中文摘要：

从独立审计意见的信息传递机制出发,考虑审计意见影响的持续性,研究了独立审计对公司融资和公司投资的影响。研究发现,对于中国上市公司来说,相对于标准审计意见,非标准审计意见一方面作为公司治理机制约束了公司的投资行为,另一方面也通过信号传递机制影响了公司外部投资者对公司的评价,进而影响了公司外部融资并最终制约了公司的投资水平。然而,非标准审计意见对利用内部融资的公司投资没有显著性影响,这从侧面印证了优序融资理论的正确性。

英文摘要：

Starting from independent audit dual effects on corporate investment, this paper analyzes corporate financing and corporate investing behavior of china listed companies, with considering the continuality of audit opinion. The results show that contrast to good audit opinion, bad audit opinion can play a role in restraining corporate overinvestment behavior which is a kind of corporate governance. Meanwhile, bad audit opinion also can affect corporate financing and finally affects corporate investing. Howev- er, bad audit opinion can not have a significant influence on corporate investment which makes use of internal funds, which confirms the pecking order theory.