内部控制视角下货币政策与债务融资成本关系研究

Monetary Policy and Internal Control on the Cost of Debt Financing

本文以2006—2012年沪深A股上市公司为研究对象,研究了货币政策与内部控制对债务融资成本的交互影响效应,研究得出如下结论:其他情况相同条件下,货币政策从紧时,企业债务融资成本提高;其他情况相同条件下,内部控制水平越高,债务融资成本越低;其他情况相同条件下,高质量的内部控制可以减弱货币政策紧缩对债务融资成本的影响。进一步研究发现:高质量的内部控制降低银根紧缩时期企业显著提高的债务融资成本的作用在非国有企业和外部治理环境好的地区的企业中更加明显。

This paper selects 2006-2012 A-share listed companies in Shanghai and Shenzhen as samples,to study the influence of monetary policy and internal control on the cost of debt financing.The cost of debt financing increases significantly when monetary policy is to tighten;A high level of internal control can reduce the cost of debt financing,weakening the impact of monetary policy on debt financing costs;Further study,weakening effect of the internal control is more obvious in the non-state-owned enterprises and the enterprises in the area with good external governance environment.