债券融资、内部控制有效性与债权治理效应——基于我国上证A股的实证研究

Corporate Bond Financing, the Effectiveness of Internal Control and the Effect of Debt Governance-An Empirical Study Based on China's Shanghai A-shares

文章基于2012-2013两年间上海证券交易所全部A股上市公司的相关数据,着重考察了公司债券融资、内部控制有效性对实现公司债权治理效应的影响,侧重于探讨内部控制有效性是否在公司债券的债权治理效应中发挥中介作用。研究结果表明:采用公司债券融资的方式有利于提升企业内部控制的有效性,且存在显著正向债权治理效应;进一步检验得出:公司债券治理作用的发挥,部分是通过提高企业内部控制有效性得以实现的,即内部控制有效性在公司债券发挥其债权治理效应的过程中存在部分中介作用。

This paper chooses the data of all A shares of listing Corporation in the Shanghai stock exchange during the year 2012 to 2013, mainly examining the effect of corporate bonds financing and internal control upon the debt governance, by focusing on whether internal control efficiency plays a mediating role in effect of debt governance of corporate bonds. The results show that the issuance of corporate bonds is conducive to improve the effectiveness of the internal control of enterprises with significant and positive debt governance effect. The further test shows that internal control plays a partial intermediary role in the process of company bonds and the effect of debt governance.