本文選題：內(nèi)部控制 + 外部審計(jì)質(zhì)量　； 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：企業(yè)在進(jìn)行外部融資時(shí),大多會(huì)選擇債務(wù)融資的方式,債務(wù)成本就成為一個(gè)必須要考慮的問(wèn)題,債務(wù)成本的多少對(duì)于企業(yè)的經(jīng)營(yíng)發(fā)展有著重要的影響,債務(wù)成本過(guò)高,可能會(huì)導(dǎo)致企業(yè)不堪重負(fù),經(jīng)營(yíng)困難。為了企業(yè)能夠更好地發(fā)展,探索降低債務(wù)成本的方法顯得尤為重要。以往的研究表明,債權(quán)人與企業(yè)之間的代理沖突和信息不對(duì)稱(chēng)會(huì)導(dǎo)致企業(yè)的債務(wù)成本增加。國(guó)外的研究表明,有效的內(nèi)部控制和高質(zhì)量的外部審計(jì)可以緩解債權(quán)人和企業(yè)之間的代理沖突和信息不對(duì)稱(chēng),從而降低債務(wù)成本,但是該結(jié)論是否適用于我國(guó)的資本市場(chǎng)還有待檢驗(yàn)。已有研究中,鮮有將內(nèi)部控制和外部審計(jì)質(zhì)量放在同一框架中,研究?jī)烧邔?duì)于債務(wù)成本的作用,以及兩者在發(fā)揮作用中的相互關(guān)系。本文首先從理論上分析內(nèi)部控制與外部審計(jì)如何緩解代理沖突和信息不對(duì)稱(chēng)問(wèn)題,從而降低債務(wù)成本。然后通過(guò)實(shí)證的方法,檢驗(yàn)內(nèi)部控制與外部審計(jì)對(duì)債務(wù)成本的作用,以及在影響債務(wù)成本的過(guò)程中,兩者之間的相互關(guān)系,得出以下研究結(jié)論。首先,內(nèi)部控制水平與債務(wù)成本之間顯著負(fù)相關(guān),內(nèi)部控制水平的提高可以顯著降低債務(wù)成本。其次,外部審計(jì)質(zhì)量與債務(wù)成本之間顯著負(fù)相關(guān),外部審計(jì)質(zhì)量的提高可以顯著降低債務(wù)成本。最后,當(dāng)外部審計(jì)質(zhì)量提高時(shí),內(nèi)部控制降低債務(wù)成本的作用減弱;外部審計(jì)質(zhì)量降低時(shí),內(nèi)部控制降低債務(wù)成本的作用增強(qiáng)。在對(duì)債務(wù)成本的影響上,內(nèi)部控制水平和外部審計(jì)質(zhì)量之間存在著替代關(guān)系。根據(jù)研究結(jié)論,本文認(rèn)為如果想要降低企業(yè)的債務(wù)成本,使企業(yè)獲得更長(zhǎng)遠(yuǎn)的發(fā)展,就要建立和完善有效的內(nèi)部控制機(jī)制,提高外部審計(jì)的質(zhì)量。這需要企業(yè)、會(huì)計(jì)師事務(wù)所和相關(guān)監(jiān)管部門(mén)的共同努力,才能切實(shí)保護(hù)債權(quán)人的利益,實(shí)現(xiàn)企業(yè)與投資者雙贏的局面。鑒于目前外部審計(jì)水平有限,深化公司治理機(jī)制改革顯得尤為重要,要不斷完善內(nèi)部控制機(jī)制,切實(shí)發(fā)揮內(nèi)部控制的作用,以提高公司治理水平,降低債務(wù)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.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275

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