中文摘要：

以2000—2014年签字审计师受罚为切入点,系统检验了审计师个人声誉受损在客户公司债务融资活动中的信号价值。研究发现：审计师个人声誉受损会导致客户公司债务融资成本提高,而且这一声誉效应在民营企业融资中更加显著,这验证了审计师声誉机制在中国证券市场具有治理价值;进一步研究发现,审计师声誉效应伴随着审计师受罚严厉程度的增加而增强,但大型事务所的质量控制机制能够在一定程度上缓解审计师个人声誉受损的负面影响。

英文摘要：

Taking the punished auditors from 2000 to 2014 as the starting point, this paper sys- tematically tests the signal value of auditor＇s impaired personal reputation in the debt financing activi- ties of the client companies. The findings indicate that auditor＇s impaired personal reputation would result in the increasing of debt financing costs of the client companies, and this kind of reputation ef- fect is more significant in private enterprise financing, which verifies the regulation value of audit＇s reputation mechanism in China＇ s securities markets. The results of further study show that the audi- tor＇s reputation effect would be strengthened along with the increasing of the degree of punishment, but the quality control mechanism in larger firms can remit the negative effect of auditor＇s impaired personal reputation to some extent.