内部控制鉴证、终极控制人性质与权益资本成本——基于沪市A股的经验证据

Internal Control Attestation,Characteristics of Ultimate Controller and the Cost of Equity Capital: Empirical Evidence from A-Share in SSE

基于自愿性内部控制鉴证报告,通过构建内部控制鉴证、终极控制人性质与权益资本成本之间的理论模型,以2007—2011年沪市A股826家上市公司为研究样本,采用PEG模型检验我国上市公司自愿性内部控制鉴证报告对权益资本成本产生影响的因素中是否存在终极控制人性质这一因素。研究结果表明:上市公司自愿性披露内部控制鉴证报告能够给市场传递积极信号,显著降低权益资本成本,同时终极控制人性质能在一定程度上为内部控制鉴证报告信息质量提供保证,降低投资者对企业风险的估计,从而降低权益性资本成本。

This paper constructs a theoretical model of the relationship between internal control attestation,characteristics of ultimate controller and cost of equity capital by taking 826 listed companies' internal control attestation reports in Shanghai Stock Exchanges from 2007 to 2011 as research objects.By using the PEG model to determine whether the influence of voluntary internal control attestation of listed companies on the cost of equity capital has characteristics of ultimate controller effect.The results show that voluntary internal attestation of listed companies could convey positive signals to lower the cost of equity capital significantly,at the same time,to a certain degree,characteristics of ultimate controller provide information quality guarantee of internal control attestation reports and reduce estimation of investors exposed to the enterprise risks,thus lowering the cost of equity capital.