Research On The Impact Of Key Audit Matters On Enterprise Debt Financing Cost

In 2016,the Ministry of Finance of our country revised the auditing standards,and increasing the disclosure of key audit matters is the core content of this revision,in order to enhance the relevance of audit information and the usefulness of decision-making.With the continuous change of auditing standards,there are more and more studies on the impact of key audit matters on the cost of corporate debt financing.As one of the pillar industries of my country’s economy,the real estate industry has the characteristics of large capital demand,long construction period and high asset-liability ratio.However,with the tightening of the debt financing policy of the real estate industry in the macro environment in recent years,the industry is facing difficulties in debt financing.,the problem of high cost.Studies have shown that there is a correlation between the information content of audit reports and the cost of debt financing.As the core of this audit report reform,what is the relationship between key audit matters and corporate debt financing costs? Taking the real estate industry as an example,this paper focuses on the impact of key audit matters on the cost of corporate debt financing,and further explores how the impact will be different under the background of different property rights and different accounting firm scales.This paper attempts to provide empirical evidence for the impact of key audit matters in the field of practice,and puts forward relevant countermeasures and suggestions based on the current situation and characteristics of the real estate industry.This paper takes the real estate industry as the research object,combined with the analysis of the key audit matters and the status quo of debt financing in the real estate industry,puts forward relevant hypotheses such as the impact of key audit matters on the cost of corporate debt financing,and builds a multiple regression model to verify the hypothesis.The research results show that:(1)the higher the degree of disclosure of key audit matters,the lower the debt financing cost of real estate listed companies;(2)in the sample group of non-state-owned real estate listed companies,the key audit matters and corporate debt financing costs are significantly negatively correlated,on the contrary,in the sample group of state-owned real estate listed companies,the key audit matters are significantly positively correlated with the cost of corporate debt financing;(3)in the sample group audited by the auditing institutions for the international big four accounting firms,the key audit matters and corporate debts Financing costs are significantly negatively correlated.Based on the research conclusions of this paper,this paper puts forward some countermeasures and suggestions from three aspects of management,certified public accountants and audit supervision departments,and provides new ideas for the related research on debt financing costs.