市場化進程內(nèi)部控制質(zhì)量和債務融資成本

1、學校代碼 密 級 中圖分類號UDC論文題目（中文）市場化進程、內(nèi)部控制質(zhì)量和債務融資成本來自滬深兩市A股上市公司的經(jīng)驗證據(jù)應位&豺侄火厚JIANGXI UNIVERSITY OF FINANCE AND ECONOMICS碩士學位論文MASTER DISSERTATION論文題目 Marketization Process、Internal Control Quality and Debt Financing（英文） CostsEmpirical Evidence from A-share Listed Companies inShanghai and Shenzhen Stock Marke

2、t申請學位學科專業(yè)鄭雅丹會計學導 師 程淑珍教授培養(yǎng)單位會計學院研究方向管理會計理論與方法二。一九年六月獨創(chuàng)性聲明本人聲明所呈交的論文是我個人在導師指導下進行的研究 工作及取得的研究成果。盡我所知，除了文中特別加以標注和致 謝的地方外，論文中不包含其他人已經(jīng)發(fā)表或撰寫的研究成果, 也不包含為獲得江西財經(jīng)大學或其他教育機構(gòu)的學位或證書所 使用過的材料。與我一同工作的同志對本研究所做的任何貢獻均 已在論文中作了明確的說明并表示了謝意。簽名：皇段曲日期：盤關(guān)于論文使用授權(quán)的說明本人完全了解江西財經(jīng)大學有關(guān)保留、使用學位論文的規(guī)定, 即：學校有權(quán)保留送交論文的復印件，允許論文被查閱和借閱； 學?？梢怨?/p>

3、布論文的全部或部分內(nèi)容，可以采用影印、縮印或其 他復制手段保存論文。（保密的論文在解密后遵守此規(guī)定）簽名：邳多導師簽名:的泌?日期:%?！?目錄 TOC o 1-5 h z HYPERLINK l bookmark76 o Current Document 1引言1 HYPERLINK l bookmark79 o Current Document 1.1研究背景和意義1 HYPERLINK l bookmark82 o Current Document 研究背景1 HYPERLINK l bookmark85 o Current Document 1.1.2研究意義2 HYPERLINK l

4、 bookmark88 o Current Document 1.2研究思路和方法3 HYPERLINK l bookmark91 o Current Document 研究思路3 HYPERLINK l bookmark95 o Current Document 1.2.2研究方法4 HYPERLINK l bookmark98 o Current Document 1.3研究的內(nèi)容與框架5 HYPERLINK l bookmark101 o Current Document 1.3.1研究內(nèi)容5 HYPERLINK l bookmark104 o Current Document 1.3.

5、2研究框架6 HYPERLINK l bookmark107 o Current Document 1.4研究的創(chuàng)新與不足8 HYPERLINK l bookmark110 o Current Document 2文獻綜述9 HYPERLINK l bookmark113 o Current Document 2.1內(nèi)部控制相關(guān)文獻回顧9 HYPERLINK l bookmark116 o Current Document 2.1.1內(nèi)部控制影響因素文獻回顧9 HYPERLINK l bookmark119 o Current Document 2.1.2內(nèi)部控制產(chǎn)生的經(jīng)濟后果文獻綜述10 H

6、YPERLINK l bookmark122 o Current Document 2.2債務融資成本相關(guān)文獻回顧10 HYPERLINK l bookmark125 o Current Document 2.2.1債務融資成本影響因素文獻回顧11 HYPERLINK l bookmark129 o Current Document 2.2.2債務融資成本經(jīng)濟后果文獻回顧11 HYPERLINK l bookmark132 o Current Document 2.3與內(nèi)部控制和債務融資成本關(guān)系相關(guān)的文獻回顧12 HYPERLINK l bookmark135 o Current Docume

7、nt 2.4文獻評述13 HYPERLINK l bookmark138 o Current Document 3市場化進程、內(nèi)部控制質(zhì)量和債務融資成本的理論概述14 HYPERLINK l bookmark141 o Current Document 3.1市場化進程、內(nèi)部控制質(zhì)量和債務融資成本概念的界定14 HYPERLINK l bookmark144 o Current Document 內(nèi)部控制質(zhì)量的概念14 HYPERLINK l bookmark147 o Current Document 債務融資成本的概念15 HYPERLINK l bookmark150 o Current

