財務(wù)困境、內(nèi)部控制與商業(yè)信用融資
發(fā)布時間：2018-09-18 07:07
【摘要】：2008年全球金融危機嚴重損害了我國的實體經(jīng)濟,此后我國經(jīng)濟處于不景氣狀態(tài)。經(jīng)濟的不景氣對企業(yè)的生產(chǎn)經(jīng)營活動產(chǎn)生了很大的影響,導(dǎo)致企業(yè)出現(xiàn)了不同程度的財務(wù)危機,甚至一些企業(yè)還發(fā)生了財務(wù)困境。當企業(yè)發(fā)生財務(wù)困境時,其持續(xù)經(jīng)營能力下降且財務(wù)狀況比較差,企業(yè)按時償還貨款的概率較低。在這種情況下,為了回避信用風(fēng)險、規(guī)避損失,債權(quán)人會減少向財務(wù)困境企業(yè)所提供的商業(yè)信用。在我國,作為一種替代性融資的方式,商業(yè)信用融資在企業(yè)日常經(jīng)營活動中發(fā)揮著重要的作用。近年來,我國企業(yè)逐漸意識到內(nèi)部控制在公司治理中的重要性,內(nèi)部控制受到了企業(yè)的重視,且在政府有關(guān)部門的積極鼓勵下,企業(yè)內(nèi)部控制制度不斷健全。對于發(fā)生財務(wù)困境的公司而言,較高質(zhì)量的內(nèi)部控制能否有效地緩解財務(wù)困境企業(yè)與債權(quán)人之間存在的信息不對稱,增強相互之間的信任,最終影響財務(wù)困境企業(yè)所獲得的商業(yè)信用融資水平呢?本文選取我國A股上市公司2008—2014年的數(shù)據(jù),運用交易成本理論、信號傳遞理論和替代性融資理論,探討財務(wù)困境與商業(yè)信用融資之間的關(guān)系以及內(nèi)部控制質(zhì)量是否會影響兩者之間的關(guān)系。為了驗證本文的假設(shè),本文構(gòu)造了兩個多元線性回歸模型。研究發(fā)現(xiàn),與非財務(wù)困境企業(yè)相比,財務(wù)困境企業(yè)將獲得較少的商業(yè)信用融資,同時較高的內(nèi)部控制質(zhì)量能夠緩解財務(wù)困境與商業(yè)信用融資之間的負相關(guān)關(guān)系。進一步研究發(fā)現(xiàn),由于國有企業(yè)有政府為其商業(yè)信用融資提供隱性擔(dān)保,因此,與發(fā)生財務(wù)困境的民營企業(yè)相比,發(fā)生財務(wù)困境的國有企業(yè)能夠獲得較多的商業(yè)信用融資。與此同時,由于國有企業(yè)可以依靠政府提供的隱性擔(dān)保來獲取較多的商業(yè)信用融資,因此,其可能對公司內(nèi)部控制質(zhì)量關(guān)注較小,而陷入財務(wù)困境的非國有企業(yè)更加依賴于質(zhì)量較好的內(nèi)部控制獲得更多的商業(yè)信用,即內(nèi)部控制與產(chǎn)權(quán)性質(zhì)可能具有替代效應(yīng)。本文的結(jié)構(gòu)框架為:第一部分為引言。本部分主要內(nèi)容包括研究的背景與選題意義、研究的思路與方法、本文的基本框架和創(chuàng)新點。第二部分為文獻綜述。本部分搜集了財務(wù)困境、內(nèi)部控制以及商業(yè)信用融資這三方面相關(guān)的文獻,并對這些文獻進行評述,進而發(fā)現(xiàn)現(xiàn)有文獻的不足和可以繼續(xù)研究的領(lǐng)域。第三部分為財務(wù)困境、內(nèi)部控制與商業(yè)信用融資的相關(guān)理論概述。該部分首先闡述了財務(wù)困境、商業(yè)信用融資和內(nèi)部控制的相關(guān)概念界定,然后以交易成本理論、信號傳遞理論和替代性融資理論為理論基礎(chǔ)來闡明財務(wù)困境、內(nèi)部控制與商業(yè)信用融資三者之間的關(guān)系。第四部分為理論分析與研究假設(shè)。該部分運用上述的相關(guān)理論推導(dǎo)出財務(wù)困境與商業(yè)信用融資之間的關(guān)系,然后引入內(nèi)部控制,研究內(nèi)部控制是否會影響財務(wù)困境企業(yè)所獲得的商業(yè)信用,最后提出了本文的兩個基本假設(shè)。第五部分為研究設(shè)計與實證結(jié)果分析。該部分運用STATA12.0進行數(shù)據(jù)統(tǒng)計分析,數(shù)據(jù)統(tǒng)計分析包括描述性統(tǒng)計、相關(guān)系數(shù)矩陣、回歸分析、進一步檢驗以及穩(wěn)健性檢驗。第六部分為研究結(jié)論與政策建議。該部分主要包括為資本市場的參與者提供政策建議,并指出研究存在的缺陷。
[Abstract]:The global financial crisis in 2008 severely damaged China's real economy. Since then, China's economy has been in a state of depression. The economic depression has a great impact on the production and operation activities of enterprises, resulting in financial crisis of varying degrees, and even some enterprises have financial difficulties. In this case, in order to avoid credit risks and losses, creditors will reduce the commercial credit provided to Financial Distressed enterprises. In China, as an alternative financing method, commercial credit financing is operated daily in enterprises. In recent years, Chinese enterprises have gradually realized the importance of internal control in corporate governance. Internal control has been attached great importance to by enterprises, and with the active encouragement of the relevant government departments, the internal control system of enterprises has been constantly improved. Can we effectively alleviate the information asymmetry between financial distress enterprises and creditors, enhance mutual trust, and ultimately affect the level of commercial credit financing obtained by financial distress enterprises? In order to verify the hypothesis, this paper constructs two multiple linear regression models. It is found that financial distressed enterprises will get less commercial credit financing than non-financial distressed enterprises. Higher quality of internal control can alleviate the negative correlation between financial distress and commercial credit financing. Further research finds that, because state-owned enterprises have implicit guarantees for their commercial credit financing, state-owned enterprises with financial distress can obtain more merchants than private enterprises with financial distress. At the same time, because state-owned enterprises can rely on implicit guarantees provided by the government to obtain more commercial credit financing, so it may pay less attention to the quality of internal control of the company, and financial distress of non-state-owned enterprises more dependent on better quality of internal control to obtain more commercial credit, that is, internal. The first part is the introduction. The main contents of this part include the background and significance of the research, the research ideas and methods, the basic framework and innovation of this paper. The second part is a literature review. This part collects financial distress, internal control and commercial credit. The third part is about the financial