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題名 探討審計意見於債務合約中的資訊功能角色 ─兼論國有企業的調節影響
The Information Role of Audit Opinions in Debt Contract: The Intermediary Influence of State-Owned Enterprises作者 姚昱斕
Yao, Yu-Lan貢獻者 戚務君
Chi, Wu-Chun
姚昱斕
Yao, Yu-Lan關鍵詞 審計意見
債務合約
所有權性質
Audit opinions
Debt contracts
Corporate ownership日期 2020 上傳時間 3-Aug-2020 17:29:31 (UTC+8) 摘要 本文選取2004年至2017年中國上市公司為研究對象，構建回歸模型分別檢驗了非標準式無保留意見(Modified Audit Opinion，簡稱MAO)對債務合約條件(包括銀行借款利率、借款規模及借款期限)的攸關性，並進一步探討企業所有權性質(以是否為國有企業衡量)的調節影響。研究發現：企業收到MAO會提高下一年度的銀行借款利率，其中以無法表示意見類型的審計意見最為嚴重，而國有性質企業會減緩債務利率提高的現象。除此之外，本文發現無法表示意見與銀行借款規模之間存在顯著負相關關係，然而未發現審計意見與銀行借款期限之間存在關係。整體而言，本文證實在中國市場的債權人會將MAO的資訊納入債務合約中。
Using listed companies in China from 2004 to 2017 as the sample, this paper examines the relevance of modified audit opinions (MAO) in debt contracting, including interest rate, loan size, and maturity, and further examines the moderated effect of State-Owned Enterprises (SOE). The result shows that loans issued in the year after an MAO are associated with increasing interest spreads, and an MAO with disclaimer opinion having the largest effect. Moreover, the company with SOE could mitigate the effect of increasing interest spreads. In addition, this paper finds a positive association between a disclaimer opinion and loan size, but finds no evidence of an association between an audit opinion and loan maturity. Overall, the result of this paper suggests that lenders incorporate the information contained in MAO in to debt contracting in China market.參考文獻 江金鎖，2011，制度環境、審計意見與銀行貸款——來自中國上市家族企業的經驗證據，經濟與管理，第7期：16-22。孫新憲與田利軍，2010，審計意見與銀行貸款續新決策關係研究，審計與經濟研究，第2期：48-53。孫錚、李增泉與王景斌，2006，所有權性質、會計資訊與債務契約——來自我國上市公司的經驗數據，管理世界，第10期：100-107。陳矜與劉芳蓓，2019，審計意見、所有權性質與債務融資成本，吉林工商學院學報，第35期：12-19。閆煥民與王浩宇，2019，審計功能、產權歧視與銀行貸款擔保，財經論叢，第3期：72-82。楊臻黛，2007，審計意見的決策有用性——基於銀行信貸決策視角的研究，復旦大學會計系博士論文。樊淑紅，2010，審計意見變化與銀行借款關係的實證研究——基於A股市場經驗資料，商業經濟，第2期：95-96。魏志華、王貞潔、吳育輝與李常青，2012，金融生態環境、審計意見與債務融資成本，審計研究，第3期：98-105。Behn, B. K., J. Choi, and T. Rang. 2008. Audit quality and properties of analyst. Earnings Forecasts 83(2): 327-349.Berry, A., and J. Robertson. 2006. Overseas bankers in the UK and their use of information for making lending decisions: Changes from 1985. The British Accounting Review 38: 175–191.Blackwell, D. W., T. R. Noland, and D. B. Winters. 1998. The value of auditor assurance: Evidence from loan pricing. Journal of Accounting Research 36(1): 57-70.Boolaky, P. K., and R. Quick. 2016. Bank directors’ perceptions of expanded auditor’s reports. International Journal of Auditing 20: 158–174.Borisova, G., and W. L. Megginson. 2011. Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Studies 24: 2693-2737.Brandt, L., and H. Li. 2003. Bank discrimination in transition economies: ideology, information, or incentives?. Journal of Comparative Economics 31: 387–413.Chen, C. J., X. Su, and R. Zhao. 2000. An emerging market’s reaction to initial modified audit opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research 17(3): 429-455.Chen, P. F., S. He, Z. Ma, and D.Stice. 2016. The information role of audit opinions in debt contracting. Journal of Accounting and Economics 61: 121-144.Choi, S. K., and D. C. Jeter. 