内部控制质量、金融市场发展与公司债券融资

发布时间：2017-12-31 16:38

本文关键词：内部控制质量、金融市场发展与公司债券融资　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：大力发展债券市场是金融改革的热点问题,至2016年我国公司债券余额约为15万亿人民币左右,规模已超过美国。公司债券融资正逐渐被企业重视,如何发挥好公司债券的融资功能?以往的研究主要从企业财务因素的视角来对公司债券融资进行讨论,很少有学者研究企业内部控制质量对公司债券融资的影响。自安然事件之后,企业内部控制一直是全球企业关注的焦点,企业良好的内部控制质量能够保证企业财务报告完整性、企业经营管理的合法合规性,并且能够提高经营效率,促进企业发展战略目标的实现。这些作用缓解了企业与投资者之间的信息不对称,提升了投资者对企业的信心且降低了其债务风险。因此,对企业内部控制质量和公司债券融资两者关系进行深入研究是非常有必要的。在研究二者关系的同时,考虑到公司债券作为金融市场的一部分,金融市场对其的影响不容忽视,本文加入了金融市场发展的观察视角。基于本文研究思路,全文共分为七章:第一章为绪论,简述本文研究背景及意义、研究方法与框架和创新点。第二章为文献综述。对关于内部控制质量、金融市场发展与公司债券融资之关系的国内外相关研究进行阐述和归纳。第三章为相关概念和理论基础。这一章简述了内部控制和公司债券的相关概念,理论方面主要阐述了内部控制相关理论、公司债券融资相关理论和金融发展理论。第四章为影响机理分析与研究假设。对内部控制质量、金融市场发展和公司债券三者的影响机理进行理论分析,然后提出本文的假设。第五章为实证研究设计,包括样本的选择、变量定义及实证模型的建立。第六章为实证结果分析,主要包括描述性统计分析、相关性分析,然后运用模型进行多元回归分析,得出内部控制质量与公司债券融资规模和成本的关系。同时基于金融市场发展的因素,分析在金融市场发展繁荣和落后地区中,内部控制质量对公司债券融资的影响效果是否不同。第七章为本文的总结。包括本文研究结论、研究局限等,最后提出较有针对性的相关建议。本文实证研究了2010-2015年间国内发行的409只公司债券和其发行公司,主要得出了以下结论:第一,企业内部控制质量对公司债券融资规模有正向作用;第二,企业内部控制质量对公司债券融资成本有反向作用;第三,相对于金融市场发展繁荣地区的公司,内部控制质量对金融市场发展落后地区公司的公司债券融资规模影响更为显著;第四,相对于金融市场发展繁荣地区的公司,内部控制质量对金融市场发展落后地区公司的公司债券融资成本影响更为显著。本文的主要贡献在于:第一,完善了内部控制质量、金融市场发展对公司债券融资的影响路径理论研究;第二,实证研究了内部控制质量对公司债券融资的影响作用,同时发现金融市场发展程度的不同对二者关系产生影响;第三,为企业进行公司债券融资的决策提供了一定的指导。
[Abstract]:To develop the bond market is a hot issue of financial reform, to 2016, China's corporate bond balance of about 15 trillion yuan, more than the size of the United States. Corporate bond financing is gradually taken by the enterprise, how to play the functions of corporate bond financing? Previous studies to discuss the corporate bond financing from the financial point of view to have little effect on internal scholars research on enterprise quality control of corporate bond financing. Since Enron, internal control has been the focus of global business concern, good corporate internal control to ensure the quality of corporate financial reporting integrity, legal compliance of business management, and can improve the operating efficiency, achieve to promote the strategic objectives of the enterprise. These effects to ease the information asymmetry between enterprises and investors, improve investor confidence in Enterprises And reduce the risk of its debt. Therefore, it is necessary to further study the relationship between corporate bond financing and the quality of enterprise internal control. In the study of the relationship between the two at the same time, taking into account the company's bonds as part of the financial market, the financial market on the impact can not be ignored, this paper joined the financial perspective the development of the market. Based on this research ideas, this article consists of seven chapters: the first chapter is the introduction, describes the research background and significance, research methods and frameworks and innovation. The second chapter is the literature review on the quality of internal control, the relationship between bond financing and development of financial market, domestic and foreign related research paper and summarized. The third chapter is the related concepts and theoretical basis. This chapter briefly describes the related concepts of internal control and corporate bonds, the theory mainly expounds the related theory of internal control, the company The bond financing theory and the theory of financial development. The fourth chapter is the influence mechanism analysis and research hypothesis. The quality of internal control, theoretical analysis of influence mechanism of financial market development and corporate bonds of the three, and then put forward the hypothesis of this article. The fifth chapter is the empirical research design, including sample selection, variable definitions and established an empirical model the sixth chapter is the analysis of the empirical results, including descriptive statistics, correlation analysis, multiple regression analysis and then use the model, the relationship between the quality of internal control and corporate bond financing scale and cost. At the same time factors based on the financial market development and analysis in financial market development and prosperity in the backward areas, the effect of the quality of internal control effect on the corporate bond financing is different. The seventh chapter is the summary of this article. Including the conclusion of this study, research limitations, and finally put forward a needle On the related suggestion. Through the empirical study on the issue of the 409 2010-2015 years of domestic corporate bonds and corporate issuers, the main draw the following conclusions: first, the enterprise internal control quality has a positive effect on corporate bond financing scale; second, the enterprise internal control quality has a negative effect on the cost of debt of third, compared to the financial company; market development and prosperity of the companies, the quality of internal control and financial market development lags behind the scale of corporate bond financing of regional Corporation is more significant; fourth, relative to the financial market development company prosperous area, the quality of internal control and financial market development lag affect the regional Corporation's corporate bond financing cost is more significant. The main contribution of this paper is: first and improve the quality of internal control, research on the impact of the corporate bond financing path theory of financial market development; second, empirical The influence of internal control quality on corporate bond financing is studied. Meanwhile, it is found that the different degree of financial market development has an impact on the relationship between the two parties. Third, it provides some guidance for enterprises to make decisions on corporate bond financing.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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