内部控制与外审质量对于债务成本的作用研究

发布时间：2018-06-09 05:10

本文选题：内部控制 + 外部审计质量　；参考：《北京交通大学》2017年硕士论文

【摘要】：企业在进行外部融资时,大多会选择债务融资的方式,债务成本就成为一个必须要考虑的问题,债务成本的多少对于企业的经营发展有着重要的影响,债务成本过高,可能会导致企业不堪重负,经营困难。为了企业能够更好地发展,探索降低债务成本的方法显得尤为重要。以往的研究表明,债权人与企业之间的代理冲突和信息不对称会导致企业的债务成本增加。国外的研究表明,有效的内部控制和高质量的外部审计可以缓解债权人和企业之间的代理冲突和信息不对称,从而降低债务成本,但是该结论是否适用于我国的资本市场还有待检验。已有研究中,鲜有将内部控制和外部审计质量放在同一框架中,研究两者对于债务成本的作用,以及两者在发挥作用中的相互关系。本文首先从理论上分析内部控制与外部审计如何缓解代理冲突和信息不对称问题,从而降低债务成本。然后通过实证的方法,检验内部控制与外部审计对债务成本的作用,以及在影响债务成本的过程中,两者之间的相互关系,得出以下研究结论。首先,内部控制水平与债务成本之间显著负相关,内部控制水平的提高可以显著降低债务成本。其次,外部审计质量与债务成本之间显著负相关,外部审计质量的提高可以显著降低债务成本。最后,当外部审计质量提高时,内部控制降低债务成本的作用减弱;外部审计质量降低时,内部控制降低债务成本的作用增强。在对债务成本的影响上,内部控制水平和外部审计质量之间存在着替代关系。根据研究结论,本文认为如果想要降低企业的债务成本,使企业获得更长远的发展,就要建立和完善有效的内部控制机制,提高外部审计的质量。这需要企业、会计师事务所和相关监管部门的共同努力,才能切实保护债权人的利益,实现企业与投资者双赢的局面。鉴于目前外部审计水平有限,深化公司治理机制改革显得尤为重要,要不断完善内部控制机制,切实发挥内部控制的作用,以提高公司治理水平,降低债务成本。
[Abstract]:When the enterprise carries on the external financing, most will choose the debt financing way, the debt cost becomes the question which must consider, the amount of the debt cost has the important influence to the enterprise's management development, the debt cost is too high, May cause the enterprise to be overwhelmed and difficult to manage. In order to improve the development of enterprises, it is very important to explore ways to reduce the cost of debt. Previous studies have shown that agency conflicts and asymmetric information between creditors and firms can lead to higher debt costs. Foreign studies have shown that effective internal control and high-quality external auditing can reduce agency conflicts and information asymmetries between creditors and firms, thus reducing the cost of debt. However, whether this conclusion is applicable to China's capital markets remains to be tested. In the previous studies, the internal control and external audit quality are rarely put in the same framework, the role of the two on the cost of debt, and the relationship between the two in the role of the two. This paper first analyzes theoretically how internal control and external audit can alleviate the problem of agency conflict and information asymmetry so as to reduce the cost of debt. Then through the empirical method, the paper tests the effect of internal control and external audit on debt cost, and the relationship between them in the process of influencing debt cost, and draws the following conclusions. Firstly, there is a significant negative correlation between the level of internal control and the cost of debt, and the improvement of the level of internal control can significantly reduce the cost of debt. Secondly, there is a significant negative correlation between external audit quality and debt cost, and the improvement of external audit quality can significantly reduce debt cost. Finally, when the quality of external audit is improved, the role of internal control to reduce the cost of debt is weakened, and when the quality of external audit is reduced, the role of internal control to reduce the cost of debt is enhanced. There is a substitute relationship between the level of internal control and the quality of external audit. According to the conclusion of the study, if we want to reduce the debt cost of the enterprise and make the enterprise obtain the long-term development, we must establish and perfect the effective internal control mechanism and improve the quality of the external audit. This requires the joint efforts of enterprises, accounting firms and relevant regulatory authorities in order to protect the interests of creditors and realize a win-win situation between enterprises and investors. In view of the limited level of external audit at present, it is particularly important to deepen the reform of corporate governance mechanism. It is necessary to constantly improve the internal control mechanism and give full play to the role of internal control in order to improve the level of corporate governance and reduce the cost of debt.
【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

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