8、 Document 市場化進程的概念15 HYPERLINK l bookmark153 o Current Document 3.2市場化進程、內(nèi)部控制質(zhì)量和債務融資成本的作用機理16 HYPERLINK l bookmark156 o Current Document 3.2.1內(nèi)部控制質(zhì)量與債務融資成本二者關(guān)系的作用機理163.2.2市場化進程影響內(nèi)部控制質(zhì)量與債務融資成本二者關(guān)系的作用機理17 HYPERLINK l bookmark165 o Current Document 3.3市場化進程、內(nèi)部控制質(zhì)量和債務融資成本的理論基礎18 HYPERLINK l bookmark168

9、o Current Document 信息不對稱理論18 HYPERLINK l bookmark172 o Current Document 3.3.2委托代理理論19 HYPERLINK l bookmark175 o Current Document 3.3.3預算軟約束理論21 HYPERLINK l bookmark178 o Current Document 3.3.4制度理論21 HYPERLINK l bookmark181 o Current Document 4市場化進程、內(nèi)部控制質(zhì)量和債務融資成本的理論分析與假設提出23 HYPERLINK l bookmark187 o

10、 Current Document 4.1內(nèi)部控制質(zhì)量和債務融資成本的假設提出23 HYPERLINK l bookmark190 o Current Document 4.2市場化進程、內(nèi)部控制質(zhì)量和債務融資成本的假設提出24 HYPERLINK l bookmark193 o Current Document 5市場化進程、內(nèi)部控制質(zhì)量和債務融資成本的實證分析27 HYPERLINK l bookmark196 o Current Document 5.1樣本選取和數(shù)據(jù)來源27 HYPERLINK l bookmark203 o Current Document 5.2研究變量27 HYP

11、ERLINK l bookmark206 o Current Document 5.2.1被解釋變量28 HYPERLINK l bookmark209 o Current Document 解釋變量28 HYPERLINK l bookmark212 o Current Document 控制變量28 HYPERLINK l bookmark215 o Current Document 5.3模型設計30 HYPERLINK l bookmark218 o Current Document 5.4實證研究與結(jié)果分析31 HYPERLINK l bookmark221 o Current Do

12、cument 描述性統(tǒng)計315.4.2相關(guān)性分析33 HYPERLINK l bookmark225 o Current Document 多元回歸分析34 HYPERLINK l bookmark229 o Current Document 5.4.4進一步分析38 HYPERLINK l bookmark232 o Current Document 5.4.5穩(wěn)健性檢驗40 HYPERLINK l bookmark235 o Current Document 6研究結(jié)論和政策建議48 HYPERLINK l bookmark238 o Current Document 6.1主要結(jié)論48

13、HYPERLINK l bookmark241 o Current Document 6.2政策建議49 HYPERLINK l bookmark244 o Current Document 市場方面49 HYPERLINK l bookmark250 o Current Document 企業(yè)方面51 HYPERLINK l bookmark257 o Current Document 參考文獻53Contents TOC o 1-5 h z Introduction1Background and Significance1Background1Significance2Research I

14、deas and Methods3Research Ideas3Research Methods4Research Contents and Framework of the Paper5Research Contents5Research Framework6Innovation and Insufficiency of the Paper8Literature Review9Literature Review of Internal Control9Literature Review of Internal Control Factors9Literature Review of the

15、Economic Consequences Resulting fromInternal Control10Literature Review of Debt Financing Costs10Literature Review of Debt Financing Cost Factors11Literature Review of the Economic Consequences Resulting from DebtFinancing Costs11Literature Review Related to the Relationship between the Internal Con

16、troland Debt Financing Costs12Literature Commentary13Theoretical Overview of Marketization Process, Internal Control andDebt Financing Costs14The Concept of Marketization Process, Internal Control and DebtFinancing Costs14The Concept of Internal Control Quality14The Concept of Debt Financing Costs15

