资本结构、内部控制与可持续发展——基于A股制造业上市公司的经验数据

Capital structure,internal control and sustainable development——Based on empirical data of a-share listed manufacturing companies

党的十九大报告指出当前社会应以新发展理念为引领,促进中国经济平稳,深化可持续发展战略。作为我国实体经济的中流砥柱,制造业扮演着落实可持续发展战略的重要角色。为了考察制造业企业可持续发展能力与内部控制评价指数、资本结构合理性的内在联系,选取沪深两市A股2014—2018年制造业上市公司进行实证研究,研究结果表明:企业适度的资本结构或者内部控制质量的提高能够显著增强企业的可持续发展能力,并且两者同时作用会在一定程度上增强互相对可持续发展能力的影响力。研究结论为制造业企业在供给侧改革和绿色经济背景下实现可持续发展提供理论基础。

The report to the 19th National Congress of the Communist Party of China(CPC)pointed out that the current society should be guided by the new development concept,promoting the stability of China’s economy and deepening the strategy of sustainable development.As the mainstay of China’s real economy,manufacturing industry plays an important role in implementing the strategy of sustainable development.For studying the inner link among manufacturing enterprise sustainable development ability and internal control evaluation index and the rationality of capital structure,this article selects the Shanghai and Shenzhen a-share manufacturing listed companies from 2014 to 2018 for empirical research,the research results show that the enterprise capital structure optimization and the improvement of internal control quality can significantly enhance the enterprise sustainable development ability,and both role will be,to a certain extent,enhance mutual influence on sustainable development ability.The conclusion provides a theoretical basis for manufacturing enterprises to realize sustainable development under the background of supply-side reform and green economy.