当前，因为新冠病毒疫情的影响，我国经济处于低迷状态，企业一方面承受着较高 的融资压力，另一方面又面临着迫切的资金需求。目前看来，企业解决资金需求比较快 捷的方式是融资，融资一般分为债务融资和股权融资。相比较于股权融资，债务融资优 点较多。首要的是速度快，能以较快的速度解决企业的燃眉之急；其次是手续简单，费 用比股权融资要低；还有比较重要的一点是债务融资能形成财务杠杆，具有抵税的作用， 种种优点使得债务融资广受企业的青睐，也是理论界研究的一大热点。基于上述原因， 研究审计意见对企业融资成本的影响具有显著的现实意义。本文的核心是研究审计意见 与企业债务融资成本的关系，并探讨经济环境异质性是否会对二者关系产生影响。 本文综合运用规范研究与实证研究相结合的方法。规范研究旨在阐述本文研究的理 论基础，为实证研究做好理论铺垫；实证研究则主要用于验证理论假设的正确性。首先， 对已有的研究成果、理论论述和科研动向进行详细的梳理总结，在此基础上形成本文研 究的理论基础，文章着重介绍不完全契约、优序融资、委托代理、信息不对称和信号传 递等5个相关理论；其次，在实证研究设计阶段，提出本文三个研究假设，选取确定实 证变量，构建模型进行研究假设检验，该过程中选取2015-2019年沪深A股上市公司财 务数据作为研究样本；再次，进行实证结果分析，验证所提出假设的正确性，分析顺序 依次是描述性统计、相关性分析和回归分析、稳健性检验。分析过程中密切注意结合理 论基础，保证理论和实证结合紧密性，实现定量和定性统一。最后，在前文研究检验的 基础上得出结论：(1)被出具标准无保留审计意见的企业所承担的债务融资成本更低；(2) 经济环境发达程度与该地区企业的债务融资成本负相关；(3)经济环境异质性能够增强标 准无保留审计意见与债务融资成本的负相关性。针对研究过程及结论中发现的融资问题 分别从债务人、债权人、审计机构和国家层面提出以下建议：(1)以上市公司为代表的债 务人要提高自身经营管理水平，改善企业财务状况，遵循会计准则，重视外部审计，提 高信息披露质量，达到提高自身声誉和债权人的信任度的目的。(2)以银行、金融机构等 为代表的债权人要重视审计机构出具的审计意见，加强对信贷风险的评估管理能力，尽 量减少不良贷款的发生。(3)出具审计意见的审计机构应该严格遵守审计准则，加强自身 专业素质，提高专业胜任能力和独立性，有效监督企业的财务水平和经营状况，科学合 理全面出具审计意见，起到保障债权人利益的重要作用。(4)政府应当营造公平公正的融 资市场环境，优化融资审批流程，不断提升服务水平，激励企业合法、诚信经营，提高 山东建筑大学硕士学位论文 2 资源配置效率。 关键词：债务融资成本，审计意见，经济环境异质性 山东建筑大学硕士学位论文 3 ABSTRACT Atpresent,duetotheimpactofthenovelcoronavirus,China'seconomyisinadownturn. Ononehand,enterprisesarefacinghigherfinancingpressure,ontheotherhand,theyare facingurgentcapitalneeds.Thefasterwayforenterprisestosolvethecapitaldemandis financing,whichisgenerallydividedintodebtfinancingandequityfinancingparedwith equityfinancing,debtfinancinghasmoreadvantages.Firstofall,itcansolvetheurgentneeds ofenterprisesatafasterspeed;Secondly,theproceduresaresimple,andthecostislowerthan equityfinancing;Thirdly,themoreimportantpointisthatdebtfinancingcanformfinancial leverageandhasthefunctionoftaxdeduction.Allkindsofadvantagesmakedebtfinancing widelyfavoredbyenterprises,anditisalsoahotspotoftheoreticalresearch.Basedonthe abovereasons,itisofgreatpracticalsignificancetostudytheimpactofauditopinionson corporatefinancingcosts.Thecoreofthispaperistostudytherelationshipbetweenaudit opinionandcorporatedebtfinancingcost,andtoexplorewhethertheheterogeneityof economicenvironmentwillaffecttherelationship. Thispaperusesthemethodofcombiningnormativeresearchwithempiricalresearch. Normativeresearchaimstoelaboratethetheoreticalbasisofthisstudyandpavethewayfor empiricalresearch;empiricalresearchismainlyusedtoverifythecorrectnessoftheoretical assumptions.Firstofall,theexistingresearchresults,theoreticaldiscussionsandresearch trendsaresummarizedindetail.Onthisbasis,thetheoreticalbasisofthispaperisformed.The paperfocusesonfiverelatedtheories,suchasincompletecontract,priorityfinancing, principal-agent,informationasymmetryandsignaltransmission.Secondly,inthestageof empiricalresearchdesign,threeresearchhypothesesareputforwardandconfirmed.Inthis process,thefinancialdataofShanghaiandShenzhenA-sharelistedcompaniesfrom2015to 2019areselectedastheresearchsamples.Thirdly,theempiricalresultsareanalyzedtoverify thecorrectnessofthehypothesis,andtheanalysisorderisdescriptivestatistics,correlation analysisandregressionanalysis,robustnesstest,etc.Inthewholeanalysisprocess,weshould paycloseattentiontothetheoreticalbasis,ensuretheclosecombinationoftheoryand empirical,andachievetheunityofquantitativeandqualitative.Finally,onthebasisofthe aboveresearchandtest,thefollowingconclusionsaredrawn:(1)thedebtfinancingcostborne