社会责任信息披露、审计师选择与融资约束——来自A股市场的新证据

Social Responsibility Information Disclosure,the Auditor Choice and Financing Constraints——Evidence from A-share Stock Market in China

利用我国2009-2013年A股上市公司企业社会责任评级报告的评级数据及财务数据，研究了企业社会责任信息的披露、审计师选择与融资约束之间的关系。研究结果表明，企业披露社会责任信息能够缓解其所面临的融资约束，这在非国有企业中表现得更加明显。审计师选择因素会使披露社会责任信息对融资约束的影响产生差异，对于未选择高质量审计师的上市公司而言，其披露社会责任信息能够有效地缓解融资约束，而未选择高质量审计师的上市公司披露社会责任信息却没有明显的效果。这可能是因为披露社会责任信息的公司信息质量提高以后，其对高质量审计师的需求就不再强烈，从而弱化了高质量审计师缓解融资约束的功能。

Using 2009-2013 A-share listed companies in our country enterprise society responsibility rating report data and financial data, we studies the relationships among the corporate social responsibility information disclosure, the auditor choice and financing constraints. The results shows that corporate disclosure social responsibility information can reduce the financing constraints the enterprises faced, and the function is more obvious in the non-state-owned enterprises. The auditor choice factors make differences on the influence of the information disclosure of social responsibility on financing constraints. In other words, for listed companies that did not choose high quality auditors, the disclosure of the social responsibility information can relieve the financing constraints more effectively, and that did not choose high quality auditors disclosing the information of social responsibility has no obvious effect. This may be interpreted as the company disclosing social responsibility information result to improve the quality of information, they did not demand for the high quality auditors strongly. Consequently they weaken the function of the high quality auditors reducing financing constraints.