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采用欧拉投资方程,以2006~2010年的中国上市公司为样本,研究不同等级的金融市场中审计意见对企业融资约束的差异化影响。研究发现:在不同等级的金融市场中,审计意见对融资约束的影响存在差异;在金融发展程度高的地区,相对于标准审计意见,非标准审计意见明显增强了对企业的融资约束,而在金融发展程度低的地区,非标准审计意见却放松了对企业的融资约束。
Using Euler’s investment equation, taking Chinese listed companies from 2006 to 2010 as a sample, this paper studies the differentiated impact of audit opinion on different levels of financial markets on corporate financing constraints. The findings are as follows: in the different levels of financial market, the impact of audit opinions on financing constraints is different; in areas with a high degree of financial development, non-standard audit opinions significantly enhance the financing constraints on enterprises compared with standard audit opinions, In regions with low level of financial development, non-standard audit opinions have relaxed the financing constraints on enterprises.