披露关键审计事项会影响银行信贷条款设置吗?

Do Disclosures of Key Audit Matters Affect the Covenants of Bank Loans?

以2015-2016年首批采用新审计报告的A+H股公司作为实验组,利用PSM方法选择非A+H公司作为控制组,本文采用双重差分法(DID)考察了关键审计事项的披露是否会影响银行信贷抵押条款。研究表明,关键审计事项的披露使企业为单笔新增贷款提供担保的可能性增加,且这一效应在内外部信息环境较差、经营不确定性较大、事前违约风险较高的样本中更为显著。此外,未预期的关键审计事项披露篇幅越长,审计师实地走访越多,披露的资产核算事项越多,风险信号越强烈,银行感知的风险越大,要求企业为贷款提供担保的概率越高。这些结果验证了关键审计事项披露对财务错报可能性的凸显效应,为进一步改善关键审计事项的信息含量提供了政策支持。

Taking the first batch of A-and H-share listed companies that adopted the new audit report from 2015 to 2016 as the treatment group and non A-and H-share companies as the control group, the DID design was adopted to examine whether the disclosures of key audit matters would affect the bank loan covenants. The research shows that the disclosures of key audit matters increase the possibility of enterprises providing guarantee for new single loans, and this effect mainly occurs in samples with poorer internal and external information environment,higher operating risk and ex ante default risk. In addition, the textual features of key audit matters also affect the possibility of enterprises providing guarantee for loans. These results verify the salience effect of key audit matters disclosures on risk signals, and also provide policy reference for further improvement of the information content of key audit matters.