关键审计事项披露、信息透明度与企业融资约束

Disclosure of Key Audit Matters,Information Transparency and Corporate Financing Constraints

本文基于2015-2019年A股上市公司数据,实证研究关键审计事项披露对企业融资约束的影响。研究发现,关键审计事项的披露能够缓解企业融资约束,且披露数量越多,企业融资约束缓解越明显。进一步对作用机制进行检验,发现关键审计事项的披露能够通过提升企业外部信息透明度缓解企业的融资约束。此外,关键审计事项披露要求提出后,发现民营企业、低会计稳健性企业融资约束缓解效果更为明显。本文从融资约束角度考察新审计准则的微观经济层面作用效果,同时纳入企业信息透明度的考察角度,为企业全面披露关键审计事项段、寻求融资缓解提供新的思路与启示。

Based on the data of A-share listed companies from 2015 to 2019,this article empirically researches the impacts of disclosure of key audit matters on corporate financingconstraints.It finds that the disclosure of key audit matters canalleviate the corporate financing constraints,and as the number of disclosures increases,the alleviation effects become more obvious.After further verifying the working mechanism,it finds thatthe disclosure of key audit matterscan alleviate the financing constraintsby enhancing the external informationtransparency.In addition,since the disclosure requirements of key audit matters were put forward,it has beenfound thatthealleviation effects of financing constraints are more pronouncedin private companies and companies with low accounting conservatism.This article examines the effects of the new audit standards at the microeconomic levelfrom the perspective of financing constraints and corporate information transparency,which can provide new ideas and implicationsforfully disclosing key audit matters and exploring ways to alleviatecorporate financing constraints.