17、The Concept of Marketization Process15The Mechanism of Marketization Process, Internal Control Quality andDebt Financing Costs16The Mechanism of Internal Control Quality and Debt Financing Costs . 16inThe Mechanism of Marketization Process on the Relationship between TOC o 1-5 h z Internal Control Q

18、uality and Debt Financing Costs17Theoretical Basis of the Marketization Process, Internal Control and DebtFinancing Costs18Information Asymmetry Theory183.3.2Agency Theory193.3.3Budget Soft Constraint Theory213.3.institutional Theory21Theoretical Analysis and Hypothesis of the Marketization Process,

19、zlntemal Control Quality and Debt Financing Costs23The Hypothesis of Internal Control Quality and Debt Financing Costs23The Hypothesis of Marketization Process, Internal Control Quality andDebt Financing Costs24Empiiical Analysis of Marketization Process, Intemal Control and DebtFinancing Costs27Sam

20、ple Selection and Data Sources27Study Variables27Explained Variables28Explanatory Variables28Control Variables28Model Design30Empirical Research andResultsAnalysis31Descriptive Statistics31Correlation Analysis33Multiple Regression Analysis34Further Analysis38Robustness Test40Research Conclusions and

21、PolicyRecommendations48Main Conclusion48Policy Suggestion49Market Aspects49Company Aspects51References53摘要企業(yè)發(fā)展需要資金支持，由于我國資本市場尚未成熟，企業(yè)資質(zhì)參差不齊, 在可選擇的融資方式中，企業(yè)運用發(fā)行股票籌集所需資金并不普及。以負債方式 籌集資金是高效、及時且必要的，因此企業(yè)承擔負債所付出的代價，即債務融資 成本就是必須權(quán)衡的一個方面。回顧文獻，前人對于債務融資的研究內(nèi)容主要針 對融資的可取得性、規(guī)模、期限及結(jié)構(gòu)，專門針對債務融資成本的研究并不多。 但于任何企業(yè)而言，債務融資的成本

22、過高有悖經(jīng)濟效益原則。內(nèi)部控制作為企業(yè) 的“防火墻”，其職責在于及時地防止、發(fā)現(xiàn)并糾正可能導致無法實現(xiàn)企業(yè)戰(zhàn)略的 風險因素。內(nèi)部控制的建設需要占用、消耗企業(yè)資源，這對追求經(jīng)濟效益的企業(yè) 而言，建立內(nèi)部控制帶來的好處可能并不具備足夠吸引力。內(nèi)部控制服務于戰(zhàn)略 目標，有助于改善企業(yè)財務信息質(zhì)量，縮小內(nèi)外部信息的溝壑，極大地提升外部 信息使用者對企業(yè)的信任度。進而，可以合理設想內(nèi)部控制存在一定可能性，通 過某些渠道對債務融資成本產(chǎn)生影響。本文將研究重點集中于內(nèi)部控制質(zhì)量和債務融資成本二者之間的關(guān)系，探究 前者對后者是否會產(chǎn)生影響及具體影響幾何。在文獻回顧過程中，發(fā)現(xiàn)大部分研 究主要基于微觀層面，較少

23、綜合考慮宏觀環(huán)境因素對于二者關(guān)系的影響。但獨立 于外部環(huán)境因素，孤立地思考二者關(guān)系是有失偏頗的，任何企業(yè)都置身于宏觀環(huán) 境的影響之下運作，將產(chǎn)生何種影響就是一個值得探究的問題。同時，考慮到我 國制度環(huán)境與他國存在的差異性，也為了充實研究內(nèi)容，進一步分析企業(yè)產(chǎn)權(quán)性 質(zhì)因素作用于上述關(guān)系時會產(chǎn)生何種影響。本文基于文獻回顧中梳理的內(nèi)容，深 入挖掘內(nèi)部控制質(zhì)量和債務融資成本之間的關(guān)系，同時綜合考慮不同區(qū)域市場化 程度差異對二者關(guān)系產(chǎn)生的影響，并引入產(chǎn)權(quán)性質(zhì)進一步分析，實證檢驗內(nèi)部控 制是否能有效地為企業(yè)的債務融資方面做出貢獻，以期達成戰(zhàn)略目標。本文第一部分簡要地概述選擇這一主題進行研究的背景，結(jié)合背景

