摘要
以新审计报告准则全面实施首年为切入点,以深沪主板跨境投资公司为样本,手工搜集2017年审计报告关键审计事项信息,基于总体和分类两个维度研究了关键审计事项披露对公司融资效率的影响效应。研究发现:新审计报告准则全面实施首年,关键审计事项披露在总体上显著提高了跨境投资企业的融资效率;考虑融资过度和融资不足的情况,发现关键审计事项披露对融资效率的提升作用在融资过度公司中更明显,即:披露关键审计事项更助于融资过度公司“降杠杆、稳杠杆”;按所有权性质划分样本,发现关键审计事项披露与融资效率的正向关系在国有企业与民营企业间没有显著差异;考虑会计师事务所类型的不同,发现聘请“四大”的企业披露关键审计事项对融资效率的提升作用比聘请非“四大”的企业更为明显;从分类角度来看,各子项目披露的影响效应有一定差异,收入确认和资产减值事项披露的系数通常为正,而关联方及关联交易事项披露的系数则通常为负。
The full implementation of the new accounting standards in the first year is taken as the starting point.Cross-border investment companies of Shanghai and Shenzhen A-share markets are adopted as samples,and information on key audit matters of 2017 audit report is manually collected to study the impact of disclosure of key audit matters on the company's financing efficiency based on overall and classified dimensions.The study has found that in the first year of the full implementation of new accounting standards,the disclosure of key audit matters significantly improves the financing efficiency of cross-border investment companies on the whole.Besides,considering over-financing and under-financing,it has found that the disclosure of key audit matters has a more obvious effect on over-financing companies.In other words,such disclosure is more helpful to over-financing companies to"decrease and stabilize leverage"than under-financing companies.Besides,when samples are divided according to the nature of ownership,there is no significant difference in the positive relationship of the disclosure of key audit matters with financing efficiency between state-owned enterprises and private ones.In addition,considering different types of accounting firm,companies hiring Big Four accounting firms to disclose key audit matters have a greater effect on financing efficiency than those not hiring.From the perspective of classification,the impacts of disclosing each subitem are somewhat different.The coefficients of revenue recognition and asset impairment disclosure are usually positive,while those of related parties and related transactions disclosure are usually negative.
作者
赵峰
廖雨寒
ZHAO Feng;LIAO Yuhan(School of International Economics and Management, Beijing Technology and Business University, Beijing 100048, China;School of Economics,Beijing Technology and Business University, Beijing 100048, China)
出处
《财经理论研究》
2021年第4期70-83,共14页
Journal of Finance and Economics Theory
基金
国家社会科学基金项目(20BJY260)
国家社会科学基金项目(15BGL020)
北京市社会科学基金项目(16YJB010)。
关键词
关键审计事项
融资效率
跨境投资企业
关键审计事项子项目
key audit matters
financing efficiency
cross-border investment enterprises
subitems of key audit matters
作者简介
赵峰(1978-),男,山东德州人,北京工商大学国际经管学院教授,博士,从事公司金融、审计理论、跨国公司管理及企业理论等研究。
