extent. This research outcome can enrich the literatures about agency problems from the perspective of the audit industry specialty and provide empirical sup-port for China＇s auditing firms to develop the audit industry specialty.