24、進一步闡 述研究所具備的實踐意義。歸納總結(jié)研究包含的核心內(nèi)容，搭建文章框架，點出 本文創(chuàng)新點，并闡明研究過程中因研究能力和實際條件等原因?qū)е碌牟蛔?。在?二部分回顧與內(nèi)部控制相關(guān)的文獻，歸納對其產(chǎn)生影響的因素，及其制度落地實 施后可能產(chǎn)生的經(jīng)濟后果。其次，梳理影響債務融資成本的因素，及其可能帶來 的經(jīng)濟后果，最后梳理與內(nèi)部控制和債務融資成本關(guān)系相關(guān)的文獻。第三部分, 對本文涉及的相關(guān)理論進行概述，同時界定涉及的主要概念，并探討相關(guān)關(guān)系的 作用機理，有利于后續(xù)文章展開。第四部以第三部分為基礎，理論分析推導出文 章假設。根據(jù)信息不對稱理論和委托代理理論，可知信息風險和代理問題在不同 層面影響著債權(quán)

25、人的判斷，導致其出借資金要求的必要風險溢價不同。而內(nèi)部控 制有助于減少信息不對稱和代理關(guān)系引發(fā)的負面問題，基于此提出假設1:在其 他條件不變的情況下，內(nèi)部控制質(zhì)量與企業(yè)債務融資成本之間的關(guān)系顯著負相關(guān)。 基于當前我國正處經(jīng)濟轉(zhuǎn)軌時期的現(xiàn)實情況，不同區(qū)域改革進度有先后快慢之分。 在市場化程度較高的區(qū)域，企業(yè)信息需按規(guī)定披露，市場中的競爭也更為充分。 內(nèi)部控制不論是從降低信息風險的角度，還是從管控經(jīng)營風險方面，其產(chǎn)生的積 極作用會因市場條件的替代作用而弱化，基于此提出假設2：當其他條件不變的 情況下，在市場化程度較高的區(qū)域，內(nèi)部控制質(zhì)量和企業(yè)債務融資成本之間不存 在顯著的負相關(guān)性。依據(jù)預算軟約束理

26、論和制度理論，在市場化改革較為遲緩的 區(qū)域，“父愛主義深刻影響著政府行為，可能導致即使國有企業(yè)財務業(yè)績質(zhì)量不 高，也存在獲取低成本債務性資金的可能性。而非國有企業(yè)沒有可以依仗的“靠 山”，獲取所需資金只能依靠自身實力，因此提出假設3：當其他條件不變的情況 下，在市場化程度較低的區(qū)域，非國有企業(yè)內(nèi)部控制質(zhì)量與企業(yè)債務融資成本之 間的負相關(guān)關(guān)系更為顯著，而對于國有企業(yè)而言，這種關(guān)系不顯著。在提出本文 的三個假設后，第五部分確定樣本實證檢驗，并引入產(chǎn)權(quán)性質(zhì)對假設1進一步分 析。最終研究結(jié)果表明，高質(zhì)量的內(nèi)部控制與債務融資成本的相關(guān)關(guān)系為顯著負 相關(guān)，且進一步研究發(fā)現(xiàn)，這種負相關(guān)關(guān)系在國有企業(yè)中更為強

27、烈。同時，研究 結(jié)果也證實，在市場化水平較高的區(qū)域，內(nèi)部控制與債務融資成本之間的負相關(guān) 關(guān)系不顯著，而在市場化指數(shù)較低，即改革進度相對緩慢的區(qū)域，非國有企業(yè)建 立高質(zhì)量內(nèi)部控制，對降低債務融資成本的作用更顯著。最后，在第六部分結(jié)合得出的研究結(jié)論提出相應政策意見。主要從市場和企 業(yè)兩個方面提出建議：基于市場角度，政府需減少干預，把握宏觀調(diào)控的尺度， 建立健全公平的市場競爭機制，硬化融資約束，完善內(nèi)部控制法律法規(guī)體系的建 設，讓市場健康可持續(xù)地發(fā)展；基于企業(yè)角度，企業(yè)需提升內(nèi)部控制質(zhì)量，增強 整體實力，提高自身市場競爭力，自主選擇融資方式，靈活籌融資，促進企業(yè)穩(wěn) 健發(fā)展。關(guān)鍵詞：內(nèi)部控制；內(nèi)部控制

