The Impact Analysis Of Auditing Practice For Small And Medium-sized Listed Companies' Loan Maturity Structure

With the rapid development of the capital market and more and more companies listing, auditing work is becoming more and more important. Listed companies hire accounting firms to audit the financial report and transfer company's financial management and other information to banks and other providers of loans, which can alleviate the information asymmetry of the providers of loans and listed companies and improve the reliability of companies'disclosed information. From the perspective of banks and other loan providers, This paper studies the influence of the auditing practice to small and medium enterprises' loan maturity structure. According to the reflecting situation of auditing practice, banks and other loan providers will make the corresponding loan decisions. In addition, the nature of property rights and market environment quality may affect the relationship of auditing practice and small and medium-sized enterprises'loan maturity structure. So the sample is divided into property rights and market environment quality to analyze their regulating action of the usefulness of auditing decisions.This paper adopts the methods of literature research and statistical analysis. First, this paper reviews the research literature of auditing practice and debt financing to understand the domestic and foreign scholars'views about the relationship of auditing opinion, the selection of accounting firms and enterprises'loan maturity structure, summarizing to find the breakthrough of research, putting forward hypothesis by theoretical analysis. Secondly, this paper analyzes the basic situation of the SME board market and the GEM board market to obtain the loan financing information of two plates. Thirdly, this paper chooses the manufacturing enterprises of SME board market and the manufacturing industry & information technology industry enterprises of GEM board market from 2009 to 2012 as samples, using the loan maturity structure as the dependent variable, auditing opinion, the selection of accounting firms as the independent variables, the nature of property right, market environment, enterprise's financial indexes as control variables, establishing the multivariate linear regression model. Last, this paper makes an analysis of all samples, different properties groups and different market environment quality groups.The conclusions are as follows:(1) The auditing opinions have no effects for small and medium-sized listed companies'loan maturity structure. This may be mainly due to the observation of the non-standard audit opinion is too small by the selection of sample in this paper, affecting the regression results. (2) Selecting high quality firms has a positive effect for small and medium-sized listed company's loan maturity structure. Choosing the "big ten" can improve the proportion of the long-term loans. However, small auditing firms have low degree of reputation, and banks and other lenders are on the low trust. Even small auditing firms issues standard auditing opinions, banks and loan providers will also doubt the fairness of disclosure information. So it can not increase the proportion of long-term loans. (3) Property rights weakens the influence of auditing practice to the loan maturity structure. The state-owned holding listed SMEs bear the policy burden, the government will give them the protection and subsidies. Even the state-owned holding listed SMEs are issued non-standard auditing opinions and chooses the "big ten" to audit, banks and other loan providers ignore the signal of auditing practice. However, if the non state-owned small and medium-sized enterprises are issued non-standard auditing opinions or chooses the small auditing firms, banks and other loan providers may take prompt actions to change the loan decisions. (4) The quality of market environment significantly affects the relationship between auditing practice and loan maturity structure. The regression results of high quality group is significantly higher than the low quality group. Namely, in the good quality region of market environment, the influence of auditing practice for loan maturity structure is more obvious. In the good quality region of market environment, the influence is weakened.