内部控制缺陷、媒体监督与企业融资约束——基于我国A股主板上市公司的经验数据

Internal Control Defect,Media Supervision and Financing Constraints--Evidence from listed companies of Chinese main board

文章选取我国2015~2019年A股主板上市公司为研究对象,分析了内部控制缺陷对融资约束的影响,并从媒体监督的视角分析其调节作用,进而得出结论:与不存在内部控制缺陷的企业相比,存在内部控制缺陷的企业融资约束更大,媒体报道负面次数越多,企业面临的融资约束越大;进一步探索媒体监督的调节作用发现,随着媒体负面报道的次数越多,企业管理层面临更大的融资约束。本研究为企业内部控制和融资管理提供了理论依据,并根据结论提出了解决企业融资约束问题的相关建议。

This paper selects the A-share listed companies in China’s main board from 2015 to 2019 as the research object,analyzes the impact of internal control defects on financing constraints and its regulatory function from the perspective of media supervision,and then draws the conclusions that compared with enterprises without internal control defects,enterprises with internal control defects have greater financing constraints,and the more negative times of media reports,the greater the financing constraints faced by enterprises.Further exploration of the moderating effect of media supervision shows that the more negative media reports are reported,the more financing constraints corporate management faces.This study provides a theoretical basis for the internal control and financing management of enterprises,and puts forward some suggestions to solve the financing constraints of enterprises.