Audit Opinion,Credit Rating And Corporate Debt Financing Cost

Enterprises are an important supporting force for the development of China’s economy.In recent years,China has continuously supported the development of enterprises and encouraged innovation,and the enterprise economy has become the most active part of the economy.However,with the continuous development of enterprises,financing has become an important factor restricting their development.Affected by the global financial crisis and the COVID-19 epidemic,the difficulty of corporate financing has increased,and many companies have closed down due to financial failures during the operation process.Although China has given a lot of help to most enterprises in the economy,the difficulty and high cost of corporate financing is still a problem encountered by many enterprises on the road of development.Therefore,studying the cost of debt financing of enterprises is a hot issue of great practical significance.Both audit opinion and credit rating are indicators to measure the capability of an enterprise.As a result issued by a third-party institution,the audit opinion can reflect the financial risk and sustainable operation of the enterprise,and the credit rating can reflect the credit level and repayment ability of the enterprise.Therefore,this paper studies the impact of audit opinions and credit ratings of listed companies on debt financing costs.One is the relationship between audit opinions and corporate debt financing costs,the second is the relationship between audit opinions and credit ratings,the third is the mediating effect analysis of "audit opinion-credit rating-debt financing cost",to explore whether credit rating played a mediating effect between audit opinions and debt financing costs,and to explore the impact of the quality of accounting firms and the nature of the enterprises on this study.This paper selects A-share listed companies excluding ST and financial companies,and selects audit opinions and financial report data from 2008 to 2021,and credit rating data from 2010 to 2021.After multiple regression analysis and mediation effect test,this paper draws the following conclusions:(1)Audit opinion is negatively correlated with debt financing costs;(2)Audit opinion is positively correlated with credit rating;(3)credit ratings play an mediation effect between audit opinions and debt financing costs,and high-quality accounting firms and state-owned enterprises can enhance the mediation effect.On this basis,this paper provides a new path for effectively reducing the cost of corporate debt financing and promoting corporate development.At the same time,in response to misconduct incidents in audit opinions and credit ratings,put forward practical opinions to improve the objectivity of audit opinions and credit ratings,and standardize audit behavior and the credit rating market.