内部控制缺陷、审计意见对企业债务融资成本的影响——基于A股主板上市公司的经验数据

Internal Control Deficiencies,Audit Opinions and Corporate Debt Financing Costs——Evidence from Listed Companies of Chinese Main Board A-share

选取2013—2018年A股上市公司的面板数据,采用实证研究方法,从信息不对称角度出发,研究内部控制缺陷、审计意见对于债务融资成本的影响,并关注审计意见对于内部控制缺陷影响债务融资成本的中介作用。研究发现,存在内部控制缺陷的企业与不存在内部控制缺陷的企业相比,前者具有更高的债务融资成本;审计意见对债务融资成本有一定影响,当审计师出具非标内部控制审计意见时,企业债务融资成本会更高。研究显示,当企业存在内部控制缺陷时,审计师出具非标内部控制审计意见的可能性就更大。

Select the panel data of China's A-share listed companies from 2013 to 2018,adopt empirical research methods,from the perspective of information asymmetry,study the impact of internal control deficiencies and audit opinions on debt financing costs,and pay attention to audit opinions on internal control Defects affect the intermediary role of debt financing costs.The study found that companies with internal control deficiencies have higher debt financing costs than those without internal control deficiencies;audit opinions have an impact on debt financing costs.When an auditor issues non-standard internal control audit opinions at times,the cost of debt financing for companies will be higher.Further research found that when the company has internal control defects,the auditors are more likely to issue non-standard internal control audit opinions.