内部控制重大缺陷对债务资本成本的影响研究

发布时间：2018-04-14 23:35

本文选题：内部控制重大缺陷 + 债务资本成本　；参考：《湘潭大学》2017年硕士论文

【摘要】：自1912年内部控制理论被提出,企业内部控制对规范企业日常生产经营以及保护投资者权利的作用日趋重要。内部控制规范对企业长足发展的重要性被各资本市场反复强调,它们希望通过构建企业内部控制规范体系来提高企业质量、保护投资者和规范资本市场。随着研究的推进,不少人开始关注提高内部控制质量对解决企业融资难、融资贵问题的帮助。一方面,完善的内部控制能降低债权投资者和企业内部信息不对称的程度,向债权人提供真实有用的信息;另一方面高质量内部控制能帮助企业提高盈利能力,好的盈利是降低债权人风险的保证,从而为企业赢得低成本的资金,实现企业发展的良性循环。企业内部控制质量的提高是否能帮助企业以更低的付出获得发展需要的资金?这正是本文研究的主要问题。同时,在研究企业内部控制与债务资本成本关系的时候,还必须考虑金融改革深化程度给债权人带来的冲击是否会影响内部控制质量提升对企业债务资本成本产生的作用。并且,不同产权性质的企业债务融资难易程度天然不同,那么产权性质也是研究时必须考虑的方面。本文同时使用理论分析和实证分析方式,先纵览国内外的相关文献,从内部控制重大缺陷、债务资本成本以及内部控制重大缺陷对债务资本成本的影响等方面着手,进行文献梳理与评述。并以委托代理理论、信息不对称理论和信号传递理论、公司治理理论以及利益相关者理论等为理论基础,梳理逻辑关系和作用机理,进一步提出本文的研究假设。接着以2011-2015年我国沪深两市A股制造业上市公司为样本,构建实证模型,运用描述性分析、相关性分析和回归分析,研究内部控制重大缺陷与企业债务资本成本的关系,并通过稳健性检验,进一步证实研究结论。研究发现当企业内部控制存在重大缺陷时,债权人会提高对企业的风险评级,企业要付出更高的债务资本成本。而这种关系在企业位于金融改革深化程度较低地区时会被削弱,意味着在金融改革深化程度较低的地区,改善企业内部控制对帮助企业获得更低成本的债务资金的作用相对较小。同时,因为存在融资软约束,债权人偏爱国有企业,内部控制质量的提升对国有企业降低债务资本成本的帮助相对较小。在研究结论的基础上,本文就企业如何从内部控制建设、信息披露和其他公司治理角度降低债务资本成本提出了具体建议。最后,对本文局限和未来可考虑的研究方面进行阐述。
[Abstract]:Since the theory of internal control was put forward in 1912, the role of internal control in regulating the daily production and operation of enterprises and protecting the rights of investors has become increasingly important.The importance of internal control norms to the rapid development of enterprises has been stressed repeatedly by various capital markets. They hope to improve the quality of enterprises, protect investors and regulate capital markets by building a standard system of internal control norms.With the development of the research, many people begin to pay attention to the help of improving the quality of internal control to solve the problem of financing difficult and expensive.On the one hand, perfect internal control can reduce the degree of asymmetric information among creditor investors and enterprises, and provide real and useful information to creditors; on the other hand, high quality internal control can help enterprises improve their profitability.Good profit is the guarantee to reduce the risk of creditors, so as to win low cost funds for enterprises and realize the virtuous circle of enterprise development.Can the improvement of the quality of internal control help enterprises to obtain the funds needed for their development at a lower cost?This is the main problem studied in this paper.At the same time, when studying the relationship between the internal control of enterprises and the cost of debt capital, we must consider whether the impact of the deepening of financial reform on creditors will affect the effect of the improvement of internal control quality on the cost of debt capital.The nature of property right is also an important factor in the study.Using both theoretical and empirical analysis methods, this paper first reviews the relevant literature at home and abroad, starting from the major defects in internal control, debt capital costs and the impact of major internal control defects on debt capital costs.Literature review and review.On the basis of principal-agent theory, information asymmetry theory and signal transfer theory, corporate governance theory and stakeholder theory as the theoretical basis, combing the logical relationship and the mechanism of action, further put forward the research hypothesis of this paper.Then, taking the A-share manufacturing companies listed in Shanghai and Shenzhen stock markets in China from 2011-2015 as a sample, an empirical model is constructed to study the relationship between the major defects of internal control and the capital cost of corporate debt by using descriptive analysis, correlation analysis and regression analysis.And through the robustness test, further confirm the conclusion of the study.The study found that when there are significant deficiencies in internal controls, creditors will raise the risk rating of the firm and the firm will have to pay a higher cost of debt capital.This relationship is weakened when enterprises are located in areas where financial reform is less deeply deepened, meaning that in areas where financial reform is less deeply deepened,Improving internal controls has a relatively small role in helping companies access lower-cost debt financing.At the same time, due to the existence of soft financing constraints, creditors favor state-owned enterprises, the improvement of internal control quality to state-owned enterprises to reduce the cost of debt capital is relatively small.On the basis of the research conclusions, this paper puts forward some specific suggestions on how to reduce the cost of debt capital from the angle of internal control construction, information disclosure and other corporate governance.Finally, the limitations of this paper and the future can be considered in the study.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425;F832.51

【参考文献】