内部控制缺陷信息披露与企业债务融资成本——来自中国民营上市公司的经验证据

Disclosure of internal control weakness information and cost of debt:Evidence from Chinese private listed companies

上市公司披露的内部控制缺陷信息是评价内部控制质量的关键信息之一,其对债权人的风险感知度具有重要影响,进而会影响企业承担的债务融资成本。以2007—2014年民营上市公司为对象,考察了内部控制缺陷对债务融资成本的影响。研究发现:第一,披露内部控制存在缺陷会导致债务融资成本显著增加,区分缺陷类型后,相比较财务报告缺陷,非财务报告缺陷对债务融资成本的不利影响更明显;第二,进一步区分缺陷严重程度,随着缺陷严重程度的上升,债务融资成本也会显著增加,并且这种影响主要是由更严重的非财务报告缺陷引起。研究结论表明全口径披露要求下的内部控制缺陷披露政策整体上确实具有更多的信息增量,能有效缓解债权人与企业之间的信息不对称,为深入认识新兴经济体中内部控制缺陷如何影响债务融资成本积累了新的经验证据,进一步丰富了内部控制的债务契约有用性文献,也为政策监管部门优化内部控制缺陷信息披露监管政策提供了理论依据。

The disclosure of internal control weakness（ ICW） information with listed company is a key to evaluate the quality of internal control system,which has an important effect on risk perception of creditors,and influences corporate cost of debt. This paper examines the effect of ICW on the cost of debt. This paper examines the impact of internal control defects on the cost of debt of private listed companies from 2007 to 2014. Firstly,the study finds an ICW will lead to a significant increase in the cost of debt; compared to financial reporting defects the adverse effects of non-financial reporting defects on the cost of debt financing is more obvious after distinguish the defect types. Secondly,this result demonstrates that the more severe the ICWs disclosed,the higher the cost of debt,and only the severity of non-financial-related is positively and significantly related to the cost of debt. The conclusion of the study shows that in the full aperture disclosure of internal control deficiencies disclosure policy on the whole have higher information gain,can effectively alleviate the information asymmetry between the creditor and the enterprise,accumulates new empirical evidence to understand how ICW influences the debt financing costs,further enriches the literature about the usefulness of internal control debt contracts,and provides a theoretical basis for policy regulators to optimize internal control deficiencies,information disclosure and regulatory policies.