Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market
研究审计师质量和任期如何影响企业债务融资成本，发现高质量审计师和较长任期能显著降低债务成本，尤其对非投资级债券企业影响更大，且审计的信息和保险作用均具有经济意义。
ABSTRACT We examine the relation between auditor characteristics (quality and tenure) and the cost of debt financing. Consistent with the hypothesis that audit characteristics are important to the capital markets, we find that (1) auditor quality and tenure are negatively and significantly related to the cost of debt financing, (2) the relation between auditor characteristics and the cost of debt is most pronounced in firms with debt that is noninvestment grade, and (3) both the insurance and information role of audits are economically significant to the cost of debt. Overall, our results suggest that, through their dual roles of providing information and insurance, auditor quality and tenure matter to capital market participants.