上市公司内部控制实质性缺陷与债务融资约束

Material Weaknesses of Internal Control and Debt Financing Constraints

以2007～2011年非金融类上市公司数据为依据,结果内部控制实质性缺陷对债务融资约束的影响.结果发现,当公司存在内部控制实质性缺陷时,债务期限较短,债务成本较高,新增借款能力较差;内部控制实质性缺陷还会对公司的债务融资产生长期的不利影响.

This paper studies the effect of material weaknesses in internal control to debt financing constraints based on the data of 2007 - 2011 non-financial listed companies. It finds that when companies have material weaknesses, it debt maturity is shorter, debt cost is higher, and borrowing ability is poorer; internal control weaknesses also cause long-term adverse effect on the debt financing of the enterprises.