Audit Opinion,Audit Quality And Financing Constrains

Financing can make the money flow between suppliers and demanders,which is the necessary way for the development of enterprises.But most of enterprises in China are faced with financing constraints.Financing constraints limit the development and expansion of enterprises,hinder the improvement of the market,and reduce the allocation efficiency of social capital.Around the factors that affect the financing constraints,domestic scholars have done a lot of research.The research of domestic literature mainly focuses on the factors such as the companies situation,financial environment,institutional investors and so on,which affect the financing constraints of listed companies.There are a few literatures around the factor of audit opinion,but the literature data samples prematurely,mostly concentrated before 2005,which make the conclusion can't be applied now.In addition,the audit quality is also an important indicator of the audit,which can't be ignored.High-quality audit opinion can make the results more credible,which can play the role of audit opinion better,so high-quality audit can also ease the financing constraints to a certain extent.In addition,the nature of property rights of listed companies is different,which can make the effect of audit opinion different.In this paper,different property nature can lead to different effect of audit opinion.At the same time,the audit opinions are classified according to their form to analyze the relationship between the audit opinion and the financing constraints.Based on the property nature of listed companies,this paper analyzes the impact of the audit quality of listed companies with different property rights on the types of audit opinions and the mitigation effect of financing constraints,which can provide useful reference for the alleviation of corporate financing constraints.Based on the research results of existing literatures and the theories of signal transmission theory,property right theory and asymmetric information,this paper chooses all the SSE A and Shenzhen A-share listed companies as a sample from 2010 to 2015.By using the cash-cash sensitivity model,we can use the methods of descriptive statistics,correlation analysis and multivariate linear regression analysis to test the relationship between financing constraints,audit quality,audit opinion,and property nature.On the basis of the results of empirical test,this paper puts forward some suggestions to enterprise and government,including improving the quality of information disclosure,strengthening the supervision of information disclosure,improving the accounting standard system and the audit system.The main contributions of this paper are as follows:Firstly,the study finds that the standard unqualified audit opinion can alleviate the financing constraints of the listed companies.Secondly,the study draws that the high-quality standard unqualified audit opinion can allebiate financing constraints better.The audit quality has an enhanced effect on the relationship between audit opinion and financing constraints,and broaden the scope of research on financing constraints.Thirdly,it is found that the audit quality of listed companies with different property rights has different effects on the relationship between audit opinion and financing constraints.Compared with non-state-owned enterprises,state-owned enterprises which are issued by the high-quality audit opinion can can ease the financing constraints better,which could provide reference for different property rights to ease the level of financing constrains.