The Relationship Between Non-standard Audit Opinions And Corporate Debt Financing

As the final product of independent audit activities,audit opinion has the function of signal transmission because of its information content,it can reflect the operation status,solvency and default risk of the audited enterprise,and enable the users of the financial statements to draw basic judgments on the current credit status of the company,thereby strengthening or weakening the degree of trust of financial information users in financial reports and audited enterprises.In recent years,due to the capital market information asymmetry and agency problems in capital markets,more and more stakeholders accept and recognize independent audit opinion,and use it as an important basis for decision.This paper studies how non-standard audit opinion affects the debt financing of enterprises.In that past research,although the exist theories reveal the influence of audit opinion on enterprise debt financing,but the implications have not been explored in depth,in addition,the current research is limited to the role of audit opinions in the equity market,the role of the loan market is less studied.Therefore,this paper focuses on the relationship between corporate debt and audit opinion,make up for the shortcomings of existing research,enrich the creditor decision-making research results.This paper use principal-agent theory,signal transmission theory,financing constraints theory,combining non-standard audit opinion with enterprise debt financing,takes YR group as a case study,and analyzes the influence of non-standard audit opinion on creditor loan policy,supplier and customer policy changes,and debt market performance.The research objectives and expected findings of this paper are as follows:(1)a case study of a typical enterprise is carried out to study how non-standard audit opinions affect the creditor's rights financing of the enterprise;(2)draw a conclusion,put forward three suggestions to reduce the risk of enterprise financing.The research value and enlightenment of this paper:enterprise financing is an important content of its management,plays a vital role in the sustainable development of enterprises,YR group is a typical representative enterprise of agricultural and sideline products manufacturing industry,and non-standard audit opinion has obvious market response,this case has greater research significance,can become an important reference object of non-standard audit opinion how to influence the debt financing of other enterprises,and provide reference for how to reduce the risk of enterprise financing.