环境不确定性、内部控制质量与权益资本成本

Environment Uncertainty,High-quality Internal Control and Cost of Capital

以2008—2011年深沪两市A股公司为检验样本,检验了环境不确定性与内部控制对权益资本成本的影响。检验结果发现:环境不确定性与公司权益资本成本正相关,同时高质量的内部控制有助于缓解环境不确定性与资本成本之间的正相关关系,当公司被行业专长机构投资者持股时,这一缓解效应更为显著;进一步检验发现,与其他内部控制要素相比,拥有良好的内部控制环境更能够显著地缓解环境不确定性对资本成本的不利影响。

By selecting a sample of A - Share listed firms from 2008 to 2011, this paper tries to investigate the effect of environment uncertainty on the cost of capital and the governance effect of the internal control. The main findings are as follows ： The relationship between environmental uncertainty and the cost of capital is positive and high quality internal control helps to alleviate the tension of the above positive relationship, especially for the companies held by institutional investor specialization, the effect of high quality internal control to alleviate such relationship between environmental uncertainty and the cost of capital is greater. Further inspection also found that, compared with other elements of internal control, excellent internal control environment can significantly relieve the positive relationship between environmental uncertainty and the cost of capital.