1992. The effects of qualified audit opinions on earnings response coefficients. Journal of Accounting and Economics 15: 229-247.Citron, D. B., R. J. Taffler, and J. Y. Uang. 2008. Delays in reporting price-sensitive information: the case of going concern. Journal of Accounting and Public Policy 27(1): 19-37.Faccio, M. 2006. Politically connected firms. The American Economic Review 96(1): 369-386.Faccio, M., R. W. Masulis, and J. J. McConnell. 2006. Political connections and corporate bailouts. The Journal Of Finance 6: 2597-2635.Frost, C. A. 1997. Disclosure policy choices of UK firms receiving modified audit reports. Journal of Accounting and Economics 23(2): 163-187.Ghicas, D. C., A. Papadaki, G. Siougle, and T. Sougiannis. 2008. The relevance of quantifiable audit qualifications in the valuation of IPOs. Review of Accounting Studies 13(4): 512-550.Graham, J., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89: 44–61.Guiral, A., E. Ruiz, and H. Choi. 2014. Audit report information content and the provision of non-audit services: Evidence from Spanish lending decisions. Journal of International Accounting, Auditing and Taxation 23: 44-57.Guiral-Contreras, A., J. A. Gonzalo-Angulo, and W. Rodgers. 2007. Information content and recency effect of the audit report in loan rating decisions. Accounting and Finance 47: 285–304.Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market underreaction to open market share repurchases. Journal of Financial Economics 39: 181– 208.Knechel, W. R., A. Vanstrawlen, and M. Zerni. 2015. Does the identity of engagement partners matter? An analysis of audit partner reporting decisions. Contemporary Accounting Research 32(4): 1911-3846.Krishnagopal, M., and D. D. Williams. 2010. Investor reaction to going concern audit reports. The Accounting Review 85(6): 2075-2105.Lina, Z. J., Q. Tangb, and J. Xiao. 2003. An experimental study of users’ responses to qualified audit reports in China. Journal of International Accounting, Auditing & Taxation 12: 1–22.Niemi, L., and S. Sundgren. 2012. Are modified audit opinions related to the availability of credit? Evidence from finnish SMEs. European Accounting Review 21(4): 767-796.Palmrose, Z., V. Richardson, and S. Scholz. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37: 59-89．Pittman, J., S. Fortin. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37: 113–136.Schneider, A. 2018. Studies on the impact of accounting information and assurance on commercial lending judgments. Journal of Accounting Literature 41: 63-74.Taffler, R. J., J. Lu, and A. Kausar. 2004. In denial? Stock market underreaction to going-concern audit report disclosures. Journal of Accounting and Economics 38: 263-296. 描述 碩士
國立政治大學
會計學系
107353051資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353051 資料類型 thesis dc.contributor.advisor 戚務君 zh_TW dc.contributor.advisor Chi, Wu-Chun en_US dc.contributor.author (Authors) 姚昱斕 zh_TW dc.contributor.author (Authors) Yao, Yu-Lan en_US dc.creator (作者) 姚昱斕 zh_TW dc.creator (作者) Yao, Yu-Lan en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:29:31 (UTC+8) - dc.date.available 3-Aug-2020 17:29:31 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:29:31 (UTC+8) - dc.identifier (Other Identifiers) G0107353051 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130945 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 107353051 zh_TW dc.description.abstract (摘要) 本文選取2004年至2017年中國上市公司為研究對象，構建回歸模型分別檢驗了非標準式無保留意見(Modified Audit Opinion，簡稱MAO)對債務合約條件(包括銀行借款利率、借款規模及借款期限)的攸關性，並進一步探討企業所有權性質(以是否為國有企業衡量)的調節影響。