内部控制质量对债务融资成本的影响研究——基于市场化程度视角

Corporate Internal Control Quality and Debt Financing Costs

以2009—2014年沪深两市A股上市公司为样本,研究较高的内部控制质量能否影响上市公司的债务融资成本及规模。研究表明,内部控制质量高的上市公司融资成本更低且倾向于进行更少量的债务融资。进一步划分为国有与非国有控股上市公司、位于高市场化程度地区的上市公司与位于低市场化程度地区的上市公司之后,发现较高的内部控制质量对非国有控股上市公司和位于较高市场化程度的上市公司的债务融资成本及债务融资率有更为显著的影响。

This paper uses samples of listed companies in China's Mainland during 2009-2014 to examine whether high internal control quality of public companies could influence their debt financing costs and scales. According to my empirical evidence,the better the internal control quality,the lower the debt financing costs,and the smaller debt financing scale. If these sample companies are further divided into state-owned holding companies and non-state-owned holding companies,or companies in highly developed market area and in non-highly developed market area,it is found that better internal control quality has more significant impact on both costs and scales of debt financing of companies,if they are non-government controlling or in areas of highly developed market.