An Empirical Study On The Financial Ecological Environment Audit Opinions And Financing Constraints

In recent years,the concept of financial ecological environment is rising day by day.Building a good financial ecosystem and helping economic develop healthy has become an important work of our government departments.There is no doubt that the development level of the financial ecological environment has a far-reaching impact on the macro-economic operation and the behavior of micro enterprises.At present,the existing domestic literatures focus more on the evaluation of financial ecological environment index system and empirical research on the relationship between financial ecological evolution and macro economic growth,while little attention has been paid to the micro economic effect of financial ecological environment.The company's financing behavior is very important for the development of the company.Our country's economy is in transition,capital market is not mature enough,regional economic development is not balanced,so,financing constraints are inevitable for Chinese enterprises.The financing constraints faced by enterprises are not only the important basis for companies to choose the source of funds and the financing plan,but also the main criteria for evaluating investment projects and deciding the choice of investment.Therefore,how to solve the financing constraints faced by the enterprises in our country and realize the leap forward development of the enterprises has become the urgent and most important thing.Starting from the financial ecological environment of enterprises and the audit opinions on behalf of external supervision,this paper studies its impact on financing constraints,and how to ease financing constraints and improve the efficiency of credit resource allocation.Based on 2011-2016 years' A share listed companies in China,this paper empirically examines the impact of audit opinion on corporate financing constraints under different financial environment.The results show that the improvement of financial ecological environment helps to alleviate the financing constraints faced by enterprises,but companies with non-standard audit opinions face greater financing constraints.Therefore,the improvement of financial ecological environment can not only reduce financing constraints,but also make investors pay more attention to the quality of accounting information and decide the allocation of resources accordingly.In addition,in view of the special situation of our country,in the study of scalability in this paper,the samples are grouped according to the nature of property rights,to research how the property right influence the relation between audit opinion and the financing constraints.The results show that the audit opinion affects financing constraints more obviously in private enterprise.Based on the background of financial ecology,this paper studies the impact of audit opinion on financing constraints.Firstly,it reveals the impact of financial ecological environment on corporate financing constraints on macro level,and its important role in relieving credit discrimination of private enterprises in China.Secondly,it enriches the theory of financing constraints,and provides empirical evidence that audit opinion affects corporate financing constraints,and explores the important role of financial environment in it.It not only provides an important empirical basis for the government to further optimize the financial ecological environment,but also provides a reference value for enterprises to improve financing decisions and improve credit resource allocation.