信用贷款既无抵押物也无保证人要求,其对银行利益的保证程度相对最小,而审计质量的提高有助于提升企业会计信息质量,是否也有助于企业获得更多的信用贷款呢?基于此,本文选取2007 ~ 2016年我国A股上市公司作为研究对象,以事务所规模的大小来衡量审计质量,探求审计质量的提高是否有助于企业获取更多的信用贷款。研究发现,审计质量与企业获得的信用贷款呈显著正相关关系,且这种关系在国有企业、市场化程度较高地区更为显著。进一步的中介效应分析表明,经“十大”审计的上市公司能在更大程度上降低应计盈余管理水平,从而有助于上市公司获取更多的信用贷款。从经济后果来看,只有经“十大”审计的上市公司在取得信用贷款后才可抑制企业非效率投资水平。
As credit loan has neither collateral nor guarantor requirements, its guarantee to the interests of banks is minimal, while as the improvement of audit quality helps to improve the quality of enterprise accounting information, does it also helps enterprises to obtain more credit loans? This paper selects Chinese A-share listed company between 2007 and 2016 as the research object, explores whether the audit quality improvement helps the enterprise to obtain more credit loan. It is found that there is a significant positive correlation between audit quality and credit loan, which is more significant in state-owned enterprises and regions with higher degree of marketization. Further analysis of intermediary effect shows that the level of accrued earnings management of listed companies audited by " BIG10'* can be reduced to a greater extent, thus helping listed companies to obtain more credit loans. With regard to economic consequences, only listed companies audited by the "BIG 10” can restrain the level of non-efficiency investment of enterprises after obtaining credit loans.