内部控制质量对上市公司资本成本影响研究

发布时间：2018-02-23 12:15

本文关键词： 内部控制权益资本成本债务资本成本公司治理　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：中国的内部控制建设正迈入快速发展时期,自财政部等五部委联合推出内部控制框架性文件起,内部控制的重要性已逐渐被市场所认识。而资本成本作为影响企业利润和价值的重要因素,是公司股东与管理层最为关心的信息。内部控制是否能有效减低公司的资本成本?具体而言,高质量的内部控制能否降低公司的权益资本成本与债务资本成本?同时,作为内部控制建设的重要保障,有效的公司治理水平能否在内部控制影响资本成本的过程中起到协同作用?本文将主要围绕上述这些问题展开研究。论文首先对国内外学者关于内部控制与资本成本的研究进行了详细的综述,发现国内外研究的不足并据此提出了本文的研究方向。然后从委托代理理论、有效市场假说理论等方面阐述了内部控制对资本成本的影响,为后文的实证研究奠定了扎实的理论基础。其次,以近三年发表于国内权威期刊的内部控制相关论文为依据,构建了基于学者认可度的内部控制评价指数(ICEI),并用该评价指数对2011~2012年沪市A股上市公司的内部控制质量进行评价。结果反映沪市的内部控制质量总体处于较高水平,AH股试点公司的内部控制质量比其他公司高,相同样本公司2012年内部控制质量相较于2011年有较大提高。然后,选取沪市A股样本公司,通过建立回归模型,分别从权益资本成本和债务资本成本两个方面考察内部控制对资本成本的影响,并对公司治理与内部控制的协同作用进行检验。结果表明,高质量的内部控制能显著降低公司的权益资本成本以及债务资本成本。同时,公司治理对内部控制降低权益资本成本的效果具有协同促进作用,但债权人并不认同公司治理的协同作用。最后,结合研究结果,对如何完善中国内部控制及降低资本成本提出了若干建议。本文构建了基于学者认可度的内部控制评价指数(ICEI),衡量了上市公司的内部控制水平,并实证检验分析了内部控制对上市公司资本成本的影响,以及公司治理水平对内部控制的协同作用,为中国内部控制能否有效降低资本成本的论断提供了实证支持依据,对内部控制的进一步完善具有重要意义。
[Abstract]:China's internal control construction is entering a period of rapid development, since the five ministries and commissions such as the Ministry of Finance jointly launched the internal control framework documents. The importance of internal control has been gradually recognized by the market. As an important factor affecting the profit and value of enterprises, capital cost is the most concerned information of shareholders and management. Can internal control effectively reduce the cost of capital? Specifically, can high quality internal control reduce the cost of equity capital and debt capital? At the same time, as an important guarantee of the construction of internal control, can the effective level of corporate governance play a synergistic role in the process of internal control affecting the cost of capital? This paper will focus on these issues. Firstly, this paper summarizes the research on internal control and capital cost of domestic and foreign scholars in detail. This paper finds the deficiency of domestic and foreign research and puts forward the research direction of this paper. Then it expounds the influence of internal control on capital cost from the aspects of principal-agent theory and efficient market hypothesis theory. It lays a solid theoretical foundation for the later empirical research. Secondly, based on the relevant papers on internal control published in domestic authoritative journals in the past three years, The internal control evaluation index based on scholars' recognition is constructed, and the internal control quality of A-share listed companies in Shanghai stock market from 2011 to 2012 is evaluated with the index. The results show that the internal control quality of Shanghai stock market is generally in high water. The quality of internal control of the pilot company is higher than that of other companies. The quality of internal control of the same sample company on 2012 was greatly improved than that of 2011. Then, the sample company of Shanghai A-share stock market was selected, and the regression model was established. The influence of internal control on capital cost is investigated from two aspects of equity capital cost and debt capital cost, and the synergy between corporate governance and internal control is tested. High-quality internal control can significantly reduce the cost of equity capital and debt capital. At the same time, corporate governance has a synergistic effect on reducing the cost of equity capital. But creditors do not agree with the synergy of corporate governance. Some suggestions on how to perfect China's internal control and reduce the cost of capital are put forward. This paper constructs an internal control evaluation index (ICEI) based on scholars' recognition, and measures the level of internal control of listed companies. And the empirical analysis of the impact of internal control on the capital cost of listed companies, as well as the synergy of corporate governance level to internal control, provides an empirical basis for the conclusion that internal control can effectively reduce capital cost. It is of great significance to the further improvement of internal control.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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