distress, the related theories of internal control and commercial credit financing. This part first expounds the related concepts of financial distress, commercial credit financing and internal control. Then, the relationship among financial distress, internal control and commercial credit financing is clarified on the basis of transaction cost theory, signaling theory and alternative financing theory. The fourth part is theoretical analysis and research hypothesis. The fifth part is the research design and empirical analysis. This part uses STATA 12.0 to carry on the data statistical analysis, the data statistical analysis includes the descriptive statistics, the correlation. The sixth part is the conclusions and policy recommendations. This part mainly includes policy recommendations for the participants in the capital market, and points out the shortcomings of the study.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51
本文編號：2247160
[Abstract]:The global financial crisis in 2008 severely damaged China's real economy. Since then, China's economy has been in a state of depression. The economic depression has a great impact on the production and operation activities of enterprises, resulting in financial crisis of varying degrees, and even some enterprises have financial difficulties. In this case, in order to avoid credit risks and losses, creditors will reduce the commercial credit provided to Financial Distressed enterprises. In China, as an alternative financing method, commercial credit financing is operated daily in enterprises. In recent years, Chinese enterprises have gradually realized the importance of internal control in corporate governance. Internal control has been attached great importance to by enterprises, and with the active encouragement of the relevant government departments, the internal control system of enterprises has been constantly improved. Can we effectively alleviate the information asymmetry between financial distress enterprises and creditors, enhance mutual trust, and ultimately affect the level of commercial credit financing obtained by financial distress enterprises? In order to verify the hypothesis, this paper constructs two multiple linear regression models. It is found that financial distressed enterprises will get less commercial credit financing than non-financial distressed enterprises. Higher quality of internal control can alleviate the negative correlation between financial distress and commercial credit financing. Further research finds that, because state-owned enterprises have implicit guarantees for their commercial credit financing, state-owned enterprises with financial distress can obtain more merchants than private enterprises with financial distress. At the same time, because state-owned enterprises can rely on implicit guarantees provided by the government to obtain more commercial credit financing, so it may pay less attention to the quality of internal control of the company, and financial distress of non-state-owned enterprises more dependent on better quality of internal control to obtain more commercial credit, that is, internal. The first part is the introduction. The main contents of this part include the background and significance of the research, the research ideas and methods, the basic framework and innovation of this paper. The second part is a literature review. This part collects financial distress, internal control and commercial credit. The third part is about the financial distress, the related theories of internal control and commercial credit financing. This part first expounds the related concepts of financial distress, commercial credit financing and internal control. Then, the relationship among financial distress, internal control and commercial credit financing is clarified on the basis of transaction cost theory, signaling theory and alternative financing theory. The fourth part is theoretical analysis and research hypothesis. The fifth part is the research design and empirical analysis. This part uses STATA 12.0 to carry on the data statistical analysis, the data statistical analysis includes the descriptive statistics, the correlation. The sixth part is the conclusions and policy recommendations. This part mainly includes policy recommendations for the participants in the capital market, and points out the shortcomings of the study.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51
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，本文編號：2247160
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