内部控制质量与企业投融资期限错配

Internal Control Quality and Maturity Mismatch of Enterprises’Investment and Financing

我国大部分企业面临投融资期限错配问题,如何有效解决企业投融资期限错配是我国实务和学术界研究的重点问题。本文选取2007—2018年中国A股上市公司数据,考察企业内部控制质量对投融资期限错配的影响及作用路径。研究发现,内部控制质量越高,企业投融资期限错配越低,且该关系对于非国有企业、信息不对称程度较高的企业更加显著。进一步研究表明,内部控制五要素中的信息与沟通对于缓解企业投融资期限错配发挥决定性作用,内部控制通过改善企业的债务期限结构降低其投融资期限错配。从经济后果来看,内部控制质量的提高可以缓解投融资期限错配对企业业绩产生的负面影响。

The maturity mismatch of investment and financing is common in Chinese enterprises.It has been an important topic on how to effectively solve maturity mismatch of enterprises’investment and financing in China.Using data of Chinese A-share listed companies from 2007 to 2018,this paper examines the effect of internal control on the maturity mismatch of investment and financing and the path of action by constructing a panel fixed effect model and an intermediary effect model.The paper finds that the higher the quality of internal control,the lower the maturity mismatch of enterprises’investment and financing,and this relationship is more significant in non state-owned enterprises and companies with higher information asymmetry.Further research shows that the information and communication among the five elements of internal control plays a decisive role in mitigating the maturity mismatch of investment and financing.Internal control reduces the maturity mismatch of investment and financing by improving the debt maturity structure.From the perspective of economic consequences,the improvement of the internal control quality can alleviate the negative effect of maturity mismatch of investment and financing on firm performance.The policy recommendations put forward in this article are as followed.Firstly,firms can strengthen the construction of internal control system to ease the concerns of banks on the risk of default and the efficiency of capital using,which improves the willingness of banks to provide long-term credit,thus alleviating the maturity mismatch of investment and financing.Secondly,for banks and other creditors,the construction of the firm’s internal control system should be included in the category of concluding debt contracts.Thirdly,in order to promote the enterprise internal control system to play a positive role in liquidity prevention and national macro financial stability,the government departments should intensify efforts to use all kinds of means such as building a sound internal control standard,strengthening the disclosure of internal control information to provide guidance for firms.