發(fā)布時(shí)間：2018-02-13 15:55

  本文關(guān)鍵詞： 內(nèi)部控制指數(shù) 債務(wù)成本 產(chǎn)權(quán)性質(zhì) 金融生態(tài)環(huán)境　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：美國安然財(cái)務(wù)造假、世界通訊公司偽造賬目以及中國的銀廣夏虛假編報(bào)財(cái)務(wù)報(bào)表等國內(nèi)外重大財(cái)務(wù)丑聞的爆發(fā),使碩大的公司走向末路甚至破產(chǎn)倒閉。為此,美國COSO委員會(huì)前后三次修訂發(fā)布了《內(nèi)部控制——整合框架》,加之薩班斯法案的頒布,企業(yè)內(nèi)部控制建設(shè)越來越受到內(nèi)外部利益關(guān)系人的重視。我國財(cái)政部、證監(jiān)會(huì)、審計(jì)署、銀監(jiān)會(huì)和保監(jiān)會(huì)五部委也制定發(fā)布了《企業(yè)內(nèi)部控制基本規(guī)范》和《企業(yè)內(nèi)部控制配套指引》,該指引為基本規(guī)范在企業(yè)落地明確了著手點(diǎn),由此我國企業(yè)內(nèi)部控制建設(shè)規(guī)范體系基本形成。國內(nèi)外的理論及實(shí)踐表明:建設(shè)及完善內(nèi)部控制制度已成為企業(yè)經(jīng)營發(fā)展的必由之路,提高內(nèi)部控制質(zhì)量不僅是企業(yè)能夠保持長(zhǎng)遠(yuǎn)發(fā)展的不竭動(dòng)力,又能促進(jìn)社會(huì)經(jīng)濟(jì)健康發(fā)展。債務(wù)成本是指企業(yè)使用債務(wù)資本而需付給債權(quán)人的資金使用費(fèi),如果債務(wù)成本過高,致使企業(yè)投資經(jīng)營無法獲得正的收益,那將會(huì)影響企業(yè)經(jīng)營的效率與效果。而提高經(jīng)營的效率與效果作為內(nèi)部控制目標(biāo)的核心,可以通過完善和優(yōu)化內(nèi)部控制制度所實(shí)現(xiàn),以進(jìn)一步提高企業(yè)盈利,保證債務(wù)本息的按期償還,降低債權(quán)人風(fēng)險(xiǎn)。因此,良好的企業(yè)內(nèi)部控制能否通過降低債權(quán)人風(fēng)險(xiǎn),從而降低債權(quán)人索要的風(fēng)險(xiǎn)溢價(jià),進(jìn)一步降低企業(yè)債務(wù)成本呢?若是良好的內(nèi)部控制質(zhì)量能夠降低企業(yè)債務(wù)成本,那么在不同情況下,這種降低的影響是否存在差異?所以,本文從債務(wù)成本角度,展開對(duì)內(nèi)部控制經(jīng)濟(jì)后果的研究。本文選取2013年的滬市A股上市公司的數(shù)據(jù)作為研究樣本,以內(nèi)部控制目標(biāo)的實(shí)現(xiàn)程度為依據(jù),綜合選取定性和定量的評(píng)價(jià)指標(biāo),采用主成分法合成內(nèi)部控制指數(shù)量化評(píng)價(jià)樣本上市公司內(nèi)部控制質(zhì)量。被解釋變量債務(wù)成本參照魏志華(2012)的做法,用利息支出占期初期末債務(wù)總額平均值的比率來衡量,表示企業(yè)使用債務(wù)資本所付出的代價(jià)。并且本文引入產(chǎn)權(quán)性質(zhì)、金融生態(tài)環(huán)境兩個(gè)分組變量,來探討在不同情況下,內(nèi)部控制指數(shù)對(duì)債務(wù)成本的影響是否存在差異。根據(jù)本文研究需要,建立回歸模型以研究債務(wù)成本與內(nèi)部控制指數(shù)的相關(guān)性,并采用分組回歸方法以探究在不同情況下,內(nèi)部控制對(duì)債務(wù)成本的差異影響。最后,從改變數(shù)據(jù)處理方式的角度進(jìn)行穩(wěn)健性檢驗(yàn)。結(jié)果發(fā)現(xiàn),內(nèi)部控制指數(shù)越高,企業(yè)內(nèi)部控制質(zhì)量越好,債務(wù)成本越低;內(nèi)部控制對(duì)債務(wù)成本的降低作用在非國有企業(yè)、金融生態(tài)環(huán)境欠佳地區(qū)表現(xiàn)的更為顯著。由此提出以下建議:監(jiān)管者應(yīng)該更加關(guān)注企業(yè)內(nèi)部控制建設(shè)的質(zhì)量,而不僅僅局限于內(nèi)部控制過程;企業(yè)自身應(yīng)強(qiáng)化內(nèi)部控制建設(shè),提高內(nèi)部控制質(zhì)量以降低債務(wù)成本;政府應(yīng)減少對(duì)國有企業(yè)債務(wù)融資的干預(yù),以市場(chǎng)為主導(dǎo)合理配置債權(quán)資金,促進(jìn)國有企業(yè)實(shí)現(xiàn)良性發(fā)展;創(chuàng)建良好的金融生態(tài)環(huán)境,為企業(yè)發(fā)展掃清外部障礙。本文的創(chuàng)新點(diǎn)主要有以下兩點(diǎn):(1)從內(nèi)部控制五大目標(biāo)角度出發(fā),綜合考慮定性和定量指標(biāo),采用數(shù)據(jù)庫和手工搜集整理相結(jié)合的方式,指標(biāo)數(shù)據(jù)選取細(xì)致,合成的指數(shù)能夠比較客觀的反映樣本公司的內(nèi)部控制質(zhì)量,符合本文研究需要;(2)引入金融生態(tài)環(huán)境變量,對(duì)企業(yè)依存的外部環(huán)境進(jìn)行綜合評(píng)價(jià),以進(jìn)一步研究?jī)?nèi)部控制指數(shù)與債務(wù)成本的影響,這是與以往學(xué)者僅選取個(gè)別的外部環(huán)境變量進(jìn)行研究的區(qū)別之處。
[Abstract]:Enron financial fraud, false accounting and World Co Chinese Yinguangxia false reporting financial statements at home and abroad such as major financial scandals, the big company to end even bankruptcy. Therefore, the United States before and after the COSO three session of the Committee issued a revised "internal control -- integrated framework >, coupled with the Sarbanes Oxley Act promulgated by the enterprise the construction of internal control has attracted more and more attention of internal and external stakeholders. The Ministry of finance, China Securities Regulatory Commission, the Audit Commission, the CBRC and CIRC five ministries also issued the basic norms" and "supporting internal control guidelines > < the guidelines for enterprise internal control basic norms in the enterprise to clear the landing from this point, the establishment of enterprise internal control standard system is basically formed. That theory and practice at home and abroad: the construction and improvement of the internal control system has become a business development The only way which must be passed the internal control and improve the quality, not only is the enterprise can maintain the inexhaustible power for long-term development, and to promote the healthy development of social economy. The cost of debt refers to the