摘要
以2011-2016年我国A股上市公司数据为研究样本,运用现金—现金流敏感性模型,研究持续经营审计意见及分析师跟踪对融资约束的影响。研究发现:持续经营审计意见的出具加剧了上市公司面临的融资约束;分析师跟踪人数越多,上市公司面临的融资约束越小;分析师跟踪能够缓解被出具带强调事项段持续经营无保留审计意见公司的融资约束,加剧被出具其他持续经营审计意见(保留意见、无法表示意见和否定意见)公司的融资约束。
Based on the data of A-share listed companies in China over the past 2011-2016 years,we use cash-cash flow sensitivity model to study the impact of going-concern opinions and analyst following on financing constraints.The study found:the financing constraints faced by listed companies are exacerbated by the continuing operation audit opinion;the number of analysts following more financing constraints of listed companies is small;analysts can alleviate the issue with emphasis on financing constraints matters of sustainable management of audit opinions the company is issued by the other,intensified going concern opinions(reserved opinions,inexpressible opinions and negative opinions)corporate finance constraints.
作者
宫义飞
夏艳春
GONG Yifei;XIA Yanchun(College of Economics and Management of Southwest University,Chongqing 400715,China;School of Economics and Business Administration,Chongqing University,Chongqing 400044,China)
出处
《财经理论与实践》
CSSCI
北大核心
2019年第3期94-100,共7页
The Theory and Practice of Finance and Economics
基金
中央高校基本科研业务费项目(SWU1609122
SWU1909314)
西南大学教育教学改革研究项目重点项目(2015JY036)
重庆市社会科学规划培育项目(2016PY42)
国家自然科学基金面上项目(71572153)
关键词
持续经营审计意见
分析师跟踪
信息不对称
融资约束
going concern opinions
analyst following
information asymmetry
financing constraints
