担保方式效应与独立审计需求——基于中国债券市场的研究

Guarantee Method Effect and Independent Audit Demand——An Empirical Study Based on Chinese Bond Market

担保和审计是债务契约的重要构成,理解两者的关系对于提高债务契约效率和实现企业价值最大化至关重要。本文以2008年至2013年中国债券市场非上市公司为研究样本,检验了不同担保方式与独立审计之间的关系。实证结果表明,关联方担保与高质量审计显著正相关,同属地方国资委企业担保与高质量审计显著负相关。进一步的研究表明,只有在提供关联方担保的企业中,高质量审计才能显著降低债券融资成本。上述结果说明,当企业采用具有正面效应的担保方式时,担保与独立审计之间存在着替代关系。当企业采用具有负面效应的担保方式时,独立审计能够作为一种补充机制以缓解企业与投资者之间的代理冲突。

Guarantee methods and independent audit are both key parts of debt contracts. With non- listed enterprises in the Chinese bond market from 2008 to 2013 as the study sample,this paper investigates the relationship between different types of guarantee and independent audit. The empirical result indicates that: a related- party guarantee is significantly positively correlated with high- quality audit,while a local- government guarantee is significantly negatively correlated with high- quality audit. The research also shows that high- quality audit is significantly negatively related to bond issuance cost only if companies use a related- party guarantee. The result shows that a guarantee substitutes for independent audit when the guarantee is positive,otherwise independent audit is a supplement to a guarantee.