CAJ | 학술논문

审计意见作为一种信号向市场传递之后，会影响资本市场中资金供需双方的行为。已有文献研究了审计意见对企业融资约束、资源配置的影响，但没有关注相应的资源配置效率的问题。以我国非金融类上市公司的数据为样本，通过两个相互验证和补充的设计研究了审计意见对公司投资的影响。研究结果表明，虽然标准审计意见一定程度上缓解了企业融资约束，但收到标准审计意见的公司，其经理人在随后期间更易进行过度投资。
심계의견작위일충신호향시장전체지후，회영향자본시장중자금공수쌍방적행위。이유문헌연구료심계의견대기업융자약속、자원배치적영향，단몰유관주상응적자원배치효솔적문제。이아국비금융류상시공사적수거위양본，통과량개상호험증화보충적설계연구료심계의견대공사투자적영향。연구결과표명，수연표준심계의견일정정도상완해료기업융자약속，단수도표준심계의견적공사，기경리인재수후기간경역진행과도투자。
The audit opinion as a signal sent to the market, will affect the capital market in the capital supply and demand sides of the behavior. The existing literatures have researched the impact of the audit opinion upon the corporate finance constraints, and the impact of the allocation of resources, but not concerned about the appropriate allocation of resources efficiency. To our non-financial listing Corporation data as sample, through the two mutual authentication and supplementary design of audit opinions on the company＇s investment effect, the research results show that the standard audit opinion alleviated on certain level the enterprise financing constraints, but received standard audit opinion company, its managers in a subsequent period are more excessive investment.