use of debt capital to pay creditors funds use fee, if the cost of debt is too high, resulting in enterprise investment management can not get a positive profit, it will affect the business the efficiency and effectiveness. The core and enhance the efficiency and effect of management as the goal of internal control, can improve and optimize the internal control system, to further improve the profitability of the business, guarantee the repayment of debts, reducing the risk of creditors. Therefore, good corporate internal control can reduce the risk by creditors, thereby reducing creditors for the risk premium, to further reduce the cost of corporate debt? If a good internal control system can reduce the debts of the enterprise The cost of that in different situations, whether there are differences between the effects of this decrease? So, the cost of debt perspective, research on the internal control of the economic consequences. The 2013 Shanghai A shares of listed companies as the research sample data, in order to achieve the objectives of internal control degree as the basis, the synthetic evaluation index selection and qualitative quantitatively, using the principal component method for the synthesis of internal control evaluation index of listed companies internal control quality. The explanatory variable cost of debt refer to Wei Zhihua (2012) approach, with interest payments accounted for the total debt at the beginning of the final average value to measure, said the use of debt capital cost. And this paper introduces the nature of property rights the financial ecological environment, two grouping variables, to explore in different situations, the internal control index of the influence on the debt cost differences. According to the text Study on the need to establish a regression model to study the correlation of debt cost and the internal control index, and uses the grouping regression method to explore in different situations, influence on the debt cost of internal control. Finally, the robustness of detection from the angle change data processing test. The results showed that the internal control index is higher, the better the quality of the enterprise the internal control, the cost of debt is lower; the internal control of the cost of debt reduction in non state-owned enterprises, the financial ecological environment in areas with poor performance is more significant. Thus put forward the following suggestions: the quality of the regulators should pay more attention to the construction of enterprise internal control, and not just in the process of internal control; enterprises should strengthen the construction of internal control to improve the quality of internal control, in order to reduce the cost of debt financing; the government should reduce the debt of the state enterprise intervention, market-oriented allocation of debt The right of capital, promote the state-owned enterprises to achieve healthy development; to create a favorable financial environment for the development of enterprises, clearing the external obstacles. The main innovations of this paper are as follows: (1) from the perspective of internal control five major objectives, considering the qualitative and quantitative indicators, using the database and manual collection combination index the detailed data selection, synthesis index can reflect the internal quality control of the Sample Firms, in accordance with the research needs of this paper; (2) the introduction of financial ecological environment variables, the comprehensive evaluation of enterprises depend on the external environment, to further research on the impact of internal control index and the cost of debt, this is the research and the previous scholars only selected individual the difference between the external environment variables.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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