【作者】 张娟； 李明辉；

【机构】 南京大学会计学系； 南京大学中国审计研究中心；

【摘要】 审计师选择具有信号传递作用,影响到上市公司的融资交易成本。基于动态融资结构理论,融资交易成本低的企业会加快向目标融资结构调整的速度,减小实际融资结构的波动区间。本文运用动态面板数据方法探讨我国市场投资者对审计师选择信号的接受程度,分析了选择不同审计师的上市公司,其融资结构调整速度的差异。这为洞察我国独立审计的市场反应和审计需求提供了新的参考视角。更多还原

【Abstract】 Auditor selecting can transfer signal to the market,hence affect the financing transaction costs of public listed companies.Based on the dynamic capital structure theory,the lower the financing transaction cost, the faster the companies adjust their capital structures to the targent levels and narrow the fluctuating ranges of capital structures.This article, applying the dynamic panel data method, investigates the acceptance degree of the auditor selecting signal by market investors,and analyes the differences of capital structure adjustment speed of the companies selecting different auditors.It offers the new perspective into the market reaction and the demands of independent auditing in China.更多还原