关键审计事项减少了公司债券限制性条款吗——基于审计应对力度视角

Do Critical Audit Matters Reduce Corporate Bond Restrictive Covenants——Based on the perspective of Audit Response Efforts

以2018至2019年A股上市公司发行的公司债券为样本,研究发现较高的关键审计事项审计应对力度降低了公司债券契约中包含限制性条款的概率和严格程度,该结论在控制了潜在的内生性问题后仍然成立。作用机制检验表明,关键审计事项通过降低发债公司与外部债券投资者之间的信息不对称以及代理成本,对公司债券限制性条款发挥了降低作用。进一步研究发现,在投资者法律保护程度较低以及社会信任水平较低的制度环境中,关键审计事项审计应对力度对公司债券限制性条款应用概率和严格程度的降低效应更为显著。

Using the sample of the corporate bonds issued by A-share listed firms from 2018 to 2019, this paper found that,higher audit response efforts to critical audit matters have reduced the probability and strictness of the restrictive terms contained in corporate bond contracts. The conclusion was robust after controlling endogenous problems. Mechanism test showed that this verified reduction effect has played a role by reducing the information asymmetry and agency costs between bond issuing companies and external bond investors. Further analysis found that the reduction effect was more pronounced in the aspects of application probability and strictness degree in those firms located in the regions with weaker legal protection and social trust.