Financial Development,Audit Opinion and Financing
研究了不同金融环境下审计意见对融资约束的影响，发现金融市场越发达，审计意见对融资约束的作用越显著。
This paper investigates the effects of audit opinions on financial constraints in context of different financial environment.Theory based on information asymmetry argues that information asymmetry leads to financial constraints.However,is there any difference about the effect of information asymmetry on financial constraints under different capital markets? Based on the survey of financial environment of 50 cities in China and using audit opinion as proxy of information risk,the paper finds that firstly the development of financial market lowers financial constraints;secondly,there is systematic difference of the relationship between qualified audit opinion and financial constraints under different financial markets,the more developed financial market,the more significant role of audit opinion on financial constraints.These findings provide new evidences on the different roles of information in resource allocation in different financial markets.