Research On The Impact Of Audit Quality On The Term Structure Of Corporate Debt

The choice of debt maturity structure is one of the most important decisions for debt financing.Improper debt maturity matching will not only affect the effectiveness of debt financing governance,endanger the company’s own financial security,but also may endanger the security of a country.The choice of debt maturity structure affects the development of the enterprise itself and affects creditor debt recovery.Therefore,the choice of bond term structure plays a crucial role in the development of enterprises and countries.At present,in the study of the influencing factors of the debt maturity structure,most scholars have conducted research from the company level,such as company size,asset structure,and so on.These indicators intuitively reflect the company’s operating conditions and solvency.In addition to the influence at the company level,according to the theory of information transfer,audit reports can also convey company information to the outside world.This paper studies the debt maturity structure from the audit level and studies the impact of audit quality on the debt maturity structure of the superior company.This article selects the listed company’s data for 2012-2016,and selects audit opinions,firm size,audit fees,and transactions.Whether or not it has been subject to supervision and punishment in four aspects to study the impact of audit quality on debt maturity structure,the study found that companies that obtain standard audit opinion can obtain more long-term debt in the following year,and due to the existence of information disclosure mechanism,The firm’s size is negatively correlated with the debt maturity structure of the following year.Audit costs are negatively correlated with the debt maturity structure of the following year.The relationship between the firm’s industry supervision and penalties and the debt maturity structure of the following year is not significant.From the research results,it can be concluded that the audit report can convey company information.At the enterprise level,companies should standardize their internal auditing and reduce the risk of external auditing.At the national level,the state should strengthen the supervision of the entire industry.Enhance penalties.