债务成本与内部控制指数相关性研究

发布时间：2018-02-13 15:55

本文关键词： 内部控制指数债务成本产权性质金融生态环境　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：美国安然财务造假、世界通讯公司伪造账目以及中国的银广夏虚假编报财务报表等国内外重大财务丑闻的爆发,使硕大的公司走向末路甚至破产倒闭。为此,美国COSO委员会前后三次修订发布了《内部控制——整合框架》,加之萨班斯法案的颁布,企业内部控制建设越来越受到内外部利益关系人的重视。我国财政部、证监会、审计署、银监会和保监会五部委也制定发布了《企业内部控制基本规范》和《企业内部控制配套指引》,该指引为基本规范在企业落地明确了着手点,由此我国企业内部控制建设规范体系基本形成。国内外的理论及实践表明:建设及完善内部控制制度已成为企业经营发展的必由之路,提高内部控制质量不仅是企业能够保持长远发展的不竭动力,又能促进社会经济健康发展。债务成本是指企业使用债务资本而需付给债权人的资金使用费,如果债务成本过高,致使企业投资经营无法获得正的收益,那将会影响企业经营的效率与效果。而提高经营的效率与效果作为内部控制目标的核心,可以通过完善和优化内部控制制度所实现,以进一步提高企业盈利,保证债务本息的按期偿还,降低债权人风险。因此,良好的企业内部控制能否通过降低债权人风险,从而降低债权人索要的风险溢价,进一步降低企业债务成本呢?若是良好的内部控制质量能够降低企业债务成本,那么在不同情况下,这种降低的影响是否存在差异?所以,本文从债务成本角度,展开对内部控制经济后果的研究。本文选取2013年的沪市A股上市公司的数据作为研究样本,以内部控制目标的实现程度为依据,综合选取定性和定量的评价指标,采用主成分法合成内部控制指数量化评价样本上市公司内部控制质量。被解释变量债务成本参照魏志华(2012)的做法,用利息支出占期初期末债务总额平均值的比率来衡量,表示企业使用债务资本所付出的代价。并且本文引入产权性质、金融生态环境两个分组变量,来探讨在不同情况下,内部控制指数对债务成本的影响是否存在差异。根据本文研究需要,建立回归模型以研究债务成本与内部控制指数的相关性,并采用分组回归方法以探究在不同情况下,内部控制对债务成本的差异影响。最后,从改变数据处理方式的角度进行稳健性检验。结果发现,内部控制指数越高,企业内部控制质量越好,债务成本越低;内部控制对债务成本的降低作用在非国有企业、金融生态环境欠佳地区表现的更为显著。由此提出以下建议:监管者应该更加关注企业内部控制建设的质量,而不仅仅局限于内部控制过程;企业自身应强化内部控制建设,提高内部控制质量以降低债务成本;政府应减少对国有企业债务融资的干预,以市场为主导合理配置债权资金,促进国有企业实现良性发展;创建良好的金融生态环境,为企业发展扫清外部障碍。本文的创新点主要有以下两点:(1)从内部控制五大目标角度出发,综合考虑定性和定量指标,采用数据库和手工搜集整理相结合的方式,指标数据选取细致,合成的指数能够比较客观的反映样本公司的内部控制质量,符合本文研究需要;(2)引入金融生态环境变量,对企业依存的外部环境进行综合评价,以进一步研究内部控制指数与债务成本的影响,这是与以往学者仅选取个别的外部环境变量进行研究的区别之处。
[Abstract]:Enron financial fraud, false accounting and World Co Chinese Yinguangxia false reporting financial statements at home and abroad such as major financial scandals, the big company to end even bankruptcy. Therefore, the United States before and after the COSO three session of the Committee issued a revised "internal control -- integrated framework >, coupled with the Sarbanes Oxley Act promulgated by the enterprise the construction of internal control has attracted more and more attention of internal and external stakeholders. The Ministry of finance, China Securities Regulatory Commission, the Audit Commission, the CBRC and CIRC five ministries also issued the basic norms" and "supporting internal control guidelines > < the guidelines for enterprise internal control basic norms in the enterprise to clear the landing from this point, the establishment of enterprise internal control standard system is basically formed. That theory and practice at home and abroad: the construction and improvement of the internal control system has become a business development The only way which must be passed the internal control and improve the quality, not only is the enterprise can maintain the inexhaustible power for long-term development, and to promote the healthy development of social economy. The cost of debt refers to the use of debt capital to pay creditors funds use fee, if the cost of debt is too high, resulting in enterprise investment management can not get a positive profit, it will affect the business the efficiency and effectiveness. The core and enhance the efficiency and effect of management as the goal of internal control, can improve and optimize the internal control system, to further improve the profitability of the business, guarantee the repayment of debts, reducing the risk of creditors. Therefore, good corporate internal control can reduce the risk by creditors, thereby reducing creditors for the risk premium, to further reduce the cost of corporate debt? If a good internal control system can reduce the debts of the enterprise The cost of that in different situations, whether there are differences between the effects of this decrease? So, the cost of debt perspective, research on the internal control of the economic consequences. The 2013 Shanghai A shares of listed companies as the research sample data, in order to achieve the objectives of internal control degree as the basis, the synthetic evaluation index selection and qualitative quantitatively, using the principal component method for the synthesis of internal control evaluation index of listed companies internal control quality. The explanatory variable cost of debt refer to Wei Zhihua (2012) approach, with interest payments accounted for the total debt at the beginning of the final average value to measure, said the use of debt capital cost. And this paper introduces the nature of property rights the financial ecological environment, two grouping variables, to explore in different situations, the internal control index of the influence on the debt cost differences. According to the text Study on the need to establish a regression model to study the correlation of debt cost and the internal control index, and uses the grouping regression method to explore in different situations, influence on the debt cost of internal control. Finally, the robustness of detection from the angle change data processing test. The results showed that the internal control index is higher, the better the quality of the enterprise the internal control, the cost of debt is lower; the internal control of the cost of debt reduction in non state-owned enterprises, the financial ecological environment in areas with poor performance is more significant. Thus put forward the following suggestions: the quality of the regulators should pay more attention to the construction of enterprise internal control, and not just in the process of internal control; enterprises should strengthen the construction of internal control to improve the quality of internal control, in order to reduce the cost of debt financing; the government should reduce the debt of the state enterprise intervention, market-oriented allocation of debt The right of capital, promote the state-owned enterprises to achieve healthy development; to create a favorable financial environment for the development of enterprises, clearing the external obstacles. The main innovations of this paper are as follows: (1) from the perspective of internal control five major objectives, considering the qualitative and quantitative indicators, using the database and manual collection combination index the detailed data selection, synthesis index can reflect the internal quality control of the Sample Firms, in accordance with the research needs of this paper; (2) the introduction of financial ecological environment variables, the comprehensive evaluation of enterprises depend on the external environment, to further research on the impact of internal control index and the cost of debt, this is the research and the previous scholars only selected individual the difference between the external environment variables.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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