摘要
内部控制不仅可以提高信息的真实完整性,还具有提高经营效率的功能。内部控制会降低信息不对称,降低代理成本以及融资成本,进而影响公司财务政策选择,提升经营效率。以2008-2010年沪深上市公司为研究样本,本文研究发现,内部控制可以影响企业内部现金持有规模;在信息不对称程度越严重的环境中,即关联交易频繁的情况下,内部控制的效果越明显。研究还表明,内部控制环境好,信息质量较高,关联交易市场的负面作用也随之降低。本文拓展了内部控制功能的有关研究,也验证了内部控制政策的有效性,可以为进一步完善公司治理提供参考。
Internal control can improve both the quality of accounting information, and the operational efficiency. Internal control reduces the information asymmetry, decreases the agency costs and the financing costs. As a consequence, it changes the company’s financial policy choices and improve the operating efficiency. Based on 2008-2010 Shanghai and Shenzhen listed companies data, this study finds that internal control can reduce the excess cash holdings. The effect of internal control is more related with high degree of information asymmetry. With better internal control, the information quality is higher, the external financing cost is lower. This article extends the study on the internal control, supporting the efficiency of the internal control policies.
出处
《投资研究》
北大核心
2014年第6期55-67,共13页
Review of Investment Studies
基金
国家自然基金项目(批号:71102123)阶段性研究成果
关键词
关联交易
内部控制
现金持有
Connected Transaction
Internal Control
Cash Holdings
