持续经营审计意见是否具有额外价值?——来自债务融资的证据

Do Going Concern Audit Opinions Have Incremental Value?Evidence from Debt Financing

本文从审计意见对债务融资影响的角度,分析了持续经营审计意见是否具有额外价值的问题。研究结果发现,非标准审计意见、持续经营的非标准审计意见(简称为"持续经营审计意见")和非持续经营的非标准审计意见(简称为"非持续经营审计意见")都能降低企业债务规模,提高企业债务成本;持续经营审计意见对债务规模和债务成本的影响程度分别比非标准审计意见高66%和9.4%,分别比非持续经营审计意见高约6倍和16.7%。这表明相对于一般的非标准审计意见来说,持续经营审计意见对债权人来说具有额外的价值。本文的研究结果表明,在对审计意见的研究中,不应只将审计意见划分为标准审计意见和非标准审计意见两类,而应该将审计意见划分为标准审计意见、非持续经营审计意见和持续经营审计意见等三类。

This paper examines whether going concern audit opinions have incremental value from the perspective of corporate debt financing.We find that modified audit Opinions,including both going concern and non-going concern audit opinions,decrease corporate debt size and increase cost of debt.The effect of going concern audit opinions on debt size and cost of debt is 66%and 9.4%higher than modified audit opinions,6 times and 16.7%higher than non-going concern audit opinions,respectively.Our findings suggest that going concern audit opinions have incremental value compared with modified audit opinions.The results indicate that we should not only divide audit opinions into clean and modified audit opinions in auditing research,but we should divide them into three categories,namely,clean,non-going concern,and going concern audit opinions.