28、質(zhì)量；債務融資成本；市場化程度AbstractEnterprise development needs financial support, since China s capital market has not yet fully developed, among the alternative financing methods, raising funds by issuing stocks is not popular. The use of debt to raise funds is efficient, timely and necessary, the cost of deb

29、t financing should be concerned. Reviewing the literature, the predecessors research on debt financing mainly focuses on availability, scale, duration and structure of capital. There is not much research on debt financing costs. However, the cost of debt financing is too expensive to be inconsistent

30、 with the principle of economic efficiency. Internal control is the firewall of the enterprise, and its responsibility is to prevent, detect and correct risk factors that may lead to failure to achieve corporate strategy in a timely manner. The construction of internal control needs to occupy and co

31、nsume enterprise resources. For enterprises that pursue economic benefits, the benefits of establishing internal control may not be sufficiently attractive. Internal control serves strategic goals, helps improve the quality of corporate financial information, narrows the gap between internal and ext

32、ernal information, and greatly enhances the trust of external information users. Therefore, it is reasonable to assume that the internal control have an impact on the cost of debt financing costs.This study will focus on the relationship between the internal control and debt financing costs, explori

33、ng whether the former will have an impact on the latter and its specific impact. In the literature review process, it was found that most of the research is mainly based on the micro level, and the impact of macro environmental factors on the relationship between the two is less comprehensively cons

34、idered. However, independent of external environmental factors, it is biased to think about the relationship in isolation. Any enterprise that operates under the influence of the macro environment will have an impact that is worth exploring. At the same time, taking into account the differences betw

35、een Chinas institutional environment and other countries, and in order to enrich the research content, further analysis of the impact of the nature of corporate property rights on the above relationship. This paper is to study the relationship between internal control and debt financing costs, consi

36、der the impact of differences in the degree of marketization and the nature of property rights, empirically test whether internal control can effectively contribute to corporate debt financing in order to achieve strategic objectives. Based on the content of the literature review, this paper deeply

37、explores the relationship between internal control quality and debt financing cost, and comprehensively considers the impact of differences in the degree of marketization in different regions on the relationship between the two, and introduces further analysis of the nature of property rights. Empir

38、ically test whether internal control can effectively contribute to the debt financing of enterprises in order to achieve strategic goals.The first part of this paper briefly outlines the background of the research selected for this topic, and further elaborates the practical significance of the rese

39、arch in combination with the background. Summarize the core content of the research, build the article framework, point out the innovation of this paper, and clarify the shortcomings caused by research ability and actual conditions in the research process. In the second part, we review the literatur

40、e related to internal control, and summarize the factors that affect it and the economic consequences that may occur after the implementation of the system. Secondly, it sorts out the factors affecting the cost of debt financing, and the possible economic consequences, and finally combs the literatu

41、re related to the relationship between internal control and debt financing costs The third part summarize the theory involved in this paper. It mainly defines the concept of this paper, which is conducive to the development of the subsequent articles. It also expounds the theoretical basis and mecha

42、nism of the paper, laying a foundation fbr the subsequent hypothesis of the article. The fourth part is based on the third part, and the theoretical analysis derives the hypothesis of the article. According to the theory of information asymmetry and the theory of principal-agent, it can be seen that

43、 information risk and agency problems affect the creditors judgment at different levels, resulting in different necessary risk premiums fbr lending funds. Internal controls help reduce negative issues caused by information asymmetry and agency relationships Based on this, hypothesis 1 is proposed: u

44、nder other conditions, the relationship between internal control quality and corporate debt financing cost is significantly negatively correlated. Based on the current situation of Chinas economic transition period, the progress of reform in different regions is different. In areas with a high degre

45、e of marketization, corporate information needs to be disclosed as required, and competition in the market is more adequate. Internal control, whether from the perspective of reducing information risks or controlling business risks, will be weakened by the substitution of market conditions. Based on

