内部控制质量与企业债务违约风险

Internal Control Quality and Enterprises’Debt Default Risk

本文立足微观层面的企业内部控制视角,考察了企业内部控制水平对其债务违约风险的影响。基于2013—2017年上市公司发行债券的实证研究结果表明,具有较高内部控制质量的企业,其债务违约风险往往更低,并且随着企业信用资质的提升,内部控制质量提升对企业债务违约风险的边际影响趋于减弱。进一步地,基于不同产权性质债券发行主体的实证结果表明,与国有企业相比,民营企业完善内部控制后,其债务违约风险的改善程度更为明显。本文建议,企业应以加强自身内部控制体系建设为根本,通过完善内部决策制衡机制筑牢企业经营管理合法合规底线,提升不同宏观经济环境下经营管理的稳健性,强化不同金融周期下理性投融资决策,增强债务偿还能力并降低债务违约风险。

Enterprises’internal factors are significant which may lead to debt default,especially the defect in internal control and corporate governance.This paper tries to explore how an enterprise’s internal control quality influences the debt default risk.Taking corporate bonds issued by listed companies from 2013 to 2017 as samples,this paper takes bond credit risk premium(credit spread)as the measurement index of debt default risk,and constructs a panel model including internal control quality index and corporate bond credit spread to evaluate the impact of internal control quality on debt default risk.Furthermore,this paper explores the change of marginal impact of internal control quality on debt default risk under different credit qualifications,and the differences between internal control quality and debt default risk of companies with different ownership types.The empirical regression results show that when the internal control index increases by 10%,the credit spread of corporate bonds will decrease by 0.005%~0.008%,which indicates that for enterprises with more effective strategy implementation,higher business return,authenticity and integrity of information disclosure,higher legality and compliance of operation,and stronger asset value maintenance and appreciation,their internal control level is higher,their debt repayment ability is stronger,and the debt default risk is correspondingly lower.The conclusions above have profound policy implications in effectively preventing enterprises’debt default risk.For enterprises,the enterprise management should take strengthening the construction of their own internal control system as the basis,enhance the robustness of business management in different macroeconomic environments through improving internal decision-making’s balance mechanism to build a firm bottom line of legitimate business management,strengthen rational investment and financing decisions in different financial cycles,enhance debt repayment capacity and then reduce the risk of debt default finally.