本文關(guān)鍵詞： 內(nèi)部控制 權(quán)益資本成本 債務(wù)資本成本 公司治理　出處：《天津大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：中國(guó)的內(nèi)部控制建設(shè)正邁入快速發(fā)展時(shí)期,自財(cái)政部等五部委聯(lián)合推出內(nèi)部控制框架性文件起,內(nèi)部控制的重要性已逐漸被市場(chǎng)所認(rèn)識(shí)。而資本成本作為影響企業(yè)利潤(rùn)和價(jià)值的重要因素,是公司股東與管理層最為關(guān)心的信息。內(nèi)部控制是否能有效減低公司的資本成本?具體而言,高質(zhì)量的內(nèi)部控制能否降低公司的權(quán)益資本成本與債務(wù)資本成本?同時(shí),作為內(nèi)部控制建設(shè)的重要保障,有效的公司治理水平能否在內(nèi)部控制影響資本成本的過(guò)程中起到協(xié)同作用?本文將主要圍繞上述這些問(wèn)題展開(kāi)研究。論文首先對(duì)國(guó)內(nèi)外學(xué)者關(guān)于內(nèi)部控制與資本成本的研究進(jìn)行了詳細(xì)的綜述,發(fā)現(xiàn)國(guó)內(nèi)外研究的不足并據(jù)此提出了本文的研究方向。然后從委托代理理論、有效市場(chǎng)假說(shuō)理論等方面闡述了內(nèi)部控制對(duì)資本成本的影響,為后文的實(shí)證研究奠定了扎實(shí)的理論基礎(chǔ)。其次,以近三年發(fā)表于國(guó)內(nèi)權(quán)威期刊的內(nèi)部控制相關(guān)論文為依據(jù),構(gòu)建了基于學(xué)者認(rèn)可度的內(nèi)部控制評(píng)價(jià)指數(shù)(ICEI),并用該評(píng)價(jià)指數(shù)對(duì)2011~2012年滬市A股上市公司的內(nèi)部控制質(zhì)量進(jìn)行評(píng)價(jià)。結(jié)果反映滬市的內(nèi)部控制質(zhì)量總體處于較高水平,AH股試點(diǎn)公司的內(nèi)部控制質(zhì)量比其他公司高,相同樣本公司2012年內(nèi)部控制質(zhì)量相較于2011年有較大提高。然后,選取滬市A股樣本公司,通過(guò)建立回歸模型,分別從權(quán)益資本成本和債務(wù)資本成本兩個(gè)方面考察內(nèi)部控制對(duì)資本成本的影響,并對(duì)公司治理與內(nèi)部控制的協(xié)同作用進(jìn)行檢驗(yàn)。結(jié)果表明,高質(zhì)量的內(nèi)部控制能顯著降低公司的權(quán)益資本成本以及債務(wù)資本成本。同時(shí),公司治理對(duì)內(nèi)部控制降低權(quán)益資本成本的效果具有協(xié)同促進(jìn)作用,但債權(quán)人并不認(rèn)同公司治理的協(xié)同作用。最后,結(jié)合研究結(jié)果,對(duì)如何完善中國(guó)內(nèi)部控制及降低資本成本提出了若干建議。本文構(gòu)建了基于學(xué)者認(rèn)可度的內(nèi)部控制評(píng)價(jià)指數(shù)(ICEI),衡量了上市公司的內(nèi)部控制水平,并實(shí)證檢驗(yàn)分析了內(nèi)部控制對(duì)上市公司資本成本的影響,以及公司治理水平對(duì)內(nèi)部控制的協(xié)同作用,為中國(guó)內(nèi)部控制能否有效降低資本成本的論斷提供了實(shí)證支持依據(jù),對(duì)內(nèi)部控制的進(jìn)一步完善具有重要意義。
[Abstract]:China's internal control construction is entering a period of rapid development, since the five ministries and commissions such as the Ministry of Finance jointly launched the internal control framework documents. The importance of internal control has been gradually recognized by the market. As an important factor affecting the profit and value of enterprises, capital cost is the most concerned information of shareholders and management. Can internal control effectively reduce the cost of capital? Specifically, can high quality internal control reduce the cost of equity capital and debt capital? At the same time, as an important guarantee of the construction of internal control, can the effective level of corporate governance play a synergistic role in the process of internal control affecting the cost of capital? This paper will focus on these issues. Firstly, this paper summarizes the research on internal control and capital cost of domestic and foreign scholars in detail. This paper finds the deficiency of domestic and foreign research and puts forward the research direction of this paper. Then it expounds the influence of internal control on capital cost from the aspects of principal-agent theory and efficient market hypothesis theory. It lays a solid theoretical foundation for the later empirical research. Secondly, based on the relevant papers on internal control published in domestic authoritative journals in the past three years, The internal control evaluation index based on scholars' recognition is constructed, and the internal control quality of A-share listed companies in Shanghai stock market from 2011 to 2012 is evaluated with the index. The results show that the internal control quality of Shanghai stock market is generally in high water. The quality of internal control of the pilot company is higher than that of other companies. The quality of internal control of the same sample company on 2012 was greatly improved than that of 2011. Then, the sample company of Shanghai A-share stock market was selected, and the regression model was established. The influence of internal control on capital cost is investigated from two aspects of equity capital cost and debt capital cost, and the synergy between corporate governance and internal control is tested. High-quality internal control can significantly reduce the cost of equity capital and debt capital. At the same time, corporate governance has a synergistic effect on reducing the cost of equity capital. But creditors do not agree with the synergy of corporate governance. Some suggestions on how to perfect China's internal control and reduce the cost of capital are put forward. This paper constructs an internal control evaluation index (ICEI) based on scholars' recognition, and measures the level of internal control of listed companies. And the empirical analysis of the impact of internal control on the capital cost of listed companies, as well as the synergy of corporate governance level to internal control, provides an empirical basis for the conclusion that internal control can effectively reduce capital cost. It is of great significance to the further improvement of internal control.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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