内部控制、管理层能力与融资约束

Management Competence Internal Control and Financing Constraints

基于上市公司内部控制体系建立的过程中,管理层能力的不同而带来的差异,选取2012—2017年A股上市公司作为研究样本,研究内部控制与融资约束的关系,以及管理层能力对其关系的影响。研究发现:内部控制质量越高,企业融资约束程度越低;管理层能力对公司的内部控制与融资约束的关系具有调节作用,即管理层能力较高的公司,内部控制能更多的缓解融资约束程度。在管理层能力较高的上市公司中,相对于国有上市公司,非国有上市公司的内部控制对融资约束的缓解作用相对较显著。

Based on the differences in managerial ability during the establishment of the internal control system of listed companies,this paper selects the A-share listed companies in 2012—2017 as a research sample,studies the relationship between internal control and financing constraints,and the impact of managerial ability.The study found that the higher the quality of internal control,the lower the degree of corporate financing constraints;the managers competence has a moderating effect on the relationship between the company’s internal control and financing constraints,that is,companies with higher management capabilities,internal control can more ease financing The degree of constraint.in the listed companies with higher management capabilities,compared with the state-owned listed companies,the internal control of non-state-owned listed companies has a relatively significant effects on financing constraints.