Does the audit quality affect the financing efficiency of photovoltaic enterprises? Evidence from listed companies in China

IF 3.1 4区工程技术 Q3 ENERGY & FUELS Energy Sources Part B-Economics Planning and Policy Pub Date : 2022-10-20 DOI:10.1080/15567249.2022.2136792

Ming Pang, Y. Zhang, Ruimin Zhang, Ke Hou

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引用次数: 1

Abstract

ABSTRACT The Photovoltaic industry promotes the transformation of China’s energy structure to green and low-carbon, which is of great significance to achieve the goal of “Carbon Peaking and Carbon Neutrality.” At present, the industry is mainly faced with problems such as the drastic reduction of government subsidies and the difficulty of financing. From the perspective of independent auditing, our paper takes 54 A-share listed photovoltaic companies in China from 2011 to 2020 as the research object to study the impact of audit quality on financing efficiency, and the role of agency costs in the relationship between audit quality and financing efficiency.The results show that audit quality is positively related to financing efficiency. For every 1% increase in audit quality, the financing efficiency will increase by 13%. In addition, agency cost plays an intermediary role between audit quality and financing efficiency. For every 1% increase in audit quality, agency cost can be reduced by 34% and financing efficiency can be increased by 25%.

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审计质量是否影响光伏企业的融资效率?来自中国上市公司的证据

光伏产业推动了中国能源结构向绿色低碳转型，对实现“碳调峰、碳中和”目标具有重要意义。目前，该行业主要面临政府补贴大幅减少、融资难等问题。本文从独立审计的视角出发，以2011 - 2020年中国54家a股光伏上市公司为研究对象，研究审计质量对融资效率的影响，以及代理成本在审计质量与融资效率关系中的作用。结果表明，审计质量与融资效率正相关。审计质量每提高1%，融资效率将提高13%。此外，代理成本在审计质量与融资效率之间起中介作用。审计质量每提高1%，代理成本可降低34%，融资效率可提高25%。

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来源期刊

Energy Sources Part B-Economics Planning and Policy ENERGY & FUELS-

CiteScore

6.80

自引率

12.80%

发文量

审稿时长

6-12 weeks

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