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论文编号：	9326
作者编号：	2120152455
上传时间：	2017/6/20 10:09:07
中文题目：	内部控制、信用评级与债券融资成本研究
英文题目：	The Research of Internal Control, Credit Rating and Bond Financing Cost
指导老师：	张晓农
中文关键字：	内部控制；信用评级；产权性质；债券融资成本
英文关键字：	Internal Control; Credit Rating; Nature of Property Right; Bond financing costs
中文摘要：	内部控制作为提升公司治理水平以及保护投资者利益的一项工具，一定程度上反映了上市公司披露的财务报告等信息的真实性和完整性，也反映了公司内部管理的规范性。企业内部控制质量以及披露情况会给市场参与者传递更多的风险信息，从而在一定程度上缓解了资本市场上的信息不对称现象。债券融资作为一种直接融资方式，近年来越来越受到资本市场参与者的重视。基于以上现状，本文旨在研究如下问题：内部控制是否会影响债券的融资成本；两者之间又是否存在间接相关性，若有，这种间接相关性又是通过怎样的路径得以实现。基于我国企业性质的特殊性，产权性质对研究对象间的关系是否会产生影响。本文选取了最新数据，并通过实证分析，以期解决以上问题。本文首先阐述了债券市场发展现状等研究背景，接着回顾了前人研究的相关文献，并通过理论分析提出研究假设；然后本文对所提出的假设做出研究设计；最后，本文以2010-2016年在沪深两市发行公司债券的上市公司为研究样本，运用多元线性回归的方法开展实证分析，并验证理论假设。通过以上研究分析过程，本文得出如下四点结论：第一，内部控制质量越高，对降低公司债融资成本的作用就越显著；而且与国有企业相比，民营企业中两者的负相关更显著。第二，内部控制质量对发债企业主体信用评级和债项评级都存在显著的正向影响，信用评级显著的反映了企业内部控制水平。第三，信用评级与债券融资成本显著负相关，越高的信用评级越可能以较低的成本实现债券融资。第四，信用评级能够对内部控制与债券融资成本之间的关系产生部分中介效应，企业内部控制质量间接的通过信用评级传达了部分对债券融资成本的影响。本文的研究结论揭示了内部控制对信用评级和债券定价均存在重要影响，而且产权性质的不同也使得这种影响呈现显著差异。本文从企业产权性质角度出发，为建设和完善企业内部控制提供了一定的依据，也使发债企业认识到内部控制建设的价值，具有一定的现实意义。
英文摘要：	As a tool to enhance the level of corporate governance and protect the interests of investors, internal control reflects the authenticity and completeness of the information disclosed by the listed companies, and also reflects the normative nature of the internal management of the company. The quality of internal control and the disclosure of the situation will give the market participants more risk information, and so ease the capital market information asymmetry phenomenon. As a direct financing method, bond financing has been paid more and more attention by capital market participants in recent years. Based on the above situation, this paper aims to examine whether the internal control will affect the financing costs of the bonds, whether there is any indirect correlation between them, and if so, through what path to achieve this kind of indirect correlation. Based on the particularity of the nature of Chinese enterprises, the nature of property rights will have an impact on the relationship between the research objects. This paper selects the latest data, and through empirical analysis, in order to solve the above problems. This paper first elaborates the research background of the development of the bond market. Next it reviews the relevant literatures of the predecessors' research and puts forward the research hypotheses through the theoretical analysis. Then, this paper designs the research. Finally, this paper takes the listed companies in the stock markets of Shanghai and Shenzhen for 2010-2016 years as the research sample, and uses the multiple linear regression method to carry out empirical analysis, and to verify the theoretical assumptions. Through the above research and analysis process, this paper draws the following four conclusions: First, the higher the quality of internal control, the effect of reducing the cost of corporate bonds financing more significant; and compared with state-owned enterprises, private enterprises in the negative correlation more remarkable. Second, the quality of internal control has a significant positive impact on the credit rating and debt rating of the issuer, and the credit rating reflects the internal control level. Thirdly, credit ratings are negatively correlated with bond financing costs. Finally, the credit rating can produce some mediating effect on the relationship between the internal control and the bond financing cost. The quality of the internal control of the enterprise indirectly conveys the impact on the financing cost of the bond through the credit rating. The conclusion of this paper reveals that internal control has a significant impact on credit rating and bond pricing, and the nature of property rights also makes this effect significantly different. This paper, from the perspective of the nature of property rights, provides a basis for the construction and improvement of internal control, and makes the issuer enterprises realize the value of internal control construction.
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