Undering The Subsidies Non-standard Audit Opinion Research On The Influence Of The Listed Companies Financing Constraints

Financing constraints is a major problem that the external financing of listed companies are confronting,Research on financing constraints,especially which under non standard audit opinion is of great significance.From the enterprise level,the non standard audit opinion makes the listed companies recognize their existing financing constraints,and guide the listed companies to improve financial management.From the government level,listed companies are constrained by the non standard audit opinion in financing,and can achieve ease of the financial pressure through government subsidies.Studying the listed companies' problem of financing constraints from the perspective of people's livelihood,can get a profound understanding of the relationship between the non-standard audit opinion and financing constraints of economic system of our country,as well as the significant relationships of government subsidy and financing constraints.The analysis of the impact of the non-standard audit opinion under government subsidies on listing Corporation financing constraints,can further provide a reference to relevant policies,investors or creditors,the government's macro-control.The key problem to be solved in this paper is to discuss the working mechanism of government subsidies on the financing constraints after the listing Corporation was issued non-standard audit opinions,and analysis of the mechanism of non standard audit opinion under the government subsidies to the listing Corporation financing constraints.There are two main points: one is under government subsidies,non standard audit opinion degree of government subsidies' influence on financial constraints influence,verifying whether non standard audit opinion would aggravate listed companies financing constraints,and government subsidies have ease of listed company financing constraints;the other is the analysis of under non standard audit opinion,whether the government subsidy has influence on listing Corporation financing constraints,the basic train of thought of the research is using modified cash cash sensitivity coefficients measure the financing constraints model,introducing two variable degree of government subsidies and non standard audit opinion,using a combination of normative and empirical methods from government subsidies and non standard audit opinion level to study.An empirical study is carried out by the linear regression model,it is found :(1)under government subsidies,cross-product term regression coefficients of non standard Audit Opinions and operating cash flow are significantly positive,indicating that the government subsidy is issued a modified audit opinions of listed companies will increase the financing constraints.(2)under government subsidies,cross-product term regression coefficients of the degree of government subsidies and operating cash flow is significantly negative,which indicates that government subsidies can alleviate the financing constraints of listing Corporation.(3)under non standard audit opinion,the government subsidies will increase the listing Corporation financing constraints,that is,financing constraints of listing Corporation with government subsidies is bigger than those without government subsidies.The main innovations of this paper are as follows:(1)On the basis of the financing constraints with government subsidies,the non standard audit opinions are considered.(2)Under the non standard audit opinion,the influence of the government subsidies on the listing Corporation financing constraints is considered.(3)on the basis of the two points above,the financing theory under government subsidies is enriched.Although some scholars are researching the relationship between those two,and involved in the research of financial development,control,relationship between government and enterprises and bank enterprise relation of the Although the relationship between scholars research,and involved in the research of the relationship between audit opinions of financial development,control,relationship between government and enterprises and bank enterprise relation of the audit opinion and the financing constraints,but rarely consider effects of the role of government subsidies to regulate and control the market allocation of resources on listed companies financing constraints.