自愿性内部控制审计披露与债务资本成本--基于深市银行信贷市场的经验研究  

Voluntary Disclosure of Internal Control Audit and the Cost of Debt Capital:Empirical Study on Credit Market by the Banks in SSE

作　　者：施继坤[1] 张广宝[2,1] 

机构地区：[1]东北石油大学经济管理学院 [2]东北财经大学博士后科研流动站

出　　处：《投资研究》2014年第8期28-42,共15页Review of Investment Studies

基　　金：国家自然科学基金项目(71172120);博士后科学基金项目(2014M551102);东北石油大学青年科学基金社会科学类项目(2012QN205)的资助

摘　　要：立足于我国银行信贷市场,本文以2008-2011年深市A股非金融类上市公司为研究对象,从资本成本视角深入探讨上市公司自愿披露内部控制审计报告能否通过影响银行信贷决策,进而获得利率更低的银行贷款。研究发现,上市公司自愿披露正面意见的内部控制审计报告能够发挥信号显示功效,正面引导银行机构对上市公司偿债能力和还贷风险的估计,从而使其获得利率较低的长期银行贷款;但基于产权分组的进一步研究并没有获得上述信号显示效果受产权性质差异影响的证据。Based on bank credit market in China, identifying a sample of A-Share non-financial companies in Shenzhen Stock Exchange （SSE） from 2008 to 2011, and from the perspective of the cost of capital, this article examines whether voluntary disclosure of internal control audit reports of listed companies can affect banks＇ credit decisions to acquire loans with lower interest. The main finding is： internal control audit information disclosed voluntarily by listed companies can play a signal function, and induce positively bank institutions assess solvency and repayment risk of listed companies, in order to make them acquire long-term bank loans with lower interest; but the further study based on grouping by ownership hash＇ t had any evidence that ownership difference affects the above signaling consequence.

关 键 词：自愿性内部控制审计 债务资本成本 信号显示 

分 类 号：F239.65[经济管理—会计学]