| Non-standard audit opinions have unique economic meaning,which will send negative signals to creditors,affect creditors’ investment decisions,and thus affect the debt financing of enterprises.This paper mainly studies from two perspectives,one is the impact of non-standard audit opinions on the scale of corporate debt financing,the other is the impact of non-standard audit opinions on the maturity structure of corporate debt financing.On this basis,the heterogeneity analysis is further carried out,including the distinction between the types of non-standard audit opinions and the types of equity nature of listed companies.Finally,we study the lag effect and discuss whether non-standard audit opinions will have a long-term impact on corporate debt financing.The research shows that,compared with standard audit opinions,non-standard audit opinions have a significant negative correlation with the scale of corporate debt financing and the maturity structure of corporate debt financing.Compared with other types of non-standard audit opinions,the reserved opinion plus event segment has a greater impact on the scale of corporate debt financing,and the inability to express an opinion has a greater impact on the maturity structure of corporate debt financing.Compared with non-state-owned listed companies,non-standard audit opinions have less impact on the debt financing of state-owned listed companies,that is,the nature of state-owned equity can weaken the negative impact of non-standard audit opinions on the scale and maturity structure of corporate debt financing.Non-standard audit opinions will have a long-term impact on the scale of corporate debt financing,but not on the maturity structure of corporate debt financing.According to this,the implications of the study are as follows: for the government,while strengthening the intensity and depth of financial market reform,it also needs to strengthen the intensity of supervision and management to ensure the normalization of information disclosure;For enterprises,while establishing a sound and scientific corporate governance structure and improving the effectiveness of corporate governance,they should also consciously strengthen the study of relevant laws and regulations,pay attention to their own management level and quality,and prudently regulate operation.For auditors,while practicing prudently in accordance with the law and constantly improving their professional standards and professional ability,they should consciously abide by professional ethics.For creditors,while paying attention to the types of non-standard audit opinions issued by enterprises,they should also pay attention to the specific information disclosed in the audit report. |
