摘要
内部控制一直是企业和投资者关心的热点问题,文章以2012～2016年披露内部控制缺陷的沪深A股上市公司为样本,从内部控制缺陷修复后的视角研究对权益融资成本影响,同时分析不同的终极控制人性质对这一关系的影响。研究结果表明,内部控制缺陷修复与权益资本成本降低成正相关关系,即内部控制缺陷修复的公司次年股权资本成本比披露当年有所降低,同时相对于非国有企业,国有企业内部控制缺陷修复对股权资本成本的降低具有更显著的作用。
Internal control has always been a hot issue for companies and investors.This paper takes the Shanghai-Shenzhen A-share listed company that discloses internal control defects in 2012-2016 as a sample,and studies the impact on equity financing costs from the perspective of internal control defect repair,the impact of different ultimate controller nature on this relationship.The research results show that the internal control defect repair has a positive correlation with the reduction of the cost of equity capital.At the same time,compared with the nonstate-owned enterprises,the internal control defect repair of the state-owned enterprises has a more significant effect on the reduction of the cost of equity capital.
作者
李娜
车培荣
LI Na;CHE Pei-rong
出处
《经济论坛》
2019年第1期129-135,共7页
Economic Forum
关键词
权益资本成本
内部控制
内部控制缺陷修复
Cost of equity capital
Internal control
Remediation of internal control material weakness
