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

{"title":"Does the audit quality affect the financing efficiency of photovoltaic enterprises? Evidence from listed companies in China","authors":"Ming Pang, Y. Zhang, Ruimin Zhang, Ke Hou","doi":"10.1080/15567249.2022.2136792","DOIUrl":null,"url":null,"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%.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.1000,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Sources Part B-Economics Planning and Policy","FirstCategoryId":"5","ListUrlMain":"https://doi.org/10.1080/15567249.2022.2136792","RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ENERGY & FUELS","Score":null,"Total":0}

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%.

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

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%。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文去求助

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

期刊介绍： 12 issues per year Abstracted and/or indexed in: Applied Science & Technology Index; API Abstracts/Literature; Automatic Subject Index Citation; BIOSIS Previews; Cabell’s Directory of Publishing Opportunities in Economics and Finance; Chemical Abstracts; CSA Aquatic Science & Fisheries Abstracts; CSA Environmental Sciences & Pollution Management Database; CSA Pollution Abstracts; Current Contents/Engineering, Technology & Applied Sciences; Directory of Industry Data Sources; Economic Abstracts; Electrical and Electronics Abstracts; Energy Information Abstracts; Energy Research Abstracts; Engineering Index Monthly; Environmental Abstracts; Environmental Periodicals Bibliography (EPB); International Abstracts in Operations Research; Operations/Research/Management Science Abstracts; Petroleum Abstracts; Physikalische Berichte; and Science Citation Index. Taylor & Francis make every effort to ensure the accuracy of all the information (the "Content") contained in our publications. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor & Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to, or arising out of the use of the Content. Terms & Conditions of access and use can be found at http://www.tandfonline.com/page/terms-and-conditions .