内部控制审计模式影响权益资本成本吗?

Does the Internal Control Auditing Type Affect the Cost of Capital?

以2012—2016年沪深两市A股中进行内部控制审计的上市公司为研究对象,基于权益资本成本视角,实证检验内部控制单独审计与整合审计之间的差异。研究发现,内部控制单独审计与权益资本成本显著负相关,采用倾向得分匹配法控制内生性问题后,实证结果保持不变;进一步研究发现,内部控制单独审计对权益资本成本的降低作用主要存在于法制环境较差的地区和国有企业中。研究表明,相比于整合审计,单独审计显著降低了上市公司的权益资本成本,提高了资本市场的融资效率。

This paper compares the differences between separated audit and integrated audit based on the cost of capital using the data of listed companies that internal control is audited. The research finds that sepa- rated audit is significantly negative related with cost of capital. The research result remains unchanged after controlling the endogenous problem using PSM method. Further research finds that the reducing effect of sepa-rated audit mainly exists in the area of lower legal environment and state-owned enterprises. The research indi- cates that separated audit could significantly reduce the cost of capital and enhance the financing efficiency compared with integrated audit