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金融生态环境、内部控制质量与融资约束

发布时间:2018-10-21 09:49
【摘要】:在我国资本市场存在着一种普遍现象:企业融资渠道受阻,或者虽然有资金来源渠道,但是外部资金成本高于内部资金使用成本。这种现象称之为"融资约束"。2016年是我国十三五规划的开局之年,为了实现全面建成小康社会的伟大目标,各方都应努力。尤其是作为我国社会主义经济市场中的主力,每家企业更应该响应国家号召。基于此,如何解决我国企业普遍面临的融资约束,使其实现跨越式发展,便成为当务之急、重中之重。信息不对称程度和委托代理问题决定了企业所面临的融资约束的程度。哲学有一种思想:外因是通过内因对事物发挥作用。由此,解决好我国企业面临的融资约束,也要考虑外因和内因,双管齐下。在本文,笔者选取了"金融生态环境"作为外因,这是近年来兴起的、内涵丰富、多维度的一个宏观概念。笔者选取了企业的"内部控制质量"作为内因,其可以减轻企业与外部投资者之间的信息不对称程度和委托代理问题。本文首先研究外部宏观因素"金融生态环境"对企业融资约束影响,然后落脚于研究不同质量的内部控制如何调节金融生态环境对融资约束的作用过程,得出相关结论。本文的研究贡献:基于外因如何通过内因对事物发挥作用的思想,研究金融生态环境对融资约束的缓解程度在不同内部控制质量的公司中可能存在显著差异。角度新颖,为缓解上市公司面临的融资约束、完善上市公司治理结构和促进资本市场持续发展提供新思路。
[Abstract]:There is a common phenomenon in the capital market of our country: the financing channels of enterprises are blocked, or there are sources of funds, but the cost of external funds is higher than the cost of using internal funds. This phenomenon is called "financing constraint". 2016 is the beginning year of the 13th Five-Year Plan of our country. In order to realize the great goal of building a well-off society in an all-round way, all sides should make great efforts. In particular, as the main force of our socialist economic market, every enterprise should respond to the national call. Based on this, how to solve the financing constraints faced by Chinese enterprises and make them achieve leapfrog development has become the top priority. The degree of information asymmetry and principal-agent problem determine the degree of financing constraints faced by enterprises. Philosophy has an idea that external causes play a role in things through internal causes. Therefore, to solve the financing constraints faced by Chinese enterprises, we should consider both external and internal factors. In this paper, the author chooses the "financial ecological environment" as the external cause, which is a macroscopical concept with rich connotation and multi-dimension developed in recent years. The author chooses the internal control quality as the internal cause, which can reduce the information asymmetry and the principal-agent problem between the enterprise and the external investors. This paper first studies the influence of external macro factors "financial ecological environment" on corporate financing constraints, and then studies how the internal control of different quality adjusts the process of financial constraints, and draws relevant conclusions. The contribution of this paper: based on the thought of how external causes play a role in things through internal causes, it is studied that the degree of financial constraints alleviated by the financial ecological environment may have significant differences in different internal control quality companies. The new angle provides a new way to ease the financing constraints faced by listed companies, perfect the governance structure of listed companies and promote the sustainable development of capital market.
【学位授予单位】:北京交通大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:F275;F832.51

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