An Empirical Study On The Impact Of Audit Opinion On Corporate Debt Financing

Since China's reform and opening up,the financing problem has always been a hotspot of research on corporate finance,debt financing and debt financing is the enterprise financing the main two ways,our country enterprise debt financing has made great development,through the study of the research of debt financing,can affect the future development of the enterprise.Can affect enterprise debt financing cost and time limit of many factors,the point of this article is based on the type of audit opinion,research on debt financing cost and time limit of concrete,the independent audit as a third party,is a kind of external protection mechanism,to provide sufficient and reliable information to creditors,the information asymmetry between creditors and enterprise.Auditing problems and debt financing are the main themes of this article.This paper analyzes the impact of audit opinion on debt financing cost and term structure by analyzing the types of audit opinions issued by enterprises in statistical sample data.By reviewing the audit opinion,debt financing and debt financing cost of the related literature at home and abroad,summarized in this paper,the basic theory and related concepts involved,for this article research the audit opinion and the theoretical analysis of the relationship between debt financing,and puts forward the research hypothesis.In terms of testing hypotheses,this paper selected the sample to Shanghai a-share listed companies from 2013 to 2016 data,correlation analysis and multiple regression analysis by SPSS software,the further study of the audit opinion on the debt financing cost and financing period.The research results show that when the audit opinion issued by the enterprise is not reserved,the debt financing cost of the enterprise is low,and the enterprise is more likely to obtain long-term debt financing.On the contrary,if the audit opinion type issued by the enterprise is non-standard and unreserved,the debt financing cost of the enterprise is higher,and the maturity of debt financing is shorter.According to the research conclusion,this paper put forward the improve the level of the rule of law,promote fair competition and improve the audit quality of financial legal system reform,strengthen the supervision of certified public accountants and other aspects of the countermeasures and Suggestions.Of course,there are some shortcomings in this paper,which is the breakthrough point of the author's future research.