融资约束对会计师事务所变更的影响

融资约束的微观经济后果对于事务所和客户关系的影响深远，并影响了审计契约的稳定性。基于信息不对称理论和声誉机制，通过收集A股非金融类上市公司2015—2018年数据，建立Logistic模型，并采用多元判别和排序逻辑回归两种方法构建融资指数，分析了融资约束与事务所变更之间的关系。结果表明:（1）融资约束程度越高，事务所发生变更的可能性越大，且事务所的变更越可能从高声誉变更到低声誉；（2）事务所变更后，客户获得了更清洁的审计意见，事务所的行业集中度减弱，客户的财务状况有所改善，但客户的融资成本和投资效率并没有显著变化，说明客户更换事务所主要是为了融资，事务所未起到公司治理作用，客户可能购买了审计意见；（3）只有客户产权性质和审计延迟调节了融资约束对事务所变更的影响。研究结论提醒监管部门和金融机构，应当更加重视事务所变更可能带来的影响。

Impact of Financing Constraints on Changes of Audit Firms

The microeconomic consequences of financing constraints have a profound impact on the relationship between audit firms and clients and affect the stability of audit contracts. Based on information asymmetry theory and reputation mechanism, a Logistic model was established by collecting the 2015 to 2018 data of A-share non-financial listed companies, the financing indexes were constructed by applying multiple discriminant method and sequential Logistic regression method, and the relation between financing constraints and audit firm changes was analyzed. The results show that the higher the extent of financing constraint is, the higher the possibility that an audit firm changes, and the priority of choosing the new audit firm is from high reputation to low reputation. After the change of an audit firm, the client would receive a clearer audit opinion. With the industry concentration of the audit firm weakening, the financial condition of the clients improve, but the financing cost and investment efficiency of the client do not significantly change, which indicate that the client changes the audit firm mainly for financing, while the firm does not play the role of corporate governance, because the client might pay for the wanted audit opinion. In addition, the study also found that only the nature of client property rights and audit delay moderate the effect of financing constraints on audit firm change. The findings remind regulators and financial institutions to pay more attention to the potential impact of firm changes.