摘要
以我国2007年至2014年A股主板上市公司为研究样本,实证检验了内部控制对企业融资效率的影响,以及法制环境、司法公正与效率、合法权益保护与内部控制对企业融资效率的交互影响,并按产权性质对上述影响进行深入分析。研究发现,高质量的内部控制有利于改善企业融资效率,且不受产权性质差异的显著影响。进一步研究发现,法制环境、司法公正与效率、合法权益保护与内部控制对企业融资效率的影响存在显著的替代效应,这种替代效应在国有企业中表现的更为突出。
Taking A-share listed companies in China from 2007 to 2014 as a sample, this paper tests how the internal control ef- fects corporation financing efficiency. Then it tells us other interaction influences from the legal enviromnents, judicial justice and effi- ciency, legal rights protection as well as internal control. It also makes a deep analysis of all above effects from the angle of the nature of property right. The study finds that high quality of internal control can improve the corporate financing efficiency, and not affected by the nature of property. Further studies show that there do be significant substitution effects of above interaction influences, what performs more prominent in state-owned enterprises.
作者
张海君
ZHANG Hai-jun(School of Accounting, Dongbei University of Finance and Economics, Dalian 116025 School of Accounting, Shandong Institute of Business and Technology, Yantai 264005, China)
出处
《山西财经大学学报》
CSSCI
北大核心
2017年第7期84-97,共14页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社会科学青年基金项目(16YJC630137)
辽宁省教育厅科学研究项目(LN2016JD007)
山东省社会科学规划研究项目(15CGLJ22)
关键词
内部控制
法制环境
产权性质
融资效率
internal control
legal environments
nature of property right
financing efficiency