契约执行环境、审计师变更与债务融资

Contractual Environment,Auditor Realignment and Debt Financing

本文以2009—2013年我国沪深两市A股变更审计师的上市公司为样本,实证考察契约执行环境、审计师变更与债务融资之间的关系。研究发现:契约执行环境与审计师升级变更显著正相关,与审计师降级变更显著负相关;发生审计师升级变更的公司,其债务融资规模更大,且审计师升级变更增加债务融资的作用随着契约执行环境的改善逐步减小,说明就债权人的需求而言,外部制度环境与审计治理之间存在替代关系;进一步研究发现,审计师升级变更对债务融资的正面影响及契约执行环境与审计治理之间的替代关系在非国有企业中更为显著。

The thesis conducted an empirical study of the relationship among contractual environment, auditor re- alignment and debt financing, after sampled listed corporations, which changed auditors in 2009--2013 China＇s two stock markets of Shanghai and Shenzhen. Research finds that, contractual environment is significantly positively related to auditor upgrade realignment, and is significantly negatively related to auditor degrade realignment. Corporations, with upgraded auditors, usually trend for larger scale of financing, but the impact in this regard is reducing gradually if the environment of contract execution has been improved. This explains creditors＇ de- mand that there is a reverse relationship between the external environment and auditing level. Further, the research discovers that, those pattern of relationships are more apparent in non state-owned enterprises.