讲座题目：The effects of PCAOB international inspections on debt concentration

主讲人：余扬新

讲座时间：2022年6月2日(周四)上午10:00

讲座地点：腾讯会议943 369 105

内容摘要：

讲座包括论文报告+学术期刊发表交流，其中期刊发表的分享面向博士生与青年教师。

前半程论文摘要：

This study investigates whether and how the public audit oversight, Public Company Accounting Oversight Board (PCAOB) international inspection, affects the firm’s debt concentration level. Based on theoretical and empirical evidence related to debt structure, the downside of a dispersed debt structure mainly comes from the costly creditor coordination among multiple debt holders. We find that firms with PCAOB-inspected auditors have a less concentrated debt structure after the public disclosure of the inspection report because PCAOB oversight helps increase the probability of successful coordination and decrease the costs from a coordination failure. Further, the relation is stronger for firms with less sound information environment, higher default risk, lower liquidation value, greater debt financing capacity, and in countries with weaker legal institutions. Our findings help identify the role of audit regulation on determining firm’s debt structure by decreasing the expected bankruptcy costs, which deepens the understanding of the heterogeneous use of debt in global firms, the important characteristic in capital structure.

后半程学术交流：

本报告回顾发表在国际顶级会计期刊的最新研究，特别是创新型的研究，热点问题的研究，以及关于中国问题的研究。通过回顾和总结这些文献，为青年会计学者和博士研究生今后进行高水平会计研究提供建议和思路。

主讲人简介：

余扬新，香港城市大学商学院会计系教授，于2011年在香港科技大学会计系获得博士学位，并在澳大利亚国立大学会计学院担任教职，2014年加入香港城市大学。余教授的研究领域包括公司披露，高管薪酬，企业社会责任。研究成果发表于Journal of Accounting and Economics, The Accounting Review, Journal of Financial and Quantitative Analysis, Strategic Management Journal等会计、金融、管理国际顶级学术期刊。

https://www.cb.cityu.edu.hk/staff/yangxiyu/