财务困境、内部控制与商业信用融资

发布时间：2018-09-18 07:07

【摘要】：2008年全球金融危机严重损害了我国的实体经济,此后我国经济处于不景气状态。经济的不景气对企业的生产经营活动产生了很大的影响,导致企业出现了不同程度的财务危机,甚至一些企业还发生了财务困境。当企业发生财务困境时,其持续经营能力下降且财务状况比较差,企业按时偿还货款的概率较低。在这种情况下,为了回避信用风险、规避损失,债权人会减少向财务困境企业所提供的商业信用。在我国,作为一种替代性融资的方式,商业信用融资在企业日常经营活动中发挥着重要的作用。近年来,我国企业逐渐意识到内部控制在公司治理中的重要性,内部控制受到了企业的重视,且在政府有关部门的积极鼓励下,企业内部控制制度不断健全。对于发生财务困境的公司而言,较高质量的内部控制能否有效地缓解财务困境企业与债权人之间存在的信息不对称,增强相互之间的信任,最终影响财务困境企业所获得的商业信用融资水平呢?本文选取我国A股上市公司2008—2014年的数据,运用交易成本理论、信号传递理论和替代性融资理论,探讨财务困境与商业信用融资之间的关系以及内部控制质量是否会影响两者之间的关系。为了验证本文的假设,本文构造了两个多元线性回归模型。研究发现,与非财务困境企业相比,财务困境企业将获得较少的商业信用融资,同时较高的内部控制质量能够缓解财务困境与商业信用融资之间的负相关关系。进一步研究发现,由于国有企业有政府为其商业信用融资提供隐性担保,因此,与发生财务困境的民营企业相比,发生财务困境的国有企业能够获得较多的商业信用融资。与此同时,由于国有企业可以依靠政府提供的隐性担保来获取较多的商业信用融资,因此,其可能对公司内部控制质量关注较小,而陷入财务困境的非国有企业更加依赖于质量较好的内部控制获得更多的商业信用,即内部控制与产权性质可能具有替代效应。本文的结构框架为:第一部分为引言。本部分主要内容包括研究的背景与选题意义、研究的思路与方法、本文的基本框架和创新点。第二部分为文献综述。本部分搜集了财务困境、内部控制以及商业信用融资这三方面相关的文献,并对这些文献进行评述,进而发现现有文献的不足和可以继续研究的领域。第三部分为财务困境、内部控制与商业信用融资的相关理论概述。该部分首先阐述了财务困境、商业信用融资和内部控制的相关概念界定,然后以交易成本理论、信号传递理论和替代性融资理论为理论基础来阐明财务困境、内部控制与商业信用融资三者之间的关系。第四部分为理论分析与研究假设。该部分运用上述的相关理论推导出财务困境与商业信用融资之间的关系,然后引入内部控制,研究内部控制是否会影响财务困境企业所获得的商业信用,最后提出了本文的两个基本假设。第五部分为研究设计与实证结果分析。该部分运用STATA12.0进行数据统计分析,数据统计分析包括描述性统计、相关系数矩阵、回归分析、进一步检验以及稳健性检验。第六部分为研究结论与政策建议。该部分主要包括为资本市场的参与者提供政策建议,并指出研究存在的缺陷。
[Abstract]:The global financial crisis in 2008 severely damaged China's real economy. Since then, China's economy has been in a state of depression. The economic depression has a great impact on the production and operation activities of enterprises, resulting in financial crisis of varying degrees, and even some enterprises have financial difficulties. In this case, in order to avoid credit risks and losses, creditors will reduce the commercial credit provided to Financial Distressed enterprises. In China, as an alternative financing method, commercial credit financing is operated daily in enterprises. In recent years, Chinese enterprises have gradually realized the importance of internal control in corporate governance. Internal control has been attached great importance to by enterprises, and with the active encouragement of the relevant government departments, the internal control system of enterprises has been constantly improved. Can we effectively alleviate the information asymmetry between financial distress enterprises and creditors, enhance mutual trust, and ultimately affect the level of commercial credit financing obtained by financial distress enterprises? In order to verify the hypothesis, this paper constructs two multiple linear regression models. It is found that financial distressed enterprises will get less commercial credit financing than non-financial distressed enterprises. Higher quality of internal control can alleviate the negative correlation between financial distress and commercial credit financing. Further research finds that, because state-owned enterprises have implicit guarantees for their commercial credit financing, state-owned enterprises with financial distress can obtain more merchants than private enterprises with financial distress. At the same time, because state-owned enterprises can rely on implicit guarantees provided by the government to obtain more commercial credit financing, so it may pay less attention to the quality of internal control of the company, and financial distress of non-state-owned enterprises more dependent on better quality of internal control to obtain more commercial credit, that is, internal. The first part is the introduction. The main contents of this part include the background and significance of the research, the research ideas and methods, the basic framework and innovation of this paper. The second part is a literature review. This part collects financial distress, internal control and commercial credit. The third part is about the financial distress, the related theories of internal control and commercial credit financing. This part first expounds the related concepts of financial distress, commercial credit financing and internal control. Then, the relationship among financial distress, internal control and commercial credit financing is clarified on the basis of transaction cost theory, signaling theory and alternative financing theory. The fourth part is theoretical analysis and research hypothesis. The fifth part is the research design and empirical analysis. This part uses STATA 12.0 to carry on the data statistical analysis, the data statistical analysis includes the descriptive statistics, the correlation. The sixth part is the conclusions and policy recommendations. This part mainly includes policy recommendations for the participants in the capital market, and points out the shortcomings of the study.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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