审计意见、声誉机制与债务融资约束

Audit Opinion, Reputation Mechanism and Debt Financing Constraints

摘要: 2017年以来，民营企业融资难、融资贵问题引起监管层的重视，各地不断出现的民企纾困基金一定程度上纾解了部分优质上市民企的融资难问题，而银行作为缓解企业融资问题的传统主力金融机构，在严峻的金融形势下，如何发挥作用至关重要。本文重点研究会计师事务所如何发挥作用进而影响银行的信贷政策，通过文献综述以及理论分析推导出审计意见、声誉机制通过降低信息不对称，提供一定程度“保证”作用进一步缓解债务融资约束。

Abstract: Since 2017, the difficulty of financing of private enterprises has attracted the attention of the regulatory authorities. To some extent, the emerging private enterprise bailout funds in some provinces have solved the financing difficulties of some high-quality enterprises. This paper focuses on how accounting firms can play a role in influencing the bank’s credit policy. Through conducting literature review and theoretical analysis, the audit opinion and reputation mechanism are deduced to reduce the information asymmetry and provide a certain degree of “guarantee” to further alleviate debt financing constraints.