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| Title: | 探討審計意見於債務合約中的資訊功能角色 ─兼論國有企業的調節影響
The Information Role of Audit Opinions in Debt Contract: The Intermediary Influence of State-Owned Enterprises |
| Authors: | 姚昱斕
Yao, Yu-Lan |
| Contributors: | 戚務君
Chi, Wu-Chun
姚昱斕
Yao, Yu-Lan |
| Keywords: | 審計意見
債務合約
所有權性質
Audit opinions
Debt contracts
Corporate ownership |
| Date: | 2020 |
| Issue Date: | 2020-08-03 17:29:31 (UTC+8) |
| Abstract: | 本文選取2004年至2017年中國上市公司為研究對象，構建回歸模型分別檢驗了非標準式無保留意見(Modified Audit Opinion，簡稱MAO)對債務合約條件(包括銀行借款利率、借款規模及借款期限)的攸關性，並進一步探討企業所有權性質(以是否為國有企業衡量)的調節影響。研究發現：企業收到MAO會提高下一年度的銀行借款利率，其中以無法表示意見類型的審計意見最為嚴重，而國有性質企業會減緩債務利率提高的現象。除此之外，本文發現無法表示意見與銀行借款規模之間存在顯著負相關關係，然而未發現審計意見與銀行借款期限之間存在關係。整體而言，本文證實在中國市場的債權人會將MAO的資訊納入債務合約中。
Using listed companies in China from 2004 to 2017 as the sample, this paper examines the relevance of modified audit opinions (MAO) in debt contracting, including interest rate, loan size, and maturity, and further examines the moderated effect of State-Owned Enterprises (SOE). The result shows that loans issued in the year after an MAO are associated with increasing interest spreads, and an MAO with disclaimer opinion having the largest effect. Moreover, the company with SOE could mitigate the effect of increasing interest spreads. In addition, this paper finds a positive association between a disclaimer opinion and loan size, but finds no evidence of an association between an audit opinion and loan maturity. Overall, the result of this paper suggests that lenders incorporate the information contained in MAO in to debt contracting in China market. |
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| Description: | 碩士
國立政治大學
會計學系
107353051 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353051 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000669 |
| Appears in Collections: | [Department of Accounting] Theses
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