内控缺陷披露、内控审计与债务资本成本——来自沪市A股上市公司的经验证据

Disclosure of Internal Control Deficiencies,Internal Control Audit and Cost of Debt ——Evidence from Listed Firms in Shanghai Stock Exchange

内控缺陷披露与内控审计是否影响公司的资本成本这一问题,直接决定公司及其投资者对内控缺陷披露、内控审计的关注程度,进而决定资本市场的信息透明度以及资源配置效率。在我国内控信息披露制度转型的重要时间节点上,运用沪市A股上市公司2011-2012年的数据,探究内控缺陷披露、内控审计与债务成本三者之间的关系。研究发现,上市公司披露内控缺陷会显著提高债务成本,但内控审计却不会显著降低债务成本,而内控审计对内控缺陷披露与债务成本关系的调节为:只有当上市公司未披露内控缺陷时,内控审计才会显著降低公司的债务成本,当上市公司披露内控缺陷时,内控审计反而会提高公司的债务成本,但并不显著。该研究结论为提升公司、债权人对内控缺陷披露、内控审计的重视程度,以及为我国内控信息披露制度由"自愿"向"强制"的转型,提供了实证依据。

Do internal control deficiencies （ICD） disclosure and internal control auditing influence firm＇s cost of debt？ The answer to this question affects firm executives＇and investors＇degree of concern of ICD disclosure and internal control auditing, which relates to capital market＇sinformation transparency and resource allocation efficiency. Using a sample of Shanghai Stock Exchange firms of the year 2011 to 2012, we test the relationship of ICD disclosure, internal control au- diting and cost of debt right after the mandatory disclosure requirements. We find that, the disclosure of ICD increases firm~ cost of debt. Internal control auditing decreases firm＇s cost of debt significantly only when the firm doesnt disclose ICD. Our finding helps executives and creditors understand the importance of ICD disclosure and internal control audi- ting. We also provide empirical evidence of market changes under mandatory disclosure requirements.