国内图书分类号：C931.3学校代码：10213
国际图书分类号：658 密级：公开
管理学硕士学位论文
市场环境调节下审计师变更对企业债务
成本的影响研究
硕士研究生 ： 郭磊
导师 ： 王世璇助理教授
申请学位 ： 管理学硕士
学科 ： 工商管理
所 在 单 位 ： 深圳研究生院
答 辩 日 期 ： 2018年6月
授予学位单位 ： 哈尔滨工业大学
Classified Index: C931.3
U.D.C: 658
Dissertation for the Master Degree in Management
THE MODERATION EFFECT OF
MARKETIZATION PROCESS ON THE
RELATIONSHIP BETWEEN AUDITOR CHANGES
AND COST OF CORPORATION DEBT
Candidate： Guo Lei
Supervisor： Assistant Prof. Wang Shixuan
Academic Degree Applied for： Master of Management
Speciality： Business Administration
Affiliation： Shenzhen Graduate School
Date of Defence： June, 2018
Degree-Conferring-Institution： Harbin Institute of Technology
哈尔滨工业大学管理学硕士学位论文
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摘要
近年来，我国上市公司审计师变更次数频繁且数量逐年递增，由于监管
政策不完善，企业在披露审计师变更事项时可能投机取巧，甚至隐藏真实原
因。在以往的研究中，大多数学者把审计师变更的本质原因指向审计意见购
买，这种机会主义行为不仅有损审计师独立性和审计质量，导致企业披露的
财务信息失真，并引起资本市场的负面反应。同时，企业需要在资本市场获
取债务融资，而债权人提供债务融资的同时承担着企业违约风险，由于债权
人不直接参与企业经营，因此十分依赖企业披露的财务信息进行风险评估，
并据此确定债务融资的价格，而审计师变更对财务报告的负面影响提高了债
权人的风险，债权人则会提高贷款的风险溢价。企业和债权人是市场的参与
者，双方的债务融资契约会受到所处的市场环境影响，我国的经济转型期和
区域发展不平衡的特殊市场环境与西方发达的市场经济环境有着明显的区
别，因此在研究我国资本市场的债务融资时需要结合我国的市场环境
本文基于委托代理理论、信号传递理论和契约理论，并结合我国深、沪
A股2007年至2014年上市公司数据，用理论分析和实证研究探究了审计师
变更以及不同类型审计师变更对企业债务成本的影响，并引入市场环境作为
调节变量，以探究其调节作用。研究结果表明：审计师变更会提高企业债务
成本；将审计师变更分为三种类型后，发现不同类型的审计师变更对企业债
务成本的影响不同，具体体现为上行审计师变更会降低企业债务成本，平行
审计师变更和下行审计师变更会提高企业债务成本；较好的市场环境会增强
审计师变更提高企业债务成本的作用。进一步研究发现，较好的市场环境不
能增强上审计师变更减少企业债务成本的作用，但较好的市场环境会增强平
行审计师和下行审计师变更提高企业债务成本的作用
本文从债务成本的角度探究了审计师变更对企业债务融资的影响，在理
论上拓展了审计师变更和资本市场的相关研究，也为我国经济转型中的特殊
经济制度背景下的审计领域和资本市场的研究开拓了新的视角。同时，本文
在实践上为我国加强审计市场的信息监管、改善市场环境提供了政策建议，
以保障资本市场正常运转以及企业外部信息使用者的经济利益，并为企业降
低其债务成本提供了建议
关键词：审计师变更；企业债务成本；市场环境
哈尔滨工业大学管理学硕士学位论文
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Abstract
In recent years, auditor changes of Chinese listed companies are frequently
and the quantity are increased year by year, and companies may opportunistically
disclose or even hide the real reason of auditor changes. In previous studies,
many scholars attribute the essential reason of auditor changes to
opinion-shopping, this kind of opportunistic behavior not only undermines the
auditor's independence and reduces audit quality, it may also lead to financial
information distortion of companies and cause further negative reactions in the
capital market. Meanwhile, companies obtain debt financing in the capital market,
the creditors bear the risk of default when they provide debt financing to
companies. Since creditors do not directly participate in companies business
operations, they rely on financial information disclosed by companies for debt
financing risk assessment. The negative impact of auditor changes on financial
reporting raises creditors’ risk, and then creditors increase the price of loans to
compensate for risks. Campanies and creditors are participants in the market,
both parties' debt financing contracts will also be affected by the market
environment when they are executed. The special market environment of China's
economic transition period and unbalanced regional economic development are
different from the western developed market economy environment. Therefore,
when studying the debt financing contract in the Chinese market, we need to
combine our country's market environment.
Based on Principal-agent Theory, Signaling Theory, and Contract Theory,
this paper combines the data of listed companies in China's Shenzhen and
Shanghai A shares from 2007 to 2014, and uses theoretical analysis and empirical
research to explore the effect of auditor chages and different types of auditor
changes on cost of corporation debt, we also introduce market envirnment as a
moderator to explore the moderation effect of the market environment on the
relationship between auditor changes and different types of auditor changes and
cost of corporation debt. The result indicates that: (1) Auditor changes will
increase the cost of corporation debt; (2) After dividing auditor changes into
three types, we find that The impact of three types of auditor changes on cost of
corporation debt is different, upward auditor changes will reduce the cost of
corporation debt, lateral auditor changes and downward auditor changes will
increase the cost of corporation debt; (3) A better market environment will
enhance the role of auditor changes in increasing cost of corporation debt. The。