产品竞争地位、权益融资成本与内部控制信息披露

Product Competition Position,Equity Financing Cost and Internal Control Information Disclosure

文章以2017—2018年A股上市公司为研究对象,采用Logistic回归模型分析企业产品竞争地位、权益融资成本与内部控制信息披露不合规行为之间的关联性。研究表明:产品竞争地位与内部控制信息披露不合规性在0.1显著水平下负相关,即产品竞争地位越高,上市公司越不容易发生内部控制信息披露不合规的行为;权益融资成本与内部控制信息披露不合规性在0.01显著水平下显著正相关,即权益融资成本越高,上市公司越容易发生内部控制信息披露不合规的行为;同时还发现产品竞争地位对权益融资成本和内部控制信息披露不合规性之间的关系具有显著调节作用,即当企业竞争地位越低时,其权益融资成本越高,进而越容易发生内部控制信息披露不合规行为。

This article selects A shares listed companies in 2017 and 2018 as its research subjects,and uses Logistic regression model to analyze the relationship among product competitive status,equity financing cost and non-compliance of internal control information disclosure.The study shows a negative correlation between product competitive status and non-compliance of internal control information disclosure at 0.1 significant level,that is,the higher the product competitive status is,the less likely listed companies are to have non-compliance in internal control information disclosure.The study also shows a significant positive correlation between equity financing cost and non-compliance of internal control information disclosure at 0.01 level,that is,the higher the equity financing cost is,the more likely listed companies are to have non-compliance in internal control information disclosure.At the same time,it is also found that the competitive status of products can regulate the relationship between the cost of equity financing and the non-compliance of internal control information disclosure,that is,the lower the competitive position of an enterprise is,the higher the cost of equity financing is,and the more likely internal control information disclosure irregularities are to occur.