46、 this, hypothesis 2 is proposed: under the other conditions unchanged, there is no significant negative correlation between internal control quality and corporate debt financing costs in areas with a high degree of marketization. According to the soft budget constraint theory and institutional theor

47、y, in the region where the market-oriented reform is relatively slow, the government,s paternalism profoundly affects government behavior, which may lead to the possibility of obtaining low-cost debt funds even if the financial perfbnnance of state-owned enterprises is not good. Non-state-owned ente

48、rprises have no backing that they can rely on, and they can only rely on their own strength to obtain funds. Therefore, put forward Hypothesis 3, that is, under the other conditions unchanged, in areas with low degree of marketization, the high quality of internal control of non-state-owned enterpri

49、ses has a more significant negative effect on the increase of debt financing costs. For state-owned enterprises, this effect is not significant. After proposing the three hypotheses of this paper, the fifth part determines the sample empirical test and introduces the nature of property rights to fur

50、ther analyze Hypothesis 1. The final research results show that the correlation between high quality internal control and debt financing costs is significantly negatively correlated, and further research finds that this negative correlation is more intense in state-owned enterprises. At the same tim

51、e, the research results also confirm that in the region with high marketization level, the relationship between internal control and debt financing cost is no longer significant, but in the region where the marketization index is low, that is, the reform progress is relatively slow, the high quality

52、 of internal control of non-state-owned enterprises is more effective in reducing the cost of debt financing.Finally, in the sixth part, the corresponding policy opinions are put forward in combination with the research conclusions. Advice from both the market and the business: Based on market persp

53、ective, the government needs to reduce interventions, Grasp the scale of macroeconomic regulation, establish and improve a fair market competition mechanism, harden the financing constraints, and improve the construction of internal control laws and regulations, to make the market healthy and sustai

54、nable development; Based on enterprises perspective, companies need to improve the quality of internal control, enhance the overall strength of enterprises, improve market competitiveness, independent choice of financing methods, flexible financing, promote the steady development of enterprises.Keyw

55、ords： internal control; quality of internal control; cost of debt financing; degree of marketization1引言在我國金融市場發(fā)展尚未完全的情況下，企業(yè)將不可避免地承擔適度負債以 籌集經(jīng)營發(fā)展所需資金?；诳沙掷m(xù)發(fā)展和經(jīng)濟效益的原則而言，企業(yè)籌集債務 資金所付出的代價，即債務融資成本則為值得關(guān)注的內(nèi)容。決定企業(yè)發(fā)展光景的 重要因素，除了需要有足夠的資金支持外，還離不開內(nèi)部控制系統(tǒng)的持續(xù)監(jiān)督。 內(nèi)部控制質(zhì)量是否會影響企業(yè)籌集債務資金所付出的代價？如果產(chǎn)生影響將為 何種影響？由于我國尚處于經(jīng)濟轉(zhuǎn)軌時期，不

56、同地域的市場化程度存在相當大的 差異，外部宏觀環(huán)境作用于微觀個體將產(chǎn)生何種影響？具體而言，不同區(qū)域市場 化程度的差異作用于企業(yè)內(nèi)部控制和債務融資成本的關(guān)系將產(chǎn)生何種影響？在 考慮企業(yè)不同的產(chǎn)權(quán)性質(zhì)后，相關(guān)結(jié)論會發(fā)生何種變化？這些問題都值得進行探 究。1.1研究背景和意義1.1.1研究背景近些年，債務惡性違約事件頻發(fā)，如2016年東北特鋼和上海云峰等公司發(fā) 生的大規(guī)模債務失信，2017年輝山乳業(yè)百億債務壓頂事件，以及山東齊星集團 和珠海中富實業(yè)股份有限公司（簡稱珠海中富）分別發(fā)生銀行貸款和債券違約， 導致涉及的資金損失高達幾億等。債務違約事件的發(fā)生是由于企業(yè)到期無法償還借款的本金及利息，而上述列

