摘要
以沪深两市A股上市公司2014—2016年数据为样本,研究企业内部控制质量与其债务融资成本间的关系。研究发现,企业的内控质量越高,债务融资成本越低。进一步研究发现,相对于国有企业,内控质量与债务融资成本的负相关关系在非国有企业更显著;相对于货币政策宽松时期,内控质量与债务融资成本的负相关关系在货币政策紧缩时期更显著。这一研究结论,丰富了内部控制对债务融资成本影响的相关理论。
Based on the data of A-share listed companies from 2014 to 2016,this paper studies the interaction between internal control and the cost of debt financing.The paper finds the higher the quality of internal control,the lower the cost of debt financing.Furthermore,compared with state-owned enterprises,the negative correlation between the quality and the cost is more significant in nonstate-owned enterprises.Compared with the period of loose monetary policy,the negative correlation is more significant in the period of tightening.The conclusion enriches the theories about the influence of internal control on the cost of debt financing.
作者
杨洋
陈晓曼
赵洪进
YANG Yang;CHEN Xiao-man;ZHAO Hong-jin(School of Management,University of Shanghai for Science & Technology,Shanghai 200093,China)
出处
《经济研究导刊》
2018年第36期81-84,87,共5页
Economic Research Guide
关键词
内部控制质量
债务融资成本
货币政策时期
the quality of internal control
the cost of debt financing
the period of monetary policy
