Research On The Impact Of Audit Opinion And Institutional Holdings On Corporate Bank Loan

Bank credit has always occupied a very important position in China's social financing.The data show that in 2012-2017,the ratio of China's national large-scale bank loans to total social financing was: 24.1%,22.99%,26.29%,33.42%,26.13%,25,14%,and the proportion of corporate debt financing in the same period: 8.18%,8.65%,9.51%,10.59%,11.49%,10.60%,and the domestic stock of non-financial companies accounted for 3.46%.,3.14%,3.09%,3.28%,3.70%,3.80%.It can be seen from this that the management of bank credit risk is crucial to the "deleveraging" task of the financial industry in China's supply-side reform.Among these,auditing plays an important role in the verification of corporate financial information with its independent and objective third party status,and has guiding significance for bank risk management.As the conciseness of the audit work,whether the audit information has sufficient information content in the process of bank lending is the first issue of this paper.In addition,when banks lend to enterprises,whether the internal information of the company is open and transparent and whether the company can be well constrained after obtaining the loan has always been the focus of the bank.So institutional investors with strong financial strength and professional information mining skills can alleviate the above problems to a certain extent,and the role of boosting enterprises in applying for bank credit is the second issue of this paper.When an enterprise is issued a non-standard audit opinion,whether institutional investors can help the company to get rid of the “ring customer” image in the bank's eyes through its own active shareholder utility is the third issue of this article.Based on the above questions,This article first reviews the literature of the audit opinion,the bank credit,the corporate governance effects of institutional investors,and establishes a research perspective: Based on information asymmetry and principal-agent theory,the theoretical mechanisms between audit opinions,institutional investors' shareholdings and bank credits are analyzed,and empirical research hypotheses are proposed accordingly.Further,this article uses non-financial listed companies in Shanghai and Shenzhen in 2008-2016 as a sample,and uses a multiple linear regression model to discuss the impact of the types of audit opinions and the institutional investor's shareholding on the bank credit of listed companies,After descriptive statistical analysis,univariate analysis,regression analysis,and robustness test on the sample data,the following conclusions were drawn: 1.The type of non-standard audit opinion is significantly negatively related to the bank loan of the company in the next year;2.The institutional investor's shareholding characteristics are significantly positively related to the bank loan obtained by the company;3.The institutional ownership of the company can weak The information content of nonstandard audit opinions in bank credits;4.The mechanism of action in conclusion 3 will be strengthened as the proportion of institutional holdings rises,but it is not significant in long-term bank loans.Finally,based on the empirical research conclusions,this paper puts forward suggestions on how to help listed companies obtain bank credit.