57、 舉的事件，讓人不免思考我國企業(yè)債務管理所面臨的問題和考驗。我國資本市場 尚處發(fā)展階段，對企業(yè)而言，外部融資是資金來源的重要手段，包括直接和間接 兩種方式。其中外部資金間接來源主要由兩部分構(gòu)成：傳統(tǒng)的銀行信貸及表外融 資，而外部資金的直接來源則包括發(fā)行股票和債券。由于我國債券市場發(fā)展較之 于發(fā)達國家相對遲緩，債券發(fā)行的限制性條件也較多，同時，由于股票市場融資 高門檻和嚴監(jiān)管的特點，致使傳統(tǒng)銀行借貸仍是間接融資的主要方式。債務融資 不可替代的功能和作用，使得任何企業(yè)背負一定的債務都稀松平常，債務違約的 隱患也就此埋下。追究債務違約的根本原因，為企業(yè)無法按照債務契約規(guī)定的條 件，承擔相關(guān)合同約定的

58、條款。其中條款涵蓋的內(nèi)容就包括資金的獲取及使用代 價，即債務融資成本。因此，為避免資本市場上債務違約事件繼續(xù)大規(guī)模地爆發(fā)， 債務融資成本須予以重點關(guān)注。當前我國貨幣政策趨于中性，監(jiān)管趨嚴。在強調(diào)“去杠桿”的大背景下，不論 是上市公司還是一般的中小、微型企業(yè)都面臨著較高的債務融資壓力。企業(yè)進行 債務融資時，主要考量的內(nèi)容除了融資規(guī)模、及時性和期限外，更重要的為取得 資金所需付出的代價。債務融資成本的高低與企業(yè)自身資質(zhì)緊密相連，若企業(yè)能 準備并完整地提供財務報表等其他各種評估所需信用資料，基于信息齊全、信息 不對稱的程度較低的先決條件，借款利率可能是在基準利率的基礎之上浮動 30%50%。而如果企

59、業(yè)以上條件并不具備，其利率可能上浮至200%,可見二者 差異之大。債務融資成本對于企業(yè)的健康發(fā)展意義重大，而內(nèi)部控制作為影響企 業(yè)財務報告質(zhì)量及降低信息不對稱程度的重要因素，自然需著重考慮。國外一系列財務丑聞的爆發(fā)致使國外監(jiān)管機構(gòu)相繼出臺許多有關(guān)內(nèi)部控制 的政策規(guī)范，如美國的SOX法案等。就我國而言，先后頒布企業(yè)內(nèi)部控制基 本規(guī)范及配套指引，并于2017年7月出臺小企業(yè)內(nèi)部控制規(guī)范(試行)， 進一步規(guī)范我國企業(yè)內(nèi)部控制制度的法律建設。上述政策規(guī)范的訂立與頒布，足 以見內(nèi)部控制的重要性。內(nèi)部控制的設計與執(zhí)行，旨在防范風險、輔佐企業(yè)戰(zhàn)略 目標的達成，而企業(yè)使用債務性資金的成本對于實現(xiàn)企業(yè)戰(zhàn)略至關(guān)重

60、要。企業(yè)擁 有較低的債務融資成本，就未來開展可持續(xù)的投資及生產(chǎn)運營等活動將留有更多 余地，有益于企業(yè)的健康發(fā)展。另外，由于我國市場經(jīng)濟環(huán)境正處轉(zhuǎn)軌時期，整個市場發(fā)展并不均衡。市場 化改革的步伐穩(wěn)步前行，該變革不僅作用于我國當前的經(jīng)濟環(huán)境，對制度、法律 及文化等均會產(chǎn)生影響。宏觀環(huán)境的影響將作用于微觀個體行為，因而，在研究 內(nèi)部控制與債務融資成本的關(guān)系時，不同區(qū)域市場化水平差異產(chǎn)生的影響不可忽 視。同時，由于我國的制度土壤較之于國外，有顯著的特點，其中以產(chǎn)權(quán)性質(zhì)為 代表最具特色。制度環(huán)境的特點從根本上影響著國家及企業(yè)行為，因此產(chǎn)權(quán)性質(zhì) 的影響也需納入研究范圍。鑒于此，在綜合考慮上述影響后，進一步