發(fā)布時間：2018-03-05 10:47

  本文選題：審計質(zhì)量　切入點：資本配置效率　出處：《東華大學》2015年碩士論文　論文類型：學位論文

【摘要】：資本配置效率是經(jīng)濟學和財務(wù)管理研究的核心內(nèi)容之一，從資本市場運作上看，企業(yè)除了考慮從外部市場上融資所需的成本，還應(yīng)考核所籌措的資金是否投放到正確的項目和公司上即投資效率問題；而從公司財務(wù)活動角度看，企業(yè)籌資活動、投資活動的成功對其經(jīng)營狀況以及未來可持續(xù)發(fā)展至關(guān)重要。因此從融資成本和投資效率兩方面來研究資本配置效率顯得尤為重要。 由于資本市場有效運轉(zhuǎn)很大程度上又取決于會計信息的質(zhì)量，而審計的鑒證作用又保證了會計信息真實可靠，減少了公司內(nèi)外部的信息不對稱問題，提高了信息質(zhì)量。因此，文章直接從審計質(zhì)量角度研究與資本配置效率的關(guān)系。 本文采用規(guī)范理論研究與實證研究相結(jié)合的方法。首先，對審計質(zhì)量與資本配置效率的相關(guān)概念進行界定，歸納了現(xiàn)有文獻中審計質(zhì)量與資本配置效率的衡量方法，并對國內(nèi)外的研究現(xiàn)狀進行分析評述，接著從相關(guān)理論基礎(chǔ)出發(fā)分析了審計質(zhì)量如何影響資本配置效率并提出假設(shè)；然后分別對審計質(zhì)量與融資成本、投資效率的關(guān)系進行了實證研究，選擇PEG比率方法來計量股權(quán)融資成本，采用Richardson模型計算非效率投資，選取了2010-2013年我國滬深1427家上市公司作為樣本，運用描述性統(tǒng)計、相關(guān)性分析和多元線性回歸分析等方法驗證假設(shè)。通過分析，得出以下結(jié)論： （1）審計質(zhì)量與股權(quán)融資成本負相關(guān)。即高質(zhì)量的審計增強了投資者對上市公司信息的信任程度，減少預(yù)期投資回報率，從而使得上市公司的融資成本降低。 （2）審計質(zhì)量與債務(wù)融資成本負相關(guān)，但是不顯著。審計質(zhì)量高的公司，其債務(wù)融資成本比較低，，但是債權(quán)人投資時重點考察公司的資本結(jié)構(gòu)、償債能力和抵債資產(chǎn)，對于真實審計質(zhì)量的高低并未有足夠重視，或者說審計質(zhì)量的高低并未顯著影響其債券投資的風險預(yù)期。 （3）審計質(zhì)量與非效率投資負相關(guān)，即審計質(zhì)量的提高改善了投資不足、投資過度行為發(fā)生，促使企業(yè)有效的投資決策，優(yōu)化社會資本的配置。
[Abstract]:The efficiency of capital allocation is one of the core content of financial management and economics, from the capital market point of view, in addition to considering the enterprise financing from outside the market cost, should also assess whether to raise funds on the right projects and the company is investment efficiency problem; and from the point of view of the company's financial activities. Enterprise financing activities, investment activities of the success of its operations and future sustainable development is very important. So from the two aspects of financing cost and investment efficiency of capital allocation efficiency is particularly important.
Because the capital market operation depends on the quality of accounting information effectively, and verification audit and ensure the reliability of accounting information, reduce information asymmetry inside and outside the company, improve the quality of information. Therefore, the relationship between the direct research and capital allocation efficiency from the perspective of audit quality.
In this paper, the theoretical research and empirical research method of combining normative. Firstly, defines the related concepts of audit quality and capital allocation efficiency, summarizes the existing literature methods to measure the audit quality and the efficiency of capital allocation, and research status at home and abroad were analyzed. Then, from the basis of the theory analysis of the audit how to influence the quality of capital allocation efficiency and put forward hypothesis; then the audit quality and the cost of financing, the relationship between investment efficiency for the empirical research, choose the PEG ratio method to measure the cost of capital, calculation of non efficiency of investment by using Richardson model, we selected the 2010-2013 years of China's Shanghai and Shenzhen 1427 listed companies as the sample, using descriptive statistics. Correlation analysis and multiple linear regression analysis method to verify the hypothesis. Through the analysis, draw the following conclusions:
(1) audit quality is negatively correlated with the cost of equity financing. That is, high quality audit enhances investors' trust in listed companies and reduces expected investment return, which reduces the financing cost of listed companies.
(2) the audit quality and the cost of debt financing is negatively correlated, but not significant. The audit quality is high, the debt financing cost is relatively low, but the creditor investment focuses on the company's capital structure, solvency and debt assets, the real level of audit quality and not enough attention, or the risk that the level of audit quality did not significantly affect the bond investment expectations.
(3) audit quality is negatively correlated with inefficient investment. That is to say, the improvement of audit quality has improved investment and investment behavior, and promoted effective investment decisions and optimized allocation of social capital.

【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F275;F239.4

【參考文獻】

相關(guān)期刊論文 前10條

1 江金鎖;;審計師規(guī)模與企業(yè)負債融資約束——來自中國上市家族企業(yè)的經(jīng)驗證據(jù)[J];財經(jīng)問題研究;2010年07期

2 賀鏡帆;;盈余管理與審計意見的實證分析[J];財會通訊(學術(shù)版);2006年03期

3 崔偉;何一峰;;會計信息質(zhì)量與公司投資行為——來自中國證券市場的經(jīng)驗證據(jù)[J];財會通訊(學術(shù)版);2008年06期

4 于李勝;王艷艷;陳澤云;;信息中介是否具有經(jīng)濟附加價值?——理論與經(jīng)驗證據(jù)[J];管理世界;2008年07期

5 雒敏;麥海燕;;審計意見、審計質(zhì)量與債務(wù)期限結(jié)構(gòu)——基于我國上市公司的經(jīng)驗證據(jù)[J];經(jīng)濟管理;2011年07期

6 李明輝;;代理成本對審計師選擇的影響——基于中國IPO公司的研究[J];經(jīng)濟科學;2006年03期

7 張勁松,季秀杰;論會計信息質(zhì)量對企業(yè)融資和投資的影響[J];商業(yè)經(jīng)濟;2004年07期

8 曾穎;陸正飛;;信息披露質(zhì)量與股權(quán)融資成本[J];經(jīng)濟研究;2006年02期

9 易琮;審計意見類型能反映審計質(zhì)量嗎?[J];中國審計;2002年04期

10 劉明輝,李黎,張羽;我國審計市場集中度與審計質(zhì)量關(guān)系的實證分析[J];會計研究;2003年07期

本文編號：1569915