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Auditor Reputation and Corporate Debt Financing Research

Author: DiJie
Tutor: ZhangJunMin
School: Tianjin University of Finance and Economics
Course: Accounting
Keywords: auditor reputation audit quality debt financing
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 4
Quote: 0
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Abstract


A country’s sustained economic development depend on the sustained and healthy development of enterprises, and if an enterprise want to develop and grow, it must raise operating funds. Enterprise’s financing is divided into two categories according to the source of funds, internal financing and external financing.Compare to the equity financing, the debt financing has many advantages, such as:do not dilute the owner control; financial leverage; lower financing costs; financing speed and more convenient procedures.Commercial banks do not participate in the enterprise management, they just in accordance with the provisions of the contract, charge interest, recover the principal. The commercial bank is an enterprise as a legal person for profit. The efficiency and the security is the first principle of operation. The researchers found that the existence of information asymmetry, the situation is more serious in China between the listing Corporation and banks, which resulted in the debt contract between uncertainty, so the accounting information of listing Corporation as the main measure of profitability becomes more important. Independent audit as a signaling mechanism, can reduce the information asymmetry, to protect creditors.When the audit quality is higher, the creditors can get more protection. Many literatures indicate that, a comprehensive ranking auditors employed by the enterprises (namely auditor reputation) is proportional to the audit quality in a certain extent, compared with the smaller firms, comprehensive ranking of firms is relatively higher degree of specialization, CPA’s comprehensive scores are higher (Chinese Institute of Certified Public Accountants on2012issued "accounting firm comprehensive evaluation of the top one hundred" notice). So, in our country, whether the bank will focus on auditor reputation in making credit decisions, and to determine a company’s credit policy?The research method of this paper is the theoretical analysis combined with empirical research, research and listing Corporation, audit quality auditor reputation and debt financing relationship. The part of empirical research, the study object is from2008to2010in Shanghai A shares of listing Corporation, starting from the bank credit resource allocation perspective, examines the relationship between auditor reputation and corporate debt financing. The results show that, the listing Corporation invited reputation higher auditor may not be able to transfer a good signal to the bank, signal auditor reputation mechanism transfer ability in our country is weak.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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