审计师–客户不匹配关系对企业债务融资效率的影响研究——基于会计稳健性的调节效应

The Impact of Auditor-Client Mismatch on Enterprises’ Debt Financing Efficiency—Based on the Moderating Effect of Accounting Conservatism

摘要: 基于2007~2023年我国沪深A股上市公司为研究对象，针对审计师–客户不匹配关系对企业债务融资效率的影响进行研究，并引进会计稳健性作为调节变量，深入探究三者之间的关系。研究发现，审计师和客户不匹配关系对企业债务融资效率有显著影响，向上不匹配和向下不匹配均会降低企业的债务融资效率，并且采用稳健性较高的会计政策的企业若选择与其不匹配的事务所进行审计时，不匹配关系对企业债务融资效率的负面影响将得到一定程度的削弱。通过中介效应检验发现，向下不匹配通过弱化审计监督效能从而降低债务融资效率，未直接检验出向上不匹配影响债务融资效率的路径。该研究进一步拓展了会计师事务所与企业双方策略互动下的审计师–客户不匹配关系所带来的经济后果研究，也有助于企业选择与自身业务相匹配的事务所进行审计，改善企业的融资环境。

Abstract: Taking China’s A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2023 as the research object, this paper studies the impact of auditor-client mismatch on enterprises’ debt financing efficiency, and introduces accounting conservatism as a moderating variable to explore the relationship among the three in depth. The study finds that auditor-client mismatch has a significant impact on enterprises’ debt financing efficiency, with both upward and downward mismatches reducing such efficiency. For enterprises adopting accounting policies with a higher level of conservatism, the negative impact of auditor-client mismatch on their debt financing efficiency will be mitigated to a certain extent. The mediating effect test shows that downward mismatch reduces debt financing efficiency by weakening the effectiveness of audit supervision, while the direct impact path of upward mismatch on debt financing efficiency is not verified. This study further expands the research on the economic consequences of auditor-client mismatch under the strategic interaction between accounting firms and enterprises, and also helps enterprises select accounting firms that match their own business operations, thus improving the financing environment of enterprises.