持续经营审计意见、分析师跟踪与融资约束
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引用本文:宫义飞1,夏艳春2.持续经营审计意见、分析师跟踪与融资约束[J].财经理论与实践,2019,(3):94-100
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作者单位
宫义飞1,夏艳春2 (1.西南大学 经济管理学院重庆400715 2.重庆大学 经济与工商管理学院重庆400044) 
中文摘要:以2011-2016年我国A股上市公司数据为研究样本,运用现金—现金流敏感性模型,研究持续经营审计意见及分析师跟踪对融资约束的影响。研究发现:持续经营审计意见的出具加剧了上市公司面临的融资约束;分析师跟踪人数越多,上市公司面临的融资约束越小;分析师跟踪能够缓解被出具带强调事项段持续经营无保留审计意见公司的融资约束,加剧被出具其他持续经营审计意见(保留意见、无法表示意见和否定意见)公司的融资约束。
中文关键词:持续经营审计意见  分析师跟踪  信息不对称  融资约束
 
Going Concern Opinions, Analyst Following and Financing Constraints
Abstract:Based on the data of A-share listed companies in China over the past 2011-2016 years, we use cash-cash flow sensitivity model to study the impact of going-concern opinions and analyst following on financing constraints. The study found: the financing constraints faced by listed companies are exacerbated by the continuing operation audit opinion; the number of analysts following more financing constraints of listed companies is small; analysts can alleviate the issue with emphasis on financing constraints matters of sustainable management of audit opinions the company is issued by the other, intensified going concern opinions (reserved opinions, inexpressible opinions and negative opinions) corporate finance constraints.
keywords:going concern opinions  analyst following  information asymmetry  financing constraints
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