摘要
以债务成本和债务期限结构作为债务契约的特征,采用沪深A股上市公司2007年到2012年的相关数据,本文实证检验了内部控制、公司诉讼与债务契约之间的关系。研究发现:内部控制质量和公司诉讼显著负相关,公司诉讼和债务成本显著正相关,和债务期限结构显著负相关。进一步的研究发现,内部控制质量较高的公司,公司诉讼和债务契约的关系不显著,而内控质量较低的公司,公司诉讼和债务契约显著相关,说明高质量的内部控制有助于缓解公司诉讼对债务契约的负面影响。
With cost of debt and debt maturity structure as the feature of debt contracting, this paper investigates the relationship between internal control, corporate lawsuit and debt contracting by using the data from 2007 to 2012. We find that, on average, internal control quality is negatively correlated with corporate lawsuit probability; what' s more, the corporate lawsuit probability is positively correlated with the cost of debt, and negatively correlated with debt maturity structure. Further analysis shows that the relationship between corporate lawsuit probability and debt contracting is not significant in the subsample of the corporations with high internal control quality, but significant in the subsample of the corporations with low internal control quality. The results indicate that the high internal control quality will mitigate the negative impact of corporate lawsuit on debt contracting.
出处
《审计与经济研究》
CSSCI
北大核心
2015年第3期3-11,共9页
Journal of Audit & Economics
基金
国家自然科学基金重点项目(71332004)
国家自然科学基金面上项目(70972076、71272198、71032006)
教育部人文社会科学基金项目(09YJA790199、14YJC790097)