摘要
以2009—2014年我国A股上市公司为样本,探讨了内部控制和媒体关注对企业债务融资成本的影响,并进一步考察了金融关联的调节效应。研究表明,内部控制质量越高、媒体关注度越高,企业的债务融资成本就越低;内部控制与媒体关注在降低债务融资成本方面存在替代关系;金融关联加强了内部控制对抑制债务融资成本的作用,但在媒体关注降低债务融资成本的关系中作用不显著。研究显示,多种途径的结合比单一途径提高融资效率更有效,既肯定了内部控制和媒体关注在降低上市公司债务融资成本中扮演的重要角色,也证实了社会关系网络在企业融资能力中具有不可忽视的作用。
Based on the data of China A-share listed companies from 2009 to 2014,this papers explored the effects of internal control and media coverage on corporate debt financing costs,and further examined the moderating effects of financial connection.The empirical results show that the internal control and media coverage are both significantly and negatively associated with corporate debt financing cost.Further,the internal control and media coverage have substitution effect to each other in reducing the cost of debt financing.And financial connection helps to strengthen the negative effect of internal control on corporate debt financing cost.This study enriches the research on the factors influencing the cost of debt financing,suggesting that the combination of multiple approaches is more effective than the single way to improve the financing efficiency.It has not only confirmed the important role played by internal control and media coverage in reducing the debt financing cost of listed companies,but also verified the fact that social network cannot be neglected in corporate financing capacity.
作者
单蒙蒙
程芳利
尤建新
SHAN Mengmeng;CHENG Fangli;YOU Jianxin(School of Management,Shanghai University,Shanghai 200444,China;School of Economics and Management,Tongji University,Shanghai 200092,China)
出处
《上海管理科学》
2018年第5期6-11,共6页
Shanghai Management Science
基金
国家社会科学基金项目(15CGL003)
上海市高校青年教师培养资助计划(ZZSD16023)
关键词
债务融资成本
内部控制
媒体关注
金融关联
debt financing cost
internal control
media coverage
financial connection
