Family Business Financing Decisions and the Demand for Auditing in the Presence of Opportunity Inequality: Evidence from Listed Family Firms in China
- 2016年第9卷 
【中文摘要】受中国制度环境的约束，融资问题一直是家族企业发展过程中所遭遇的困扰和难题之一。在金融机构主导企业债务融资的背景下，中国家族企业的融资决策对外部审计有怎样的需求？本文从宏观和微观两方面考察中国家族企业融资决策对审计的需求。研究发现，债务期限结构对家族企业外部审计需求起到了决定性的作用，家族企业债务期限越长，其对外部审计质量的需求也 越高。与此同时，机会不平等对家族企业审计需求的影响也至关重要，金融发展程度越高的地区，家族企业获得银行贷款需要越高的审计质量。此外，盈利能力、信息透明度和政治关联在一定程度上降低了家族企业融资决策对审计的需求。 【Abstract】Under the restrictive institutional environment in China, family firms have encountered severe financing constraints in the development of their business. With the dominance of debt financing by financial institutions, what is the demand of a family firm for external audit in order to facilitate its financing decisions? This paper examines the demands of family firms in China for external audit in the process of making their financing decisions from both the macro and micro perspectives. The study finds that the debt maturity structure plays a decisive role in the demand for external audit of family business. Specifically, the longer the debt maturity of a family firm, is the higher the external audit quality. In addition, opportunity inequality is also vital to a family firm’s external audit demand, and the higher the degree of financial development, is the higher the external audit quality for family firms that desire to obtain bank loans. Lastly, earnings, information transparency, and political relevance also reduce, to a certain extent, the need for external audit of family firms in their financing decisions.