bytheenterpriseswithstandardunqualifiedauditopinionislower;(2)thedevelopmentdegree ofeconomicenvironmentisnegativelycorrelatedwiththedebtfinancingcostofenterprisesin theregion;(3)theheterogeneityofeconomicenvironmentcanenhancethenegative correlationbetweenstandardunqualifiedauditopinionanddebtfinancingcost.Inviewofthe 山东建筑大学硕士学位论文 4 financingproblemsfoundintheresearchprocessandconclusion,thefollowingsuggestions areputforwardfromthedebtor,creditor,auditinstitutionandnationallevel:(1)thedebtor representedbythelistedcompanyshouldimproveitsownmanagementlevel,improvethe financialsituationoftheenterprise,followtheaccountingstandards,attachimportanceto externalaudit,improvethequalityofinformationdisclosure,soastoimprovetheirown reputationandthetrustofcreditors.(2)Thecreditorsrepresentedbybanksandfinancial institutionsshouldattachimportancetotheauditopinionsissuedbyauditinstitutions, strengthentheabilityofcreditriskassessmentandmanagement,andminimizetheoccurrence ofnon-performingloans.(3)Theauditinstitutionsthatissueauditopinionsshouldstrictly abidebytheauditingstandards,strengthentheirprofessionalquality,improvetheir professionalcompetenceandindependence,effectivelysupervisethefinancialleveland operationstatusofenterprises,andissueauditopinionsscientificallyandreasonably,soasto playanimportantroleinprotectingtheinterestsofcreditors.(4)Thegovernmentshould createafairandjustfinancingmarketenvironment,optimizethefinancingapprovalprocess, continuouslyimprovetheservicelevel,encourageenterprisestooperatelegallyandhonestly, andimprovetheefficiencyofresourceallocation. KeyWords:debtfinancingcost,auditopinion,theheterogeneityofeconomic environment 山东建筑大学硕士学位论文 5 目录 摘要..........................................................................................................................1 ABSTRACT............................................................................................................3 第1章绪论...........................................................................................................1 1.1研究背景..........................................................................................................................1 1.2研究目的和意义..............................................................................................................2 1.3文献综述..........................................................................................................................3 1.4研究方法与内容..............................................................................................................8 1.5创新之处..........................................................................................................................9 第2章相关概念与理论分析.............................................................................11 2.1相关概念........................................................................................................................11 2.2理论分析........................................................................................................................13 第3章实证研究设计.........................................................................................18 3.1研究假设........................................................................................................................18 3.2样本选择与数据来源....................................................................................................19 3.3变量设计.................................