| The going-concern assumption is one of the four basic assumptions of accounting,and is the premise of accounting confirmation,measurement and reporting for enterprises.If the uncertainties of business continuity occur,which indicates the deterioration of the financial situation of the enterprise,whether the debt can be repaid on time becomes the main problem faced by the enterprise,which will affect the interests of creditors,investors and other stakeholders.At the same time,auditing standards have been repeatedly revised,requiring CPAs to focus on the rationality of the application of the assumption of business continuity.Once there are problems in business continuity,they should issue the going-concern assumption on business continuity according to the seriousness of the specific problems,so as to remind the users of the statements.In China,due to the fast speed of debt financing,simple procedures,financial leverage and tax-deduction effect,it has become the preferred financing mode of enterprises.In addition,corporate debt financing has been widely concerned by the theoretical circles.Audit report of listed companies is the main way for creditors to obtain company information.Creditors will make judgments and make corresponding decisions according to audit opinions,which will affect the cost of debt financing of enterprises.At the same time,the external financial ecological environment of enterprises is also one of the important factors affecting the cost of debt financing of enterprises.The core of this paper is to study the impact of the going-concern audit opinion,financial ecological environment and their interaction on the cost of debt financing.Firstly,the relevant literature is sorted out,and on the basis of debt contract theory,signaling theory,financial ecological environment theory and ternary interactive decision theory,the research hypothesis of this paper is put forward.Secondly,the Shanghai and Shenzhen A-share listed companies from 2010 to 2017 are taken as the research object.Through empirical research,the uncertain audit opinions of sustained operation,financial ecological environment and their interaction on debt are studied.The impact of financing costs.The results show that:(1)compared with the nongoing-concern audit opinion,the going-concern audit opinion have a greater impact on the cost of debt financing;(2)the more developed the financial ecological environment,the lower the cost of debt financing;(3)the improvement of the financial ecological environment will weaken the positive impact of the going-concern audit opinion on the cost of debt financing.Finally,according to the results of the empirical test,this paper puts forward corresponding countermeasures and suggestions from the government level,the enterpriselevel,the audit level and the creditor level respectively: the government should constantly optimize the regional financial ecological environment to create conditions for reducing the cost of debt financing;the enterprise should constantly improve the quality of information disclosure,strengthen its own operation,and reduce the cost of debt financing;and the registered accountant should constantly improve the quality of information disclosure,strengthen its own operation and reduce the cost of debt financing.Certified public accountant should strengthen their professional quality,improve their professional competence and independence,strictly abide by auditing standards,and accurately judge the sustainability of enterprises to ensure the timeliness and appropriateness of issuing audit opinions;at the same time,industry supervision departments should do a good job of safeguarding,improve the relevant auditing standards system,so that the role of auditing can be fully exerted;creditors should enhance the use of auditing standards.The initiative of audit opinions issued by registered accountants of independent third parties should select suitable companies for investment,and safeguard their legitimate rights and interests. |
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