内控流程可靠性与资本成本的作用机理研究

Influence of process' reliability of internal control on the cost of capital

研究上市公司内控流程可靠性对其权益资本成本的影响.首先将资本资产定价模型与股票收益率相结合,得到影响上市公司权益资本成本的关键因素;然后分析了内控流程可靠性如何作用于这些因素进而影响权益资本成本.得到如下结论:提高内控流程可靠性,一方面可以改善公司的信息质量,减少投资者对公司期末现金流量估计时的噪声和管理者观察到的边际生产率的噪声,提高决策准确度;另一方面可以减少管理者的舞弊行为,增加公司期末现金流量.这些影响均降低了公司的权益资本成本.

The influence of the process＇ reliability of the internal control on the cost of equity capital is studied. By combining the capital asset pricing model with stock returns, key factors which affect the cost of equity capital are identified. Then, how the reliability of the process affects these factors and the cost of equity capital is analyzed. The conclusions are give as follows： To improve the reliability of internal controlling process, more accurate information could be obtained. This effect reduces the noise of firm＇s cash flow at the end of period that is estimated by the investors, as well as the noise of the marginal productivity that is observed by managements, thus decision accuracy could be improved. The possibility of fraud will be reduced, which ensure the expected future cash flow. The company＇s cost of equity capital is reduced by these affects.