摘要
企业作为国民经济的细胞，对社会发展进步作出贡献的同时也依赖于社会提
供的经济金融资源和环境。从融资来源看，债务融资仍然是企业获得外部融资的
主要渠道。同时外部审计服务作为一种外部监督机制，能缓解企业内外部的信息
不对称，在企业进行债务融资的过程中发挥重要作用
本文主要以2014-2016年A股市场上市公司为样本研究了审计师声誉与企业
债务融资成本之间的关系。主要贡献在于：其一，在审计师声誉的代理变量选取
上，以中注协官网公布的事务所综合排名的综合得分作为审计师声誉的代理变
量。其二，在企业自身声誉与审计师声誉的关系问题上，本文将企业分为知名企
业与普通企业，对比研究企业的自身声誉在审计师声誉对企业债务成本产生影响
的过程中发挥怎样的作用
研究发现，审计师声誉能够帮助企业降低债务成本；随着企业自身声誉的不
断建立，审计师声誉发挥作用的空间逐渐缩小；审计师声誉对于企业债务成本的
影响在非国有企业中更为突出
关键词：审计师声誉 债务成本 实证研究
ABSTRCT
As a cell of the national economy, the enterprise contributes to the development and
progress of society, and also depends on the economic and financial resources and
environment provided by society. From the perspective of financing sources, debt
financing is still the main channel for companies to obtain external financing. As an
external supervision mechanism, the external audit service can relieve information
asymmetry inside and outside the enterprise and play an important role in the process
of debt financing by the company.
This paper uses the listed companies in A-share market from 2014 to 2016 as a
sample to study the relationship between auditor reputation and corporate debt
financing cost. The main contributions are: First, on the selection of agent variables
for the auditor's reputation, the comprehensive score of the comprehensive rankings of
the firms published in the official website of the China Association of Certified Public
Accountants is used as the proxy variable of the auditor's reputation. Second, on the
relationship between the company’s own reputation and the auditor’s reputation, this
paper divides the company into well-known and ordinary enterprises, and compares
and studies how the company’s own reputation plays a role in the impact of the
auditor’s reputation on the debt cost of the company.
The study found that the auditor's reputation can help companies reduce the cost of
debt; as the company's own reputation continues to build, the space for the auditor's
reputation to play a role is gradually reduced; the impact of the auditor's reputation on
corporate debt costs is more prominent in non-state-owned enterprises.
Keywords: Auditor reputation; Debt costs; Empirical studies。