Research On Relation Between Audit Quality And The Commercial Credit Financing Scale Based On The Disclosure Of Information Transmission Mechanism

Commercial credit as a very important way of short-term financing,is an indispensable part of the free market economy. Especially when the enterprise’s bank loan is limited or of the immature market, then commercial credit and bank credit can alternate to easy the problem of corporate finance. And commercial credit has been widely used in China’s enterprises. Many scholars began to study this field, and the main focus are on the influence factors, the existence of motivation and so on. However, in the study of influencing factors, there are still a lot of differences. Independent audit as a external supervision mechanism, has the function of external corporate governance and investor protection, audit quality has the function of signal transmission, enterprise’s financial information disclosure can reduce the degree of information asymmetry. But there is very few of researches about the combination of the commercial credit financing and the independent audit at present, and researches on the combination of the information disclosure quality, the independent audit and the commercial credit financing scale can hardly be found. This provides an opportunity for this paper.Based on this. The research method in this paper is the combination of theory and empirical research, adopting the ShenZhen stock exchange in 2012-2014 A-share main board listed company’s data and making the size of commercial credit financing as the research object. From a new perspective, delving into the influence path of audit quality on the business credit financing scale. First of all, this paper analyzes the impact that audit quality has effect on the scale of commercial credit financing, and puts forward the hypothesis one and builds a regression model one; Secondly, the paper analyzes the influence of audit quality on the quality of information disclosure, and puts forward the hypothesis two and builds a regression model two. Finally, the information disclosure quality as intermediary variables, the one to explore the effects of audit quality on the size of commercial credit financing. Puts forward hypothesis three and builds model three. In addition, in order to ensure the robustness of the results of this study, this paper tests the robustness of the model one and model three respectively.In this paper, empirical research found:after controlling for firm size, the nature of the actual controller, growth ability, profit ability, commercial credit supply and other factors, the listed companies select high-quality auditor can obtain greater commercial credit financing; Audit quality has a positive effect on the quality of information disclosure; and information disclosure quality is the intermediary variable of audit quality and the commercial credit financing scale, the conduction relationship between the three. High-quality audit can better play the external company governance function of an independent audit,to supervise personnel behavior of senior management about the enterprise information disclosure, to enhance the overall quality of information disclosure,to effectively alleviate the degree of information asymmetry between the enterprise and the external stakeholders, to expansion the commercial credit financing scale of enterprises. I have a hope that the research conclusions of this paper can enrich the research theory of commercial credit, and provide references for improving the quality of audit and perfecting the system of information disclosure.