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论文编号：	7528
作者编号：	2120132384
上传时间：	2015/6/11 16:05:03
中文题目：	内部控制缺陷披露对债务资本成本的影响研究
英文题目：	Influence of Internal Control Weakness Disclosures on Cost of Debt
指导老师：	梅丹
中文关键字：	内部控制缺陷，债务资本成本，内部控制信息披露
英文关键字：	internal control weakness; cost of debt; the disclosure of internal control information
中文摘要：	近年来国内外会计造假丑闻的频发，不仅让企业更加重视内部控制体系的建设，也让监管部门对企业内部控制信息披露的规范越来越完善。2012年，中国的内部控制信息披露由自愿披露过渡到强制披露的阶段，上交所以及深交所所有的上市企业以及中小板的部分企业都被要求强制披露内部控制自我评价报告。这意味着，内部控制信息作为一个重要的指标被投资者纳入考虑因素，内部控制披露中的缺陷披露更成为投资者和债权人关注的重点。而根据当前内部控制相关研究的热点和空白，本文立足于我国的资本市场，结合委托代理理论、信息不对称理论等理论分析，采用的研究方法主要是实证研究，以考察企业披露内控缺陷后是否会影响其债务资本成本。首先，本文简要概述了选题的背景，并从必要性和重要性的角度阐述了检验内部控制缺陷披露对债务资本成本影响的意义；第二章为国内外的相关文献回顾，为了便于进行接下来的实证研究，本文从内部控制缺陷的认定及分类、披露的影响因素及经济后果、债务资本成本的研究综述四个方面将主要文献分成了四个方面。结合委托代理理论、信息不对称理论、信号传递理论和有效市场理论后，本文以2011年到2013年沪深两市A股上市公司为样本对象，提出三个假设，主要采用多元回归方法，结果表明披露内控缺陷会导致债务资本成本增高，且内部控制缺陷的严重程度的增加，也会带来债务资本成本随之增加的结果。另外，本文还发现，在相关制度规定的前提下，我国开始逐步实现强制性的内控信息披露，而披露内控缺陷带有“首次披露”效应，即首次对内控缺陷进行披露的公司比非首次的会面临更高的债务成本。在最后一章结论与建议中，根据前文的实证结果和研究局限，从监管部门、企业自身和债务投资者三个角度提出了建议，同时提出了对未来相关研究的展望。
英文摘要：	As a result of frequent accounting fraud scandals in recent years, enterprises are paying more attention to the construction of internal control system. Regulations on the disclosure of internal control information have also been perfected. In 2012, the disclosure of China's internal control information has stepped into the stage of mandatory disclosure, all companies listed in SSE and SZSE and part of the enterprises of small and medium-sized plate has been asked to disclose the internal control report. Which means internal control information were included in the analysis of listed companies as an important indicator for investors. And the disclosure of internal control weaknesses has been paid more attention from investors and creditors. Based on the research status, this paper uses empirical research methods, in combination with the Principal-agent theory, asymmetric information theory, to inspect the influence of internal control weakness disclosures on cost of debt. To begin with, this thesis gives an overview about the background and the importance of this topic. The literature review section summarizes foreign and domestic papers, including the cognizance of the internal control defects, the influential factors of disclosure of internal control weaknesses, the economic consequences of disclosure of internal control weaknesses. Research on cost of debt are also reviewed. In the following part, this paper uses multiple regression analysis to test three hypotheses. Pointing out that disclosure of internal control defects will lead to rising cost of debt. The more severe the weaknesses are, the higher cost of debt will be. In addition, this paper also finds "First time" disclosure effect, that is to say, disclosing internal control weaknesses for the first time will lead to much more higher cost of debt compared with those who are not. The last part of the thesis summarizes the conclusions and limitations of this thesis. Then some constructive suggestions from different aspects are put forward to help improve the disclosure mechanism of internal control weaknesses and future research.
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