研究發現：企業收到MAO會提高下一年度的銀行借款利率，其中以無法表示意見類型的審計意見最為嚴重，而國有性質企業會減緩債務利率提高的現象。除此之外，本文發現無法表示意見與銀行借款規模之間存在顯著負相關關係，然而未發現審計意見與銀行借款期限之間存在關係。整體而言，本文證實在中國市場的債權人會將MAO的資訊納入債務合約中。 zh_TW dc.description.abstract (摘要) Using listed companies in China from 2004 to 2017 as the sample, this paper examines the relevance of modified audit opinions (MAO) in debt contracting, including interest rate, loan size, and maturity, and further examines the moderated effect of State-Owned Enterprises (SOE). The result shows that loans issued in the year after an MAO are associated with increasing interest spreads, and an MAO with disclaimer opinion having the largest effect. Moreover, the company with SOE could mitigate the effect of increasing interest spreads. In addition, this paper finds a positive association between a disclaimer opinion and loan size, but finds no evidence of an association between an audit opinion and loan maturity. Overall, the result of this paper suggests that lenders incorporate the information contained in MAO in to debt contracting in China market. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景 1第二節 研究動機與目的 2第三節 研究流程 4第貳章 文獻探討與假説發展 6第一節 資本市場中之審計資訊功能 6第二節 借貸市場中之審計資訊功能 7第三節 所有權性質對審計資訊功能之影響 10第參章 研究方法 12第一節 資料來源與樣本篩選 12第二節 樣本分佈狀況 12第三節 變數定義與衡量 13第四節 實證模型 16第肆章 實證結果與分析 18第一節 敍述性統計分析 18第二節 相關係數分析 20第三節 實證結果與分析 22第伍章 研究結論與限制 26第一節 研究結論 26第二節 研究限制 26參考文獻 27 zh_TW dc.format.extent 1479178 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353051 en_US dc.subject (關鍵詞) 審計意見 zh_TW dc.subject (關鍵詞) 債務合約 zh_TW dc.subject (關鍵詞) 所有權性質 zh_TW dc.subject (關鍵詞) Audit opinions en_US dc.subject (關鍵詞) Debt contracts en_US dc.subject (關鍵詞) Corporate ownership en_US dc.title (題名) 探討審計意見於債務合約中的資訊功能角色 ─兼論國有企業的調節影響 zh_TW dc.title (題名) The Information Role of Audit Opinions in Debt Contract: The Intermediary Influence of State-Owned Enterprises en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 江金鎖，2011，制度環境、審計意見與銀行貸款——來自中國上市家族企業的經驗證據，經濟與管理，第7期：16-22。孫新憲與田利軍，2010，審計意見與銀行貸款續新決策關係研究，審計與經濟研究，第2期：48-53。孫錚、李增泉與王景斌，2006，所有權性質、會計資訊與債務契約——來自我國上市公司的經驗數據，管理世界，第10期：100-107。陳矜與劉芳蓓，2019，審計意見、所有權性質與債務融資成本，吉林工商學院學報，第35期：12-19。閆煥民與王浩宇，2019，審計功能、產權歧視與銀行貸款擔保，財經論叢，第3期：72-82。楊臻黛，2007，審計意見的決策有用性——基於銀行信貸決策視角的研究，復旦大學會計系博士論文。樊淑紅，2010，審計意見變化與銀行借款關係的實證研究——基於A股市場經驗資料，商業經濟，第2期：95-96。魏志華、王貞潔、吳育輝與李常青，2012，金融生態環境、審計意見與債務融資成本，審計研究，第3期：98-105。Behn, B. K., J. Choi, and T. Rang. 2008. Audit quality and properties of analyst. Earnings Forecasts 83(2): 327-349.Berry, A., and J. Robertson. 2006. Overseas bankers in the UK and their use of information for making lending decisions: Changes from 1985. The British Accounting Review 38: 175–191.Blackwell, D. W., T. R. Noland, and D. B. Winters. 1998. The value of auditor assurance: Evidence from loan pricing. Journal of Accounting Research 36(1): 57-70.Boolaky, P. K., and R. Quick. 2016. Bank directors’ perceptions of expanded auditor’s reports. International Journal of Auditing 20: 158–174.Borisova, G., and W. L. Megginson. 2011. Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Studies 24: 2693-2737.Brandt, L., and H. Li. 2003. Bank discrimination in transition economies: ideology, information, or incentives?. Journal of Comparative Economics 31: 387–413.Chen, C. J., X. Su, and R. Zhao. 2000. An emerging market’s reaction to initial modified audit opinions: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research 17(3): 429-455.Chen, P. F., S. He, Z. Ma, and D.Stice. 2016. The information role of audit opinions in debt contracting. Journal of Accounting and Economics 61: 121-144.Choi, S. K., and D. C. Jeter. 1992. The effects of qualified audit opinions on earnings response coefficients. Journal of Accounting and Economics 15: 229-247.Citron, D. B., R. J. Taffler, and J. Y. Uang. 2008. Delays in reporting price-sensitive information: the case of going concern. Journal of Accounting and Public Policy 27(1): 19-37.Faccio, M. 2006. Politically connected firms. The American Economic Review 96(1): 369-386.Faccio, M., R. W. Masulis, and J. J. McConnell. 2006. Political connections and corporate bailouts. The Journal Of Finance 6: 2597-2635.Frost, C. A. 1997. Disclosure policy choices of UK firms receiving modified audit reports. Journal of Accounting and Economics 23(2): 163-187.Ghicas, D. C., A. Papadaki, G. Siougle, and T. Sougiannis. 2008. The relevance of quantifiable audit qualifications in the valuation of IPOs. Review of Accounting Studies 13(4): 512-550.Graham, J., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89: 44–61.Guiral, A., E. Ruiz, and H. Choi. 2014. Audit report information content and the provision of non-audit services: Evidence from Spanish lending decisions. Journal of International Accounting, Auditing and Taxation 23: 44-57.Guiral-Contreras, A., J. A. Gonzalo-Angulo, and W. Rodgers. 2007. Information content and recency effect of the audit report in loan rating decisions. Accounting and Finance 47: 285–304.Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market underreaction to open market share repurchases. Journal of Financial Economics 39: 181– 208.Knechel, W. R., A. Vanstrawlen, and M. Zerni. 2015. Does the identity of engagement partners matter? An analysis of audit partner reporting decisions. Contemporary Accounting Research 32(4): 1911-3846.Krishnagopal, M., and D. D. Williams. 2010. Investor reaction to going concern audit reports. The Accounting Review 85(6): 2075-2105.Lina, Z. J., Q. Tangb, and J. Xiao. 2003. An experimental study of users’ responses to qualified audit reports in China. Journal of International Accounting, Auditing & Taxation 12: 1–22.Niemi, L., and S. Sundgren. 2012. Are modified audit opinions related to the availability of credit? Evidence from finnish SMEs. European Accounting Review 21(4): 767-796.Palmrose, Z., V. Richardson, and S. Scholz. 2004. Determinants of market reactions to restatement announcements. Journal of Accounting and Economics 37: 59-89．Pittman, J., S. Fortin. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37: 113–136.Schneider, A. 2018. Studies on the impact of accounting information and assurance on commercial lending judgments. Journal of Accounting Literature 41: 63-74.Taffler, R. J., J. Lu, and A. Kausar. 2004. In denial? Stock market underreaction to going-concern audit report disclosures. Journal of Accounting and Economics 38: 263-296. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000669 en_US
