作　　者： (梁刚）; (张沥月）;

机构地区： 重庆理工大学会计学院

出　　处： 《中国注册会计师》 2017年第9期57-61,共5页

摘　　要： 本文分析了市场竞争程度、审计意见与上市公司债务融资成本的影响关系。以2011-2016年沪深A股上市公司为样本,实证发现:相对于非标准审计意见,标准无保留审计意见能显著降低上市公司债务融资成本;市场竞争程度的增加在提高债务融资成本的同时,能够强化审计意见对债务融资成本的定价作用,即,市场竞争越激烈,标准无保留意见会更显著地降低企业债务融资成本,同时非标准无保留意见会更显著地增加企业的债务融资成本。 This article analyzes the correlation between the degree of market competition, audit opinions and the debt financing costs of listed companies. Based on the A-share listed companies on Shanghai and Shenzhen stock markets from 2011 to 2016, it finds that compared with qualified audit opinions, unqualified audit opinions can significantly reduce the debt financing costs of listed companies; while raising the costs of debt financing, the intensification of market competition can strengthen the pricing role of the audit opinions in the debt financing costs, namely, the fiercer the market competition becomes, the more obviously the unqualified audit opinions can reduce the debt financing costs, the more substantially the qualified audit opinions can increase the debt financing costs.

关 键 词： 债务融资成本 审计意见 市场竞争