内部控制、事务所行业专长与债务融资成本

发布时间：2018-05-05 15:44

本文选题：内部控制 + 行业专长　；参考：《浙江工商大学》2017年硕士论文

【摘要】：高质量内部控制既可以优化企业管理,提高企业经营效率,提升业绩,降低银行的债务风险,又可以缓解信息不对称,在企业与债权人之间起到置信作用。具有行业专长的会计师事务所具有更好的专业技能和经验,有利于保障和提高审计质量,缓解信息不对称,增加信息透明度,降低企业债务融资成本。基于此,本文对内部控制与事务所行业专长是否能单独降低企业债务融资成本并且在联合作用下是否存在一定替代效应的问题展开研究。论文把内部控制和行业专长交互关系研究扩展到了债务融资成本方面,丰富了债务融成本影响因素的研究。论文首先对国内外该领域的文献进行了分类梳理,利用委托代理理论、信息传递不对称等理论分析内部控制和事务所行业专长影响融资成本的的原因,其次,选取我国A股上市公司2010—2014年共4315个样本为研究对象,对研究假设进行检验。实证结果发现:高质量内部控制和事务所行业专长均能够起到降低企业债务融资成本的作用;同时两者对债务融资成本的共同作用存在一定的替代效应:当企业内控质量越差时,行业专长对债务成本降低的效用越大;反之,当企业内控质量越好时,行业专长对债务成本降低的效用越小。并且进一步分组检验该替代效应是否会受到制度背景的影响。最后,本文根据理论分析和实证检验结果,针对我国市场情况,分别从企业,事务所以及监管部门角度提出了提高企业内部控制质量,发展事务所行业专长,降低企业债务融资成本的建议,为促进我国企业健康发展,完善金融市场秩序提供了借鉴。
[Abstract]:High quality internal control can not only optimize enterprise management, improve business efficiency, improve performance, reduce bank debt risk, but also alleviate information asymmetry, and play a confidence role between enterprises and creditors. Accounting firms with industry expertise have better professional skills and experience, which is conducive to ensure and improve audit quality, ease information asymmetry, increase information transparency, and reduce the cost of corporate debt financing. Based on this, this paper studies whether internal control and firm industry expertise can reduce the corporate debt financing cost alone and whether there is a certain substitution effect under the joint action. This paper extends the research on the interaction between internal control and industry expertise to debt financing cost, which enriches the research on the influencing factors of debt financing cost. Firstly, the paper classifies the domestic and foreign literature in this field, analyzes the reasons why internal control and firm industry expertise affect the financing cost by using the principal-agent theory and asymmetric information transmission theory. A total of 435 samples of A-share listed companies in China from 2010 to 2014 were selected to test the research hypotheses. The empirical results show that: high quality internal control and firm industry expertise can play a role in reducing corporate debt financing costs; At the same time, there is a certain substitution effect on debt financing cost: when the quality of internal control is worse, the utility of industry expertise to reduce debt cost is greater; on the contrary, when the quality of internal control is better, The smaller the utility of industry expertise in reducing the cost of debt. And further group test whether the substitution effect will be affected by the institutional background. Finally, according to the theoretical analysis and empirical test results, according to the market situation in China, this paper proposes to improve the quality of internal control and develop the professional expertise of the firm from the perspective of enterprises, firms and regulatory authorities, respectively. The suggestion of reducing the cost of enterprise debt financing provides a reference for promoting the healthy development of Chinese enterprises and perfecting the order of financial market.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

【参考文献】