本文选择中国沪深两市 A 股上市公司为研究对象，选取 2013-2015 年数据进行实
证研究，分别验证了：（1）签字注册会计师年度出具的审计报告数量对股权融资成本
的影响；（2）签字注册会计师是否为行业审计专家对股权融资成本的影响；（3）签字
注册会计师的审计经验对股权融资成本的影响。本文进一步研究了考虑不同的事务所
规模、产权性质、行业竞争程度和客户重要性下基于个体视角的独立审计对股权融资
成本的影响存在何种不同
实证结果表明：（1）其他条件一定的情况下，签字注册会计师年度出具的审计报
告数量越少，审计质量越高，公司的股权融资成本越低；（2）其他条件一定的情况下，
签字注册会计师如果是行业审计专家，审计质量越高，公司股权融资成本越低；（3）
其他条件一定的情况下，签字注册会计师的审计经验越丰富，审计质量越高，公司股
权融资成本越低；（4）签字注册会计师年度出具的审计报告数量对股权融资成本的正中文摘要 独立审计与公司股权融资成本的关系
II
向影响在非国际“四大”会计师事务所、国内“非十大”会计师事务所、非国有企业、
竞争程度低的行业和重要性高的客户中表现得更为显著；（5）签字注册会计师是否为
行业审计专家对股权融资成本的负向影响在国际“四大”会计师事务所、国内“非十
大”会计师事务所、非国有企业、竞争程度低的行业和重要性高的客户中表现得更为
显著；（6）签字注册会计师的审计经验对股权融资成本的负向影响在非国际“四大”
会计师事务所、非国有企业、竞争程度低的行业和重要性高的客户中表现得更为显著，
而在国内“非十大”会计师事务所中表现得并不更加显著
关键词：独立审计；签字注册会计师；审计报告数量；行业审计专家；审计经验
作 者：张一帆
指导老师：周中胜独立审计与公司股权融资成本的关系 英文摘要
III
The Relationship between Independent Audit and
Cost of Equity Capital: An Empirical Research from
the Perspective of Individual Signature CPAs
Abstract
Cost of equity has always been the core problem in corporate financial management,
because it affects a company’s financing and investment, and will ultimately affect the
corporate value and shareholder wealth. There are many factors which influence the cost of
equity, among which the quality of financial information has the greatest influence. High
quality of financial information will reduce information asymmetry between the firm and
its investors and agency cost, which has a positive effect on reducing the cost of equity.
Existing researches have proved that independent audit, as an effective external
governance mechanism, can improve the quality of financial informationand reduce the
cost of equity. Previous studies examined the relationship between independent audit and
cost of equity at the firm level or the office level, however, there are few studies at the
individual signature CPAs level. Chinese independent audit industry starts late which still
has many problems. With the happening of a lot of audit frauds, the quality and governance
effect of independent audit has been widely questioned by the public. At present, regulation
and supervision of the independent audit industry becomes more and more strict, and new
accounting and auditing standards have continuously been decreed, which has put forward
higher requirements on how to improve audit quality and reduce litigation risk for
individual signature CPAs. Based on the current institutional environment, this paper
examines the relationship between independent audit and cost of equity at the individual
signature CPAs level.
This paper selects the data from the Chinese A-share listed companies in Shenzhen
and Shanghai from 2013 to 2015 as samples and carries out empirical study on them,
verifying: (1) The effect of the annual number of audit reports issued by signature CPAs on
the cost of equity; (2) The effect of whether signature CPAs are industry audit specialists英文摘要 独立审计与公司股权融资成本的关系
IV
on the cost of equity; (3) The effect of audit experience which signature CPAs have on the
cost of equity. This paper further examines how different effects of independent audit on
cost of equtiy based on the individual level are considering different size of accounting
firms, nature of property right, degree of industry competition and client importance.
Empirical results show that: (1) Under other constant conditions, the smaller the annual
number of audit reports issued by signature CPAs is, the higher audit quality will be, and the
lower cost of equity will be; (2) Under other constant conditions, if signature CPAs are
industry audit specialists, the higher audit quality will be, and the lower cost of equity will be;
(3) Under other constant conditions, the richer audit experience signature CPAs have, the
higher audit quality will be, and the lower cost of equity will be; (4) The positive effect of the
annual number of audit reports issued by signature CPAs on the cost of equity is more
significant in non-international Big 4 firms, domestic non-Top 10 firms, non-state-owned
companies, less competitive industries and more important clients; (5) The negative effect of
whether signature CPAs are industry audit specialists on the cost of equity is more significant
in international Big 4 firms, domestic non-Top 10 firms, non-state-owned companies, less
competitive industries and more important clients; (6) The negative effect of the audit
experience which signature CPAs have on the cost of equity is more significant in
non-international Big 4 firms, non-state-owned companies, less competitive industries and
more important clients, but this effect is not more significant in domestic non-Top 10 firms.
Key words: Independent audit; signature CPAs; number of audit reports; industry audit
specialist; audit experience
Written by: Zhang Yifan
Supervised by: Zhou Zhongsheng目 录
第 1 章 绪 论 .........1
1.1 研究背景和研究意义...........1
1.1.1 研究背景.........1
1.1.2 研究意义.........3
1.2 研究思路和研究方法...........3
1.2.1 研究思路.........3
1.2.2 研究方法...
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