【摘要】 利用领导干部自然资源资产离任审计制度(简称"离任审计")在部分地区试点这一事件,本文研究其对资源型、重污染型企业债务融资的影响。研究发现,离任审计提高了相关企业债务资本成本,包括银行借款成本和债券融资成本;离任审计降低了企业未来债务融资规模,有微弱的证据显示离任审计降低了企业获得商业信用的规模。领导干部自然资源资产离任审计对债务融资的影响并不因企业产权性质而异。最后,机理检验发现领导干部自然资源资产离任审计降低了企业未来现金流量。本文的研究表明领导干部自然资源资产离任审计制度提高了债权人对企业风险的评估,进而对企业债务融资造成负面影响,这对于认识领导干部自然资源资产离任审计的微观经济后果具有重要意义。更多还原

【Abstract】 Utilizing the event that natural resources and assets accountability audit of officials(NRAAAO)piloted in some regions,we investigate its impact on debt financing in resource-based and heavily polluting firms.We find that debt capital cost including bank loan cost and bond financing cost in related firms is improved by the NRAAAO.The NRAAAO will reduce the scale of debt financing in the future,and there is a weak evidence that the NRAAAO reduces the scale of business credit.The impact of the NRAAAO on corporate debt financing does not vary on the nature of corporate property rights.Finally,the mechanism test finds that the NRAAAO will reduce cash flow of firms in the future.The conclusion in this paper shows that the NRAAAO has improved the creditor’s assessment for the firm risk,and then has a negative impact on corporate debt financing,which is of great significance for understanding microeconomic consequences of the NRAAAO.更多还原