审计师声誉、金融生态环境与民营企业债务融资成本

Auditor Reputation, Financial Ecological Environment and Debt Financing Cost of Private Enterprises

本文以上市民营企业2010—2016年的2225个样本数据为研究对象,实证检验审计师声誉、金融生态环境对民营企业债务融资成本影响,实证结果表明:选择较高声誉的审计师和良好的金融生态环境都有利于民营企业债务融资成本的降低,尤其是在不好的金融生态环境下,审计师声誉对民营企业债务融资成本的影响被强化,而在较好的金融生态环境下,审计师声誉对民营企业债务融资成本的影响被弱化。根据实证分析结果提出合理降低民营企业债务融资成本的建议,包括企业自身选择声誉较高的审计师、政府部门尽力改善金融生态环境、监管部门加强审计行业的监管力度。

using 2225 sample data of listed private enterprises for 2010-2016 years, this paper empirically examines the influence of auditor reputation and financial ecological environment on the debt financing cost of private enterprises. The empirical results show that the selection of high reputation auditors and good financial ecological environment will be beneficial to the reduction of the cost of debt financing for private enterprises. And under the bad financial environment, the influence of auditor reputation on the debt financing cost of private enterprises is strengthened. In the good financial environment, the influence of auditor reputation on the debt financing cost of private enterprises is weakened. Finally, according to the results of empirical analysis, it is proposed to reduce the debt financing of private enterprises reasonably. The cost proposals include: the enterprise itself chooses the high reputation auditor,the government department tries to improve the financial ecological environment, and the supervision department strengthens the supervision of the audit industry.