金融生态环境、内部控制质量与债务融资成本——来自我国A股上市公司的经验证据

Financial Ecological Environment,Internal Control Quality and Debt Financing Cost

以2013～2015年度我国A股上市公司数据为研究样本,考察金融生态环境、内部控制质量与企业债务融资成本之间的关系。研究发现,金融生态环境越好,企业债务融资成本越低;内部控制质量越高,企业债务融资成本越低,并且内部控制质量的影响效应在金融生态环境较好的地区更加显著。进一步分析发现,金融生态环境和内部控制质量二者对于债务融资成本的交互影响作用在国有企业更为显著。

This paper chooses the Chinese A-share companies listed from 2013 to 2015 as a research sample,and studies the relations among financial ecological environment,the internal control quality and the cost of corporate debt financing.The study finds that the financial ecological environment is significantly negatively correlated with the cost of corporate debt financing;the quality of internal control is negatively correlated with the cost of debt financing,and the effect of the quality of internal control is more obvious in the financial ecological environment.Further analysis shows that the interaction effect of financial ecological environment and internal control quality on debt financing cost is more significant in state-owned enterprises.