内部控制与权益资本成本的关系研究

Study on the Internal Control and the Cost of Equity Capital

从信号传递理论的角度分析了内部控制质量、实际控制人性质与权益资本成本之间的关系,采用PEG模型计算权益资本成本,以沪深两市A股非金融类上市公司2011年的数据为样本进行实证研究,结果表明:对于内部控制质量高的企业,投资者认为其经营风险小,企业价值高,进而降低权益资本成本,同时实际控制人性质能够为内部控制质量提供保证,使得这种负向关系在国有控股企业中表现得更为显著,即国有控股的企业权益资本成本比非国有控股的企业权益资本成本更低。这一结论对企业进一步完善内部控制制度具有重要的参考意义。

From the perspective of signaling theory ,the relationship among the quality of internal control , actual control of nature and the cost of equity capital were analyzed in this paper ,and the cost of equity capital was calculated by using the PEG model .Shanghai and Shenzhen A-share non-financial listed com-panies in 2011 of data sample were empirical studied ,and the results showed that for the high quality of internal control of the enterprise ,investors believe that it has low business risk and high enterprise value , thereby reducing the cost of equity capital ,while the actual control of the nature of internal control can provide quality assurance ,making this more significant negative relationship between the performance of state-owned holding enterprises ,corporate cost of equity capital that is lower than the state-owned holding companies equity capital cost of non-state-controlled.This conclusion has important reference for compa-nies to further improve their internal control system .