摘要
利用2008—2016年上市公司发行债券的数据,研究异常审计费用对债券评级的影响,以研究信用评级是否存在信息含量。结果表明,异常审计费用对债券评级结果具有显著的调低效应,且这个结果不受评级机构异质性的影响,另外这一调低作用在非国有企业和经济下行期间更显著。通过进一步分析发现,异常审计费用越高,企业的违约风险Z值越高,债券发行利差也越高,从而证实了异常审计费用的风险观。研究结论为监管机构提供了额外的动力,促使它们对会计师事务所与评级机构的业务过程进行监督。
As two information intermediaries in the capital market,rating agencies and accounting firms may use the information disclosed by the other parties,which improves the efficiency of market resources transmission.Using the bond data issued by the listed companies in 2008-2016,this paper discusses the risk connotation of the bond rating by studying the influence of abnormal audit cost on the bond rating.The research shows that there is a significant negative correlation between the abnormal audit cost and the bond rating result in the Chinese corporate bond market,and the correlation is more significant during the contraction or in the non-state enterprises.Through further analysis,it is found that the higher the abnormal audit cost,the higher the z value of the default risk,the higher the bond issuance spreads,thus confirming the risk view of abnormal audit cost.The conclusions of this paper provide additional impetus for regulators to monitor the business processes of audit firms and rating agencies to improve market efficiency.
作者
林晚发
周倩倩
LIN Wanfa;ZHOU Qianqian(School of Economics and Management,Wuhan University,Wuhan 430072,China;School of Business,Nanjing University,Nanjing 210093,China)
出处
《审计与经济研究》
CSSCI
北大核心
2018年第6期48-57,共10页
Journal of Audit & Economics
基金
国家自然科学基金青年项目(71602148
71802152)
教育部人文社会科学青年项目(16YJC630065
18YJC630109)
武汉大学(人文社科)自主科研青年项目
