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本文利用2007-2013年非金融类A股上市数据,从董事会规模、董事会独立性、董事会勤勉性和董事会专业委员会设置情况四个方面度量董事会质量,用事务所行业专长和规模来度量审计师质量,进而研究了这两个治理机制对公司资本结构的作用。结果发现,董事会质量与资本结构之间呈显著的正向关系,而审计师质量与资本结构呈现显著的负向关系。这一发现表明,董事会质量与外部审计对资本结构的作用机理不同,董事会质量对资本结构的影响途径更符合代理理论,而外部审计对资本结构的影响途径更符合信号传递理论。
This paper uses the non-financial A-shares listing data from 2007 to 2013 to measure board quality in terms of board size, board independence, board diligence, and board professional committee setting. The quality of the auditor is measured by firm industry expertise and scale. Then, we studied the effects of these two governance mechanisms on the company’s capital structure. As a result, it was found that there was a significant positive relationship between the quality of the board of directors and the capital structure, and there was a significant negative relationship between the quality of the auditor and the capital structure. This finding shows that the quality of the board of directors and the function of the external audit on the capital structure are different. The influence of the board quality on the capital structure is more in line with the agency theory, and the influence of the external audit on the capital structure is more in line with the signal transmission theory.