發(fā)布時(shí)間：2018-02-16 09:21

  本文關(guān)鍵詞： 信息不對(duì)稱 融資約束 審計(jì)意見(jiàn) 媒體報(bào)道　出處：《重慶理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：融資約束是當(dāng)今新型經(jīng)濟(jì)體中普遍存在的問(wèn)題,其主要表現(xiàn)在內(nèi)源資金與外部融資獲取的成本不同和資金獲取的難易程度兩個(gè)方面。信息不對(duì)稱問(wèn)題是引起公司融資約束問(wèn)題的直接根源,而相比內(nèi)部資本成本,外部資金成本過(guò)高和市場(chǎng)供給不足則是其直接原因。注冊(cè)會(huì)計(jì)師以獨(dú)立于所有者與經(jīng)營(yíng)者的第三方對(duì)被審計(jì)單位的財(cái)務(wù)報(bào)告信息質(zhì)量進(jìn)行鑒證,合理保證了被審計(jì)單位向市場(chǎng)公開(kāi)披露信息的真實(shí)性和可靠性,而其發(fā)表的審計(jì)意見(jiàn)就是其對(duì)財(cái)務(wù)報(bào)表鑒證結(jié)果的表現(xiàn)形式。通過(guò)審計(jì)意見(jiàn)信息含量本身的可靠性和市場(chǎng)與市場(chǎng)參與者對(duì)獨(dú)立審計(jì)師及其發(fā)表的審計(jì)意見(jiàn),尤其是標(biāo)準(zhǔn)無(wú)保留意見(jiàn)的信任度縮小了投融資雙方的信息不對(duì)稱差距,從而緩解公司的融資約束。隨著信息化的發(fā)展,大數(shù)據(jù)的共享,媒體行業(yè)的興起,市場(chǎng)和市場(chǎng)參與者對(duì)媒體報(bào)道的關(guān)注度逐漸增強(qiáng)。媒體報(bào)道的存在就是信息的傳播,它快速的、低成本的傳播給予了市場(chǎng)和市場(chǎng)參與者更多的獲取信息的渠道和信息。媒體報(bào)道以獨(dú)立于公司所有者、經(jīng)營(yíng)者、審計(jì)師的“第四監(jiān)督人”為市場(chǎng)和市場(chǎng)參與者提供者更多的信息,輔助市場(chǎng)參與者做出更為明智的決策。媒體報(bào)道根據(jù)報(bào)道內(nèi)容分為“負(fù)面報(bào)道”和“非負(fù)面報(bào)道”。媒體報(bào)道通過(guò)報(bào)道的內(nèi)容和形式影響著市場(chǎng)的信息環(huán)境和市場(chǎng)參與者的思維、心態(tài),甚至可以說(shuō)是在改變著。面對(duì)不同的媒體報(bào)道,不同的人有不同的角度和不同的理解;在不同的媒體信息環(huán)境下,不同的人對(duì)同樣的審計(jì)信息會(huì)有不同的理解和思考。通過(guò)對(duì)融資約束、審計(jì)意見(jiàn)、媒體報(bào)道等相關(guān)文獻(xiàn)的回顧,在委托代理、信號(hào)傳遞和融資約束等理論基礎(chǔ)上,本文以2010-2014年A股上市公司為樣本,實(shí)證研究了媒體報(bào)道、審計(jì)意見(jiàn)與融資約束的影響關(guān)系。研究發(fā)現(xiàn),標(biāo)準(zhǔn)無(wú)保留意見(jiàn)能緩解融資約束;媒體報(bào)道次數(shù)的增加在緩解融資約束的同時(shí),強(qiáng)化了標(biāo)準(zhǔn)無(wú)保留意見(jiàn)對(duì)融資約束的緩解作用;但隨著負(fù)面媒體報(bào)道次數(shù)的增加,公司會(huì)面臨逐漸加劇的融資約束問(wèn)題,也會(huì)弱化標(biāo)準(zhǔn)無(wú)保留意見(jiàn)對(duì)融資約束的緩解作用。根據(jù)研究結(jié)論,本文提出了合理緩解融資約束、充分發(fā)揮媒體作用和合理利用媒體信息等方面的對(duì)策建議。當(dāng)然,本文也存在不足,這也是筆者未來(lái)研究的突破點(diǎn)。
[Abstract]:Financing constraints are a common problem in today's emerging economies. It is mainly manifested in two aspects: the difference between the cost of internal and external financing and the difficulty of obtaining funds. The problem of information asymmetry is the direct source of financing constraints, while the cost of internal capital. The external capital cost is too high and the market supply is insufficient. The certified public accountant authenticates the financial report information quality of the audited unit by a third party independent of the owner and operator. It reasonably ensures the authenticity and reliability of the information publicly disclosed to the market by the audited units, The audit opinion issued is the form of expression of the results of the verification of the financial statements. Through the reliability of the information content of the audit opinion itself and the audit opinion of the market and market participants on the independent auditor and the audit opinion issued by the market and market participants, In particular, the standard and unqualified degree of trust has narrowed the information asymmetry gap between investment and financing parties, thereby easing the financing constraints of companies. With the development of information technology, the sharing of big data and the rise of the media industry, The market and market participants are paying more and more attention to media reports. The existence of media reports is the dissemination of information. It is fast. Low cost communication gives market and market participants more access to information and information. Media reports are independent of the owner and operator of the company. Auditor's "4th Supervisor" provides more information for market and market participants, Media reports are divided into "negative reports" and "non-negative reports" according to the content of the reports. Media reports influence the information environment of the market and the thinking of market participants through the content and form of the reports. The mentality can even be said to be changing. In the face of different media reports, different people have different perspectives and different understandings; in different media information environments, Different people will have different understanding and thinking about the same audit information. Based on the review of relevant documents, such as financing constraints, audit opinions, media reports, etc., on the basis of principal-agent, signaling and financing constraints, In this paper, A share listed companies from 2010-2014 as a sample, empirical study of media reports, audit opinions and financing constraints, the study found that the standard unqualified opinion can ease the financing constraints; The increase of the number of media reports not only alleviates the financing constraints, but also strengthens the mitigation effect of the standard unqualified opinions on the financing constraints. However, with the increase of the number of negative media reports, the companies will be faced with increasing financing constraints. According to the conclusion of the research, this paper puts forward some countermeasures and suggestions on how to alleviate the financial constraints, give full play to the role of the media and make use of the media information reasonably. This article also has the insufficiency, this also is the author future research breakthrough point.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51;F239.4

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