產業競爭、審計品質與融資約束

Industry Competition, Audit Quality and Financial Constraints

洪玉娟(Yu-Chung Hung)

指導教授 ： 李家豪

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2022年)

摘要

關於融資約束的相關研究，國內外已有許多學者進行探討，在融資的議題裡大多數都關注在以產品競爭、外部融資、盈餘管理、營運現金流量、代理問題以及訊息不對稱的關聯性做整合性研究最多，對於企業在產業競爭環境下利用外部審計品質能否緩解企業受到融資約束的分析不多。是故本篇論文收集了2011年到2020年台灣上市與上櫃公司做為樣本，探討產業競爭、審計品質與融資約束之間的關係。實證結果顯示，產業競爭與審計品質分別皆與融資約束之間存在正相關。此外，在產業競爭越激烈的環境下，企業提高審計品質將會使企業所受融資約束程度較低，即審計品質在產業競爭環境下對緩解企業融資約束程度有顯著的影響。

關鍵字

產業競爭 ； 審計品質 ； 融資約束

並列摘要

The relevant research on financial constraints has been discussed by many scholars at home and abroad. On the topic of financing, most of them focus on the integration of product competition, external financing, earnings management, operating cash flow, the principal-agent problem, and information asymmetry. However, there are rarely studies exploring whether firms can alleviate the financing constraints by using the quality of external audits in a competitive environment. Therefore, this study collects the data of the listed companies in Taiwan from 2011 to 2020 as a sample to explore the relationships between industry competition, audit quality, and financial constraints. The results showed that the improvement of audit quality would make the lower degree of financial constraints o in a more intense industry competitive environment. This implies that the audit quality has a significant impact on alleviating the degree of financial constraints in different degrees of industry competition.

並列關鍵字

Industry Competition ； Audit Quality ； Financial Constraints

參考文獻

中文部分

李榮錦與雷婷婷 (2019)，「盈餘管理，股權集中度，企業性質與資本結構動態調整-來源於房地產上市公司的數據」，南京審計大學學報，第3期，頁86-95。

邱楊茜與葉展 (2019)，「高管股權激勵對公司債定價的影響研究」，廈門大學學報哲學社會科學版，第2期，頁82-91。

英文部分

Alimov, A. (2014). Product market competition and the value of corporate cash: Evidence from trade liberalization. Journal of Corporate Finance, 25, pp. 122-139.