本文選題：內(nèi)部控制重大缺陷 + 債務(wù)資本成本�。� 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：自1912年內(nèi)部控制理論被提出,企業(yè)內(nèi)部控制對規(guī)范企業(yè)日常生產(chǎn)經(jīng)營以及保護投資者權(quán)利的作用日趨重要。內(nèi)部控制規(guī)范對企業(yè)長足發(fā)展的重要性被各資本市場反復(fù)強調(diào),它們希望通過構(gòu)建企業(yè)內(nèi)部控制規(guī)范體系來提高企業(yè)質(zhì)量、保護投資者和規(guī)范資本市場。隨著研究的推進,不少人開始關(guān)注提高內(nèi)部控制質(zhì)量對解決企業(yè)融資難、融資貴問題的幫助。一方面,完善的內(nèi)部控制能降低債權(quán)投資者和企業(yè)內(nèi)部信息不對稱的程度,向債權(quán)人提供真實有用的信息;另一方面高質(zhì)量內(nèi)部控制能幫助企業(yè)提高盈利能力,好的盈利是降低債權(quán)人風險的保證,從而為企業(yè)贏得低成本的資金,實現(xiàn)企業(yè)發(fā)展的良性循環(huán)。企業(yè)內(nèi)部控制質(zhì)量的提高是否能幫助企業(yè)以更低的付出獲得發(fā)展需要的資金?這正是本文研究的主要問題。同時,在研究企業(yè)內(nèi)部控制與債務(wù)資本成本關(guān)系的時候,還必須考慮金融改革深化程度給債權(quán)人帶來的沖擊是否會影響內(nèi)部控制質(zhì)量提升對企業(yè)債務(wù)資本成本產(chǎn)生的作用。并且,不同產(chǎn)權(quán)性質(zhì)的企業(yè)債務(wù)融資難易程度天然不同,那么產(chǎn)權(quán)性質(zhì)也是研究時必須考慮的方面。本文同時使用理論分析和實證分析方式,先縱覽國內(nèi)外的相關(guān)文獻,從內(nèi)部控制重大缺陷、債務(wù)資本成本以及內(nèi)部控制重大缺陷對債務(wù)資本成本的影響等方面著手,進行文獻梳理與評述。并以委托代理理論、信息不對稱理論和信號傳遞理論、公司治理理論以及利益相關(guān)者理論等為理論基礎(chǔ),梳理邏輯關(guān)系和作用機理,進一步提出本文的研究假設(shè)。接著以2011-2015年我國滬深兩市A股制造業(yè)上市公司為樣本,構(gòu)建實證模型,運用描述性分析、相關(guān)性分析和回歸分析,研究內(nèi)部控制重大缺陷與企業(yè)債務(wù)資本成本的關(guān)系,并通過穩(wěn)健性檢驗,進一步證實研究結(jié)論。研究發(fā)現(xiàn)當企業(yè)內(nèi)部控制存在重大缺陷時,債權(quán)人會提高對企業(yè)的風險評級,企業(yè)要付出更高的債務(wù)資本成本。而這種關(guān)系在企業(yè)位于金融改革深化程度較低地區(qū)時會被削弱,意味著在金融改革深化程度較低的地區(qū),改善企業(yè)內(nèi)部控制對幫助企業(yè)獲得更低成本的債務(wù)資金的作用相對較小。同時,因為存在融資軟約束,債權(quán)人偏愛國有企業(yè),內(nèi)部控制質(zhì)量的提升對國有企業(yè)降低債務(wù)資本成本的幫助相對較小。在研究結(jié)論的基礎(chǔ)上,本文就企業(yè)如何從內(nèi)部控制建設(shè)、信息披露和其他公司治理角度降低債務(wù)資本成本提出了具體建議。最后,對本文局限和未來可考慮的研究方面進行闡述。
[Abstract]:Since the theory of internal control was put forward in 1912, the role of internal control in regulating the daily production and operation of enterprises and protecting the rights of investors has become increasingly important.The importance of internal control norms to the rapid development of enterprises has been stressed repeatedly by various capital markets. They hope to improve the quality of enterprises, protect investors and regulate capital markets by building a standard system of internal control norms.With the development of the research, many people begin to pay attention to the help of improving the quality of internal control to solve the problem of financing difficult and expensive.On the one hand, perfect internal control can reduce the degree of asymmetric information among creditor investors and enterprises, and provide real and useful information to creditors; on the other hand, high quality internal control can help enterprises improve their profitability.Good profit is the guarantee to reduce the risk of creditors, so as to win low cost funds for enterprises and realize the virtuous circle of enterprise development.Can the improvement of the quality of internal control help enterprises to obtain the funds needed for their development at a lower cost?This is the main problem studied in this paper.At the same time, when studying the relationship between the internal control of enterprises and the cost of debt capital, we must consider whether the impact of the deepening of financial reform on creditors will affect the effect of the improvement of internal control quality on the cost of debt capital.The nature of property right is also an important factor in the study.Using both theoretical and empirical analysis methods, this paper first reviews the relevant literature at home and abroad, starting from the major defects in internal control, debt capital costs and the impact of major internal control defects on debt capital costs.Literature review and review.On the basis of principal-agent theory, information asymmetry theory and signal transfer theory, corporate governance theory and stakeholder theory as the theoretical basis, combing the logical relationship and the mechanism of action, further put forward the research hypothesis of this paper.Then, taking the A-share manufacturing companies listed in Shanghai and Shenzhen stock markets in China from 2011-2015 as a sample, an empirical model is constructed to study the relationship between the major defects of internal control and the capital cost of corporate debt by using descriptive analysis, correlation analysis and regression analysis.And through the robustness test, further confirm the conclusion of the study.The study found that when there are significant deficiencies in internal controls, creditors will raise the risk rating of the firm and the firm will have to pay a higher cost of debt capital.This relationship is weakened when enterprises are located in areas where financial reform is less deeply deepened, meaning that in areas where financial reform is less deeply deepened,Improving internal controls has a relatively small role in helping companies access lower-cost debt financing.At the same time, due to the existence of soft financing constraints, creditors favor state-owned enterprises, the improvement of internal control quality to state-owned enterprises to reduce the cost of debt capital is relatively small.On the basis of the research conclusions, this paper puts forward some specific suggestions on how to reduce the cost of debt capital from the angle of internal control construction, information disclosure and other corporate governance.Finally, the limitations of this paper and the future can be considered in the study.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F425;F832.51

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