审计师个人声誉受损与公司债务融资成本——来自中国上市公司的经验证据

当代财经 ›› 2017, Vol. 0 ›› Issue (07): 246-.

审计师个人声誉受损与公司债务融资成本——来自中国上市公司的经验证据

蒋尧明，蒋珩

（江西财经大学会计发展研究中心，江西南昌 330013）

收稿日期:2017-04-05 发布日期:2021-01-21
作者简介:蒋尧明，江西财经大学教授，博士生导师，博士，主要从事上市公司会计信息披露与审计研究；蒋珩，江西财经大学博士研究生，副教授，主要从事审计理论与方法研究，通讯作者联系方式jiangheng0113@163.com。

Auditor’s Impaired Personal Reputation and Cost of Corporate Debt Financing: Empirical Evidences from China’s Listed Companies

JIANG Yao-ming, JIANG Heng

(Jiangxi University of Finance and Economics, Nanchang 330013, China)

Received:2017-04-05 Published:2021-01-21

摘要/Abstract

摘要： 以2000—2014年签字审计师受罚为切入点，系统检验了审计师个人声誉受损在客户公司债务融资活动中的信号价值。研究发现：审计师个人声誉受损会导致客户公司债务融资成本提高，而且这一声誉效应在民营企业融资中更加显著，这验证了审计师声誉机制在中国证券市场具有治理价值；进一步研究发现，审计师声誉效应伴随着审计师受罚严厉程度的增加而增强，但大型事务所的质量控制机制能够在一定程度上缓解审计师个人声誉受损的负面影响。

关键词: 审计师受罚,声誉受损,质量控制,债务融资成本

Abstract: Taking the punished auditors from 2000 to 2014 as the starting point, this paper systematically tests the signal value of auditor’s impaired personal reputation in the debt financing activities of the client companies. The findings indicate that auditor’s impaired personal reputation would result in the increasing of debt financing costs of the client companies, and this kind of reputation effect is more significant in private enterprise financing, which verifies the regulation value of audit’s reputation mechanism in China’s securities markets. The results of further study show that the auditor’s reputation effect would be strengthened along with the increasing of the degree of punishment, but the quality control mechanism in larger firms can remit the negative effect of auditor’s impaired personal reputation to some extent.

Key words: punishment of auditor; damaged reputation; quality control; cost of debt financing

蒋尧明，蒋珩. 审计师个人声誉受损与公司债务融资成本——来自中国上市公司的经验证据[J]. 当代财经, 2017, 0(07): 246-.

JIANG Yao-ming, JIANG Heng. Auditor’s Impaired Personal Reputation and Cost of Corporate Debt Financing: Empirical Evidences from China’s Listed Companies[J]. Contemporary Finance & Economics, 2017, 0(07): 246-.