CAJ | 학술논문

通过构建金融生态环境、外部审计与债务资本成本之间的理论模型，并选取2008-2011年沪市A股共694家上市公司为研究样本进行实证研究。结果表明：良好的金融生态环境有助于增强外部审计的风险揭示功能，使企业获得较低的债务资本成本；被出具非标准审计意见的企业具有更高的债务融资成本；同时审计师的选择在一定程度上为企业的债务融资成本提供了质量保证。
통과구건금융생태배경、외부심계여채무자본성본지간적이론모형，병선취2008-2011년호시A고공694가상시공사위연구양본진행실증연구。결과표명：량호적금융생태배경유조우증강외부심계적풍험게시공능，사기업획득교저적채무자본성본；피출구비표준심계의견적기업구유경고적채무융자성본；동시심계사적선택재일정정도상위기업적채무융자성본제공료질량보증。
Selected the period 2008-2011 a total of 694 Shanghai A-share listed companies as samples, this paper constructed the basic theoretical model between financial ecological environment, external audit and the cost of debt capital. Empirical findings evidenced that good financial ecological environment helps to strengthen the function of external audit risk revealing and makes the enterprise obtain a lower cost of debt capital; The enterprise who is issued a non-standard audit opinion than the one with a standard audit opinion has higher debt financing cost; At the same time the auditor choice provides the quality guarantee of debt financing cost for the enterprise to a certain degree.