财务报表
审计
业务
财务报表分析
会计
财务
财务状况变动表
债务
增加物
现金流量表
现金流
财务比率
会计管理
会计信息系统
收益
标识
DOI:10.1111/j.1475-679x.2011.00411.x
摘要
ABSTRACT I examine how verification of financial statements influences debt pricing. I use a large proprietary database of privately held U.S. firms, an important business sector in which the information environment is opaque and financial statement audits are not mandated. I find that audited firms have a significantly lower cost of debt and that lenders place more weight on audited financial information in setting the interest rate. Further, I provide evidence of a mechanism for this increased financial statement usefulness: accruals from audited financial statements are better predictors of future cash flows. Collectively, I provide novel evidence that audited financial statements are more informative and that this significantly influences lenders’ decisions.
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