经营业绩波动、内部控制与债务融资成本——来自制造业上市公司的证据

Operating Performance Fluctuations,Internal Control and Debt Financing Costs—Evidence from Listed Manufacturing Companies

自中美贸易摩擦和全球新冠肺炎疫情发生以来,我国很多企业在短期内出现了剧烈的业绩波动,急需充足的资金支撑以渡过难关。选取2009—2019年我国的制造业A股上市公司面板数据,采用回归分析法探究经营业绩波动与债务融资成本之间的关系以及内部控制在企业业绩波动和债务融资成本之间的调节作用。结果表明:企业债务融资成本会随着经营业绩波动而增加;企业内部控制质量的提高能改善业绩波动对债务融资成本的负面影响。最终得出结论:企业不能局限于短期的利益,应放眼未来做出更长远的安排和发展,同时加强内控部门建设与管理,恪守信用以维护公司外部形象,使公司经营稳步提升,以抵御不利外部环境给企业带来的债务融资风险。

Since the Sino-US trade frictions and the global epidemic,many Chinese companies have experienced dramatic performance fluctuations in the short term and urgently need sufficient financial support to overcome the difficulties.Panel data of China’s manufacturing A-share listed companies from 2009 to 2019 is selected,and regression analysis is made to explore the relationship between operating performance fluctuations and debt financing costs,and the regulatory role of internal control between corporate performance fluctuations and debt financing costs.The results show that the cost of corporate debt financing increases with the fluctuation of operating performance;the improvement of the internal control quality of the company can reduce the negative impact of performance fluctuation on the cost of debt financing.Finally,it is concluded that companies should not be limited by short-term benefits,but should make long-term plan of development in the future,and at the same time they should strengthen the construction and management of internal control,abide by the principle of sincerity to maintain the company’s image for the steady development while resisting unfavorable external factors that may bring debt financing risks.