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从公司治理角度来看,审计委员会可以提高盈余质量;从债务融资角度看,盈余质量对降低债务成本起作用。前者发生在会计信息的生产阶段(上游),后者出现在会计信息的使用阶段(下游),根据信息传递的有用性可知,会计信息的生产过程会影响会计信息的使用过程。基于此,本文研究了盈余质量对债务成本的影响,并考察审计委员会对这种影响的作用。结果表明,盈余质量越低,债务成本越高,二者存在显著的负相关关系。但是,审计委员会的设立及运行,并没有增强债务成本和盈余质量之间的这种相关性,意味着现阶段我国上市公司审计委员会还未发挥应有的职能。进一步研究表明,与非国有企业相比,国有企业盈余质量和债务成本之间的相关性更低,审计委员会的职能发挥更弱。
From a corporate governance perspective, the audit committee can improve the quality of earnings; debt financing perspective, the quality of earnings to reduce debt costs play a role. The former takes place in the production stage of accounting information (upstream), the latter in the stage of using accounting information (downstream). According to the usefulness of information transmission, the production process of accounting information will affect the use of accounting information. Based on this, this paper studies the impact of earnings quality on debt costs and examines the role of audit committees in this impact. The result shows that the lower the earnings quality, the higher the debt cost, there is a significant negative correlation between the two. However, the establishment and operation of the audit committee did not enhance the correlation between the cost of debt and the quality of the earnings, which means that the audit committee of the listed company in our country has not yet performed its due functions. Further research shows that compared with non-state-owned enterprises, the correlation between the earnings quality of state-owned enterprises and the cost of debt is lower, and the functions of the audit committee are weaker.