發(fā)布時間：2018-06-09 05:10

  本文選題：內部控制 + 外部審計質量　； 參考：《北京交通大學》2017年碩士論文

【摘要】：企業(yè)在進行外部融資時,大多會選擇債務融資的方式,債務成本就成為一個必須要考慮的問題,債務成本的多少對于企業(yè)的經營發(fā)展有著重要的影響,債務成本過高,可能會導致企業(yè)不堪重負,經營困難。為了企業(yè)能夠更好地發(fā)展,探索降低債務成本的方法顯得尤為重要。以往的研究表明,債權人與企業(yè)之間的代理沖突和信息不對稱會導致企業(yè)的債務成本增加。國外的研究表明,有效的內部控制和高質量的外部審計可以緩解債權人和企業(yè)之間的代理沖突和信息不對稱,從而降低債務成本,但是該結論是否適用于我國的資本市場還有待檢驗。已有研究中,鮮有將內部控制和外部審計質量放在同一框架中,研究兩者對于債務成本的作用,以及兩者在發(fā)揮作用中的相互關系。本文首先從理論上分析內部控制與外部審計如何緩解代理沖突和信息不對稱問題,從而降低債務成本。然后通過實證的方法,檢驗內部控制與外部審計對債務成本的作用,以及在影響債務成本的過程中,兩者之間的相互關系,得出以下研究結論。首先,內部控制水平與債務成本之間顯著負相關,內部控制水平的提高可以顯著降低債務成本。其次,外部審計質量與債務成本之間顯著負相關,外部審計質量的提高可以顯著降低債務成本。最后,當外部審計質量提高時,內部控制降低債務成本的作用減弱;外部審計質量降低時,內部控制降低債務成本的作用增強。在對債務成本的影響上,內部控制水平和外部審計質量之間存在著替代關系。根據(jù)研究結論,本文認為如果想要降低企業(yè)的債務成本,使企業(yè)獲得更長遠的發(fā)展,就要建立和完善有效的內部控制機制,提高外部審計的質量。這需要企業(yè)、會計師事務所和相關監(jiān)管部門的共同努力,才能切實保護債權人的利益,實現(xiàn)企業(yè)與投資者雙贏的局面。鑒于目前外部審計水平有限,深化公司治理機制改革顯得尤為重要,要不斷完善內部控制機制,切實發(fā)揮內部控制的作用,以提高公司治理水平,降低債務成本。
[Abstract]:When the enterprise carries on the external financing, most will choose the debt financing way, the debt cost becomes the question which must consider, the amount of the debt cost has the important influence to the enterprise's management development, the debt cost is too high, May cause the enterprise to be overwhelmed and difficult to manage. In order to improve the development of enterprises, it is very important to explore ways to reduce the cost of debt. Previous studies have shown that agency conflicts and asymmetric information between creditors and firms can lead to higher debt costs. Foreign studies have shown that effective internal control and high-quality external auditing can reduce agency conflicts and information asymmetries between creditors and firms, thus reducing the cost of debt. However, whether this conclusion is applicable to China's capital markets remains to be tested. In the previous studies, the internal control and external audit quality are rarely put in the same framework, the role of the two on the cost of debt, and the relationship between the two in the role of the two. This paper first analyzes theoretically how internal control and external audit can alleviate the problem of agency conflict and information asymmetry so as to reduce the cost of debt. Then through the empirical method, the paper tests the effect of internal control and external audit on debt cost, and the relationship between them in the process of influencing debt cost, and draws the following conclusions. Firstly, there is a significant negative correlation between the level of internal control and the cost of debt, and the improvement of the level of internal control can significantly reduce the cost of debt. Secondly, there is a significant negative correlation between external audit quality and debt cost, and the improvement of external audit quality can significantly reduce debt cost. Finally, when the quality of external audit is improved, the role of internal control to reduce the cost of debt is weakened, and when the quality of external audit is reduced, the role of internal control to reduce the cost of debt is enhanced. There is a substitute relationship between the level of internal control and the quality of external audit. According to the conclusion of the study, if we want to reduce the debt cost of the enterprise and make the enterprise obtain the long-term development, we must establish and perfect the effective internal control mechanism and improve the quality of the external audit. This requires the joint efforts of enterprises, accounting firms and relevant regulatory authorities in order to protect the interests of creditors and realize a win-win situation between enterprises and investors. In view of the limited level of external audit at present, it is particularly important to deepen the reform of corporate governance mechanism. It is necessary to constantly improve the internal control mechanism and give full play to the role of internal control in order to improve the level of corporate governance and reduce the cost of debt.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275

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本文編號：1999072