上市公司内部控制缺陷披露对权益资本成本的影响研究

发布时间：2018-03-05 14:36

本文选题：内部控制缺陷披露　切入点：权益资本成本　出处：《集美大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着《企业内部控制基本规范》和《企业内部控制配套指引》的相继颁布,我国内部控制规范体系基本建成。然而,目前资本市场上仍然存在许多不确定因素,投资者与企业之间信息不对称的现状仍然严峻。无论是企业的管理者还是投资者,抑或是监管部门都很关心能否通过提高企业内部控制水平、规范内部控制缺陷的披露来增加市场上的有用信息量,缓解信息不对称现象,使投资者的信息风险得到降低,从而降低权益资本成本,这也是本文所要研究的问题。本文首先对国内外的文献进行梳理,之后阐述了相关理论,并分别用各个理论深入分析了内部控制缺陷披露影响公司权益资本成本的过程。在理论分析基础上,提出假设,以2013~2015年沪深A股主板披露内部控制评价报告的2353家公司为研究样本,采用多元线性回归方法进行实证研究,得出以下结论:披露内控缺陷正向影响权益资本成本;在内部控制五要素中,内部环境、风险评估、信息与沟通要素缺陷的披露导致权益资本成本上升,而控制活动和内部监督要素缺陷的披露对权益资本成本的影响不显著;是否对内部控制缺陷进行整改对权益资本成本没有显著影响。接着对实证结果进行了分析。最后总结本文的结论,同时从企业、投资者和监管部门三个方面提出建议,并指出了本文的不足之处和展望。
[Abstract]:With the promulgation of the basic Standards of Internal Control in Enterprises and the supporting guidelines of Internal Control in Enterprises, the internal control standard system of our country has basically been established. However, there are still many uncertain factors in the capital market at present. The status quo of information asymmetry between investors and enterprises is still grim. Both managers, investors and regulators are very concerned about whether or not they can improve the level of internal control of enterprises. Regulating the disclosure of internal control defects to increase the amount of useful information in the market, alleviate the information asymmetry, reduce the information risk of investors, and thus reduce the cost of equity capital. This is also the problem to be studied in this paper. This paper firstly combs the literature at home and abroad, and then expounds the relevant theories. The paper also makes a deep analysis of the process of internal control defect disclosure which affects the cost of company equity capital with each theory. On the basis of theoretical analysis, the paper puts forward the hypothesis, From 2003 to 2015, 2353 companies in Shanghai and Shenzhen A share main Board disclosing internal control evaluation report are taken as the research sample. The empirical study is carried out by using multiple linear regression method. The conclusions are as follows: disclosure of internal control defects positively affects the cost of equity capital; In the five elements of internal control, the disclosure of internal environment, risk assessment, information and communication factors lead to the increase of equity capital costs, while the disclosure of control activities and internal oversight elements has no significant impact on equity capital costs; Whether or not to rectify the defects of internal control has no significant effect on the cost of equity capital. Then the empirical results are analyzed. Finally, the conclusions of this paper are summarized, and suggestions are put forward from three aspects: enterprises, investors and regulators. The shortcomings and prospects of this paper are also pointed out.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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