公司内部控制有效性、环境信息披露与企业借款成本--基于A股制造业上市公司的实证研究

Effectiveness of Internal Control,Environmental Information Disclosure and Enterprise Borrowing Cost--An Empirical Study based on A-share Manufacturing Listed Companies

在经济高质量发展及绿色金融的推动下,本文选取了2017-2019年在A股上市的制造业企业作为研究样本,实证研究了公司内部控制有效性大小与企业环境信息披露的关系,进而研究其披露的详细程度与企业负担借款成本的大小的关系,并进一步探讨在影响公司负担债务利息率的大小上内控有效性及环境信息披露相互之间是否存在影响。通过构建模型、实证检验得出企业内部控制的有效性越高,其环境信息披露内容越全面;制造业企业内部控制有效性及环境信息披露水平分别与企业借款成本负相关;内控水平的高低及环境信息披露水平两个变量,在影响企业的借款成本大小中发挥着一定的替代效应。最后对公司提高内控质量,完善环境信息披露水平提出建议,以期最终使企业获得低成本的债务资金,提高竞争力。

This paper selects a-share listed manufacturing enterprises from 2017 to 2019 as research samples to empirically study the relationship between the effectiveness of corporate internal control and corporate environmental information disclosure,and then analyzes the relationship between the degree of details disclosure and the size of the corporate borrowing costs.Furthermore,whether the effectiveness of internal control and environmental information disclosure have an impact on the corporate debt interest rate is discussed.It is concluded that the more effective the internal control is,the more comprehensive the environmental information disclosure is;the effectiveness of internal control and the level of environmental information disclosure of manufacturing enterprises are negatively correlated with corporate borrowing costs;andtwo variables,the level of internal control and the level of environmental information disclosure,may exert a certain substitution effect on the borrowing cost of enterprises.Finally,suggestions are put forward from the perspective of improving the quality of internal control and raising the level of environmental information disclosure in order to enable enterprises to obtain low-cost debt funds and strengthen their competitiveness.