本文選題：內部控制缺陷披露　切入點：權益資本成本　出處：《集美大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著《企業(yè)內部控制基本規(guī)范》和《企業(yè)內部控制配套指引》的相繼頒布,我國內部控制規(guī)范體系基本建成。然而,目前資本市場上仍然存在許多不確定因素,投資者與企業(yè)之間信息不對稱的現(xiàn)狀仍然嚴峻。無論是企業(yè)的管理者還是投資者,抑或是監(jiān)管部門都很關心能否通過提高企業(yè)內部控制水平、規(guī)范內部控制缺陷的披露來增加市場上的有用信息量,緩解信息不對稱現(xiàn)象,使投資者的信息風險得到降低,從而降低權益資本成本,這也是本文所要研究的問題。本文首先對國內外的文獻進行梳理,之后闡述了相關理論,并分別用各個理論深入分析了內部控制缺陷披露影響公司權益資本成本的過程。在理論分析基礎上,提出假設,以2013~2015年滬深A股主板披露內部控制評價報告的2353家公司為研究樣本,采用多元線性回歸方法進行實證研究,得出以下結論:披露內控缺陷正向影響權益資本成本;在內部控制五要素中,內部環(huán)境、風險評估、信息與溝通要素缺陷的披露導致權益資本成本上升,而控制活動和內部監(jiān)督要素缺陷的披露對權益資本成本的影響不顯著;是否對內部控制缺陷進行整改對權益資本成本沒有顯著影響。接著對實證結果進行了分析。最后總結本文的結論,同時從企業(yè)、投資者和監(jiān)管部門三個方面提出建議,并指出了本文的不足之處和展望。
[Abstract]:With the promulgation of the basic Standards of Internal Control in Enterprises and the supporting guidelines of Internal Control in Enterprises, the internal control standard system of our country has basically been established. However, there are still many uncertain factors in the capital market at present. The status quo of information asymmetry between investors and enterprises is still grim. Both managers, investors and regulators are very concerned about whether or not they can improve the level of internal control of enterprises. Regulating the disclosure of internal control defects to increase the amount of useful information in the market, alleviate the information asymmetry, reduce the information risk of investors, and thus reduce the cost of equity capital. This is also the problem to be studied in this paper. This paper firstly combs the literature at home and abroad, and then expounds the relevant theories. The paper also makes a deep analysis of the process of internal control defect disclosure which affects the cost of company equity capital with each theory. On the basis of theoretical analysis, the paper puts forward the hypothesis, From 2003 to 2015, 2353 companies in Shanghai and Shenzhen A share main Board disclosing internal control evaluation report are taken as the research sample. The empirical study is carried out by using multiple linear regression method. The conclusions are as follows: disclosure of internal control defects positively affects the cost of equity capital; In the five elements of internal control, the disclosure of internal environment, risk assessment, information and communication factors lead to the increase of equity capital costs, while the disclosure of control activities and internal oversight elements has no significant impact on equity capital costs; Whether or not to rectify the defects of internal control has no significant effect on the cost of equity capital. Then the empirical results are analyzed. Finally, the conclusions of this paper are summarized, and suggestions are put forward from three aspects: enterprises, investors and regulators. The shortcomings and prospects of this paper are also pointed out.
【學位授予單位】：集美大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

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相關期刊論文 前10條

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本文編號：1570651