内部控制缺陷及修复、机构持股与企业融资约束

Internal Control Weakness and its Remediation,Institutional Ownership and Financing Constraints

以2013-2020年我国沪深两市A股上市公司为研究样本,研究内部控制缺陷与缺陷修复对融资约束的影响,以及机构持股对内部控制缺陷和缺陷修复影响融资约束的调节作用。实证结果表明,企业存在内部控制缺陷会加剧融资约束程度,且内部控制缺陷越严重企业融资约束程度越高;机构投资者持股能抑制内部控制缺陷对融资约束的影响;企业对内部控制缺陷进行修复可以缓解融资约束;机构投资者持股能促进内部控制缺陷修复对融资约束的影响。

Based on A-share listed companies in Shanghai and Shenzhen Stock Markets from 2013 to 2020,this paper examines the impact of internal control weakness and its remediation on financing constraints,and the moderating effect of institutional ownership on internal control weakness and its remediation affecting financing constraints.The empirical results show that internal control weakness aggravate the degree of financing constraint,and the more serious the internal control weakness,the higher the degree of corporate financing constraints;institutional ownership can restrain the impact of internal control weakness and the degree of internal control weakness on financing constraints;the remediation of internal control weakness by companies can alleviate financing constraints;Institutional ownership can promote the impact of its remediation on financing constraints.