| In our country,with the rapid development of market economy,the role of the audit is increasingly highlighted,this from the expansion of the certified public accountants team can see out.Especially in recent years,more and more stakeholders to realize auditing as an independent third party that play an important role,they in the investment decision-making before will be more and more rational,more attention to the audit report can bring their information.When the enterprises have the demand of financing,the bank loan is its financing from outside the main channel.For a bank,when it will be money loaned out,the borrowing firms likely to invest blindly or high-risk investment projects,but the damage to the bank of bank of economic activities cannot be fully observed,at this moment as a third party accounting firm is required to reduce the information asymmetry phenomenon.When the firm’s audit quality is higher,the bank will be more trust to the enterprise’s financial report,and as a decision-making basis.In this paper,we discuss the is audit quality’s influence on the cost of borrowing.In addition,special is introduced to analyze the financial ecological environment,financial ecological environment on the relationship between audit quality and loan interest rate adjustment function.Found that in the process of the review of previous literature on the problem of domestic scholars and foreign scholars research results is not completely consistent,to say the audit quality impact on borrowing costs still has the value of the research.This article first to the four basic theory are introduced,the credit contract theory,information asymmetry theory,signaling theory,theory of financial ecological environment,on the basis of theoretical analysis the relationship between audit quality and the cost of borrowing,put forward assumption: assuming a hire for the company high quality firm helps to reduce their cost of borrowing;Hypothesis 2.The financial ecological environment,the higher regions,the role of high quality audit to reduce the cost of borrowing is smaller;Assuming three compared to large enterprises,the high quality audit the impact on the cost of borrowing for small and medium enterprises more intense.This paper takes the listed company hired by the firm whether domestic "top ten" to measure the audit quality,meet the interest paid bycash/average loan amount to measure the listed company’s cost of borrowing,and the other factors influencing the cost of borrowing as control variables to establish the model for empirical analysis.Through the empirical analysis,the conclusions are as follows:(1)hired "top ten" domestic firms to audit the enterprises significantly lower borrowing costs,namely choose domestic enterprises in the "top ten" firm borrowing costs less than hiring a "top ten" companies.(2)the financial ecological environment the better areas,firms’ borrowing costs will be lower.As the improvement of financial ecological environment,the effect of audit quality will be weakened by the role of financial ecological environment.(3)in small and medium-sized enterprises and large enterprises,the role of audit quality are obviously different.Relative to large enterprises,audit quality plays a greater role in small and medium enterprises.Based on the research conclusion,this paper puts forward the following countermeasures:first,the enterprise should employ high quality firm to reduce borrowing costs;Second,improve the ability of the business of the public accounting firm to audit quality.The third,and small and medium-sized enterprises should improve their competitive ability to reduce borrowing costs;Fourth,the government should vigorously improve financial ecological environment. |
