治理抑或风险:负债融资与公司内部控制

Governance or Risk: Debt Financing and Corporate Internal Control

近年频发的食品安全和财务舞弊事件,暴露了我国上市公司内部控制的缺失。以我国2009—2018年沪深上市公司为样本,考察负债融资对公司内部控制的影响。研究发现:负债融资与公司内部控制水平显著负相关。考虑到债务主体异质性后发现,相对于供应商债权,银行债权对公司内部控制的负向影响更为显著。进一步地,负债融资通过降低经营绩效,实现对公司内部控制的负向影响。

In recent years,frequent incidents of food safety and financial fraud have exposed the lack of internal control of listed companies in China.This paper aims to investigate the impact of debt financing on internal control,using annual data from listed companies in Shanghai and Shenzhen from 2009 to 2018.Results document that debt financing is negatively associated with internal control.Considering the heterogeneity of debt subjects,this study indicates that the negative effect of bank creditor s rights on internal control is more significant than that of creditor s rights of suppliers.Furthermore,debt financing has a negative impact on the internal control by the way of deteriorating business performance.