金融生态环境、内部控制质量与融资约束
[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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