行业竞争、审计质量与融资约束

Industry competition,audit quality and financing difficulty

外部审计在企业融资中发挥的作用与宏观环境密切相关,作为宏观环境要素的行业竞争可能会影响外部审计与企业融资约束的关系。以2011—2018年中国A股上市公司为样本,实证研究行业竞争、审计质量与融资约束的关系。研究结果表明:高质量的审计有助于缓解融资约束,而行业竞争会加剧融资约束,进一步研究发现,在竞争激烈的行业中高质量审计对融资约束的缓解作用会受到抑制。

The role of external audit in corporate financing is closely related to the macro environment.Industry competition as an element of the macro environment may affect the relationship between external audit and corporate financing constraints. The thesis takes China ’s A-share listed companies from 2011 to 2018 as samples,and empirically studies the relationship among industry competition,audit quality and financing constraints. The research results show that high-quality audits assist in alleviating financing constraints,and industry competition will intensify financing constraints. Further researches find that the mitigation effect of high-quality audits on financing constraints will be weakened in highly competitive industries.