内部控制有效性在董事会治理对债券信用评级影响中的中介效应研究

Research on the Intermediary Effect of Internal Control Effectiveness in the Influence of Board Governance on Bond Rating

内部控制有效性是董事会治理行为的体现,影响企业的债券信用评级。基于委托代理、信号传递等理论,从内部控制有效性中介效应视角,探究了董事会治理对债券信用评级影响的内在机理,采用2016~2018年上市公司的公司债数据,从非线性和线性两条路径,检验董事会治理如何通过内部控制有效性影响债券信用评级。研究发现:董事会独立性、董事会持股比例通过内部控制有效性对债券信用评级产生显著非线性影响,内部控制有效性呈现非线性中介效应;审计委员会专业性影响债券信用评级,内部控制有效性在审计委员会专业性对债券信用评级影响中表现出部分中介效应。本研究丰富了董事会治理、内部控制有效性与债券信用评级的理论和检验方法,有利于指导公司治理实践。

The effectiveness of internal control is the result of the board’s governance behavior,which directly affects the enterprise’s bond rating.Based on the theories of principal-agent and signal transmission,from the perspective of intermediary effect of internal control effectiveness,this paper explores the internal mechanism of the impact of board governance on bond rating,using the corporate debt data of listed companies from 2016 to 2018,and empirically tests how board governance affects bond rating through internal control effectiveness from non-linear and linear paths.Research findings show that Board independence and the shareholding ratio of the board of directors can have a significant impact on bond rating through internal control effectiveness,which presents a non-linear intermediary effect.The audit committee’s professionalism affects bond rating,where internal control effectiveness shows certain intermediary effect.This paper enriches the theory and testing methods of board governance,internal control effectiveness and bond rating,and is helpful in guiding the practice of corporate governance.