Financial Interlocking Auditor and Debt Financing of Private Enterprises
How to remove obstacles in financing private enterprises is a bottleneck question for the development of the private economy.This paper empirically examines the impact of financial interlocking auditors on private enterprises'debt financing.The results show that financial interlocking auditors enhance the ability of private enterprises to obtain debt financing through resource linkage and credit guarantee,while reduce the financial irregularities of private enterprises.Heterogeneity test shows that financial interlocking auditors have a more positive impact on debt financing of private enterprises during the periods of monetary tightening,in regions with fierce competition in credit market,and in enterprises hiring auditors with high-quality financial services.Further tests show that financial interlocking auditors help private enterprises obtain long-term debt,reduce financing costs and debt default risks,and increase fees charged by auditors.Meanwhile,different types of financial interlocking auditors can help private enterprises obtain different types of debt financing.This paper expands the research of financial linkage and relational audit services.
万方数据
维普
