北京工商大学学报
(
社会科学版
)摇 摇 摇 摇 2015
年
摇
第
1
期
auditor wealth
[
J
]
. Journal of Political Economy
,
1993
,
101
(
5
):
887 - 914.
[
4
]
Watts R L
,
Zimmerman J Z. Agency problems
,
audi鄄
ting
,
and the theory of the firm
:
some evidence
[
J
]
. Journal of
Law and Economics
,
1983
,
26
(
3
):
613 -633.
[
5
]
Fortin S
,
Pittman J A. The role of auditor choice in
debt pricing in private firms
[
J
]
. Contemporary Accounting
Research
,
2007
,
24
(
3
):
859 - 896.
[
6
]
林毅夫
,
刘明兴
,
章奇
.
政策性负担与企业的预
算软约束
:
来自中国的实证研究
[
J
]
.
管理世界
,
2004
(
8
):
81 - 89.
[
7
]
樊 纲
,
王小鲁
,
朱恒鹏
.
中国市场化指数
———
各
地区市场化相对进程
2009
年报告
[
M
]
.
北京
:
经济科学出
版社
,
2010.
[
8
]
Myers S C
,
Majluf N. S. Corporate financing and
investment decisions when firms have information that inves鄄
tors do not have
[
J
]
. Journal of Financial Economics
,
1984
,
13
(
2
):
187 - 221.
[
9
]
Bernanke B
,
Gertler M. Agency costs
,
net worth
,
and business fluctuations
[
J
]
. American Economic Review
,
1989
,
79
(
1
):
14 - 31.
[
10
]
Baber W
,
Kumar K
,
Verghese T. Client security
price reactions to the laventhol and horwath bankruptcy
[
J
]
.
Journal of Accounting Research
,
1995
,
33
(
1
):
385 -395.
[
11
]
刘凤委
,
李 琳
,
薛云奎
.
信任
、
交易成本与商业
信用模式
[
J
]
.
经济研究
,
2009
(
8
):
60 - 72.
[
12
]
Allen F
,
Qian J
,
Qian M. Law
,
Finance and eco鄄
nomic growth in China
[
J
]
. Journal of Financial Economics
,
2005
,
77
(
1
):
57 - 116.
[
13
]
陈运森
,
王玉涛
.
审计质量
、
交易成本与商业信
用模式
[
J
]
.
审计研究
,
2010
(
6
):
77 - 85.
[
14
]
马忠
,
刘宇
.
企业多元化经营受政府干预
、
企业资
源的影响
[
J
]
.
中国软科学
,
2010
(
1
):
116 -127.
[
15
]
夏立军
,
方轶强
.
政府控制
、
治理环境与公司价
值
———
来自中国证券市场的经验证据
[
J
]
.
经济研究
,
2005
(
5
):
40 - 51.
[
16
]
Fan J
,
Wong T J. Do external auditors perform a
corporate governance role in emerging markets
?
evidence from
east asia
[
J
]
. Journal of Accounting Research
,
2005
,
43
(
1
):
35 - 72.
[
17
]
De Angelo L E. Auditor size and audit quality
[
J
]
.
Journal of Accounting and Economics
,
1981
,
3
(
3
):
183 -199.
[
18
]
Francis J R
,
Maydew E L
,
Sparks H C. The role
of big 6 auditors in the credible reporting of accruals
[
J
]
. Au鄄
diting
:
A Journal of Practice and Theory
,
1999
,
18
(
2
):
17 - 34.
[
19
]
李仙
,
聂丽洁
.
我国上市公司
IPO
中审计质量与
盈余管理实证研究
[
J
]
.
审计研究
,
2006
(
6
):
67 - 72.
Institutional Environment
,
Audit Quality and Commercial Credit Mode
———
Based on Empirical Date of Chinese Listed Companies
LIU Jun
1,2
, GUO Ping
1
& CAO Xiang
2
(
1. School of Economy & Trade
,
Hunan University
,
Changsha
,
Hunan 410079
,
China
;
2. School of Accounting
,
Hunan University of Commerce
,
Changsha
,
Hunan 410205
,
China
)
Abstract
: External audit quality has a certain effect on the choice of commercial credit mode in the context of different insti鄄
tutional environments. Research shows that high鄄quality auditing can make trading parties adopt a commercial credit mode with
relatively low financing cost. Due to the soft budget constraint, high鄄quality auditing has no significant effect on commercial credit
mode in the state鄄owned enterprises no matter whether the institutional environment is good or bad. However, private enterprises
prefer to choose a commercial credit mode with relatively low financing cost, in which such effect is more significant, especially
in relatively unsatisfactory institutional environment. Therefore, external audit quality has a substitution effect on soft budget con鄄
straint, government intervention and legal environment.
Key Words
: institutional environment; audit quality; commercial credit mode; nature of property; marketization degree
(
本文责编
摇
王沈南
)
·86·
