论文部分内容阅读
本文以2010年深市上市公司为研究样本,依据上市公司内部控制自我评价报告所披露的内部控制存在的问题,构建内部控制指数和内部控制缺陷等级两个指标来衡量内部控制水平,对内部控制水平与债务资本成本之间的关系进行了实证研究。结果发现:内部控制指数越高,即企业内部控制存在的问题越多,企业的债务资本成本就越高;相对于不存在内部控制实质性缺陷的公司,存在内部控制实质性缺陷的公司具有更高的债务资本成本。这就是说,内部控制水平与债务资本成本负相关,即内部控制水平越高,债务资本成本越低。本文研究结论表明,内部控制信息披露不仅具有改善公司与债权人之间信息不对称,抑制债权资本市场上的逆向选择问题的积极作用;而且能够通过促进公司不断改进内部控制水平,努力降低经营风险,从而最终减少公司的债务资本成本。
Based on the sample of listed companies in Shenzhen in 2010, based on the problems of internal control disclosed in the self-evaluation report of internal control of listed companies, this paper constructs the index of internal control and the grade of internal control to measure the level of internal control, An Empirical Study of the Relationship between Level and Debt Capital Cost. The result shows that the higher the index of internal control is, the more problems exist in the internal control of the enterprise, and the higher the cost of debt capital of the enterprise. Compared with a company without substantive defects in internal control, the company with substantive defects in internal control has a more High debt capital costs. This means that the level of internal control is negatively correlated with the cost of debt capital, ie, the higher the level of internal control, the lower the cost of debt capital. The conclusion of this paper shows that the disclosure of internal control information not only plays an active role in improving information asymmetry between companies and creditors and restraining the adverse selection in the debt capital market, but also can reduce the business risk by promoting the continuous improvement of the internal control level, Ultimately reducing the company’s debt capital cost.