CAJ | 학술논문

本文旨在研究金融生态环境、审计意见对于上市公司债务融资成本的影响。以2006-2009年1555家中国A股上市公司为样本，实证发现，良好的金融生态环境有助于上市公司获得较低成本的债务融资，民营上市公司承担了比国有上市公司显著更高的债务融资成本，而金融生态环境的改善有助于降低这种信贷融资成本差异。同时，被出具非标审计意见的上市公司相比获得标准审计意见的上市公司具有显著更高的债务融资成本，并且无论是对国有企业抑或民营企业来说，良好的金融生态环境都有助于增强审计意见的风险揭示功能。研究结果表明，在我国良好的金融生态环境以及外部审计监督有助于增强债务融资的市场化定价，提高信贷资源的配置效率。
본문지재연구금융생태배경、심계의견대우상시공사채무융자성본적영향。이2006-2009년1555가중국A고상시공사위양본，실증발현，량호적금융생태배경유조우상시공사획득교저성본적채무융자，민영상시공사승담료비국유상시공사현저경고적채무융자성본，이금융생태배경적개선유조우강저저충신대융자성본차이。동시，피출구비표심계의견적상시공사상비획득표준심계의견적상시공사구유현저경고적채무융자성본，병차무론시대국유기업억혹민영기업래설，량호적금융생태배경도유조우증강심계의견적풍험게시공능。연구결과표명，재아국량호적금융생태배경이급외부심계감독유조우증강채무융자적시장화정개，제고신대자원적배치효솔。
Using a sample of 1555 Chinese A-share listed companies for the period 2006-2009, this study empirically tests the impact of the fmancial ecological environment and audit opinion on the cost of debt. We find that a favorable financial ecological environment is associated with a lower listed companies＇ cost of debt. Furthermore, private listed companies take significant higher cost of debt than state-owned enterprises （SOEs）, while a favorable financial ecological environment helps to eliminate this credit discrimination on cost of debt. In the meantime, listed companies receiving non-standard audit opinion have significant higher cost of debt than those receiving qualified audit opinions, and a favorable financial ecological environment contributes to enhancing the signal role of audit opinion on the cost of debt whether in private or SOEs listed companies. Our results indicate that a favorable financial ecological environment and the external audit supervision in China help to implement market-set prices on the debt fmancing, and thus improve the allocation efficiency of credit resources.