内部控制在增发融资中的作用:中国的证据

发布时间：2018-06-22 09:23

本文选题：内部控制 + 增发　；参考：《经济理论与经济管理》2017年07期

【摘要】：本文基于中国特有的融资环境,考察内部控制在增发融资中的作用以及受到政府监管的影响。本文对于2008—2011年提出增发申请的上市公司进行研究发现,由于公开增发比定向增发受到的监管更加严格,选择公开增发申请的公司偏少,但是其内部控制质量普遍高于选择定向增发申请的公司。然而,高质量的内部控制并没有提高公开增发申请的证监会审核通过率,而是提高了定向增发申请的审核通过率。并且,在增发申请方式的选择上,内部控制质量高的公司倾向于选择公开增发的方式。最后,高质量的内部控制提高了定向增发后的经营业绩。这表明,尽管受到政府监管的差异化影响,内部控制在公司增发融资中仍然扮演着积极的作用。
[Abstract]:Based on China's unique financing environment, this paper examines the role of internal control in additional financing and the influence of government supervision. This paper makes a study on the listed companies that applied for additional issuance in 2008-2011. It is found that due to the more strict supervision of public additional issuance than that of targeted additional issuance, few companies choose to apply for public additional issuance. But its internal control quality is generally superior to the company that chooses to apply for additional issuance. However, high quality internal controls do not improve the approval rate of public issuance applications, but improve the approval rate of additional issuance applications. In addition, companies with high quality internal control tend to choose the open issuance mode. Finally, the high-quality internal control improves the business performance after the directional issuance. This suggests that internal controls still play a positive role in the financing of additional offerings, despite the differential influence of government regulation.
【作者单位】：四川大学商学院;对外经济贸易大学国际商学院;
【基金】：中央高校基本科研业务费研究专项项目(SKQY201650) 四川省社科规划项目(SC15B041) 国家自然科学基金项目(71302132,71332008)的资助
【分类号】：F275;F832.51

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