内部控制、商业信用与债务成本研究

doi:10.14088/j.cnki.issn0439-8114.2019.11.035

湖北农业科学 ›› 2019, Vol. 58 ›› Issue (11): 144-149.doi: 10.14088/j.cnki.issn0439-8114.2019.11.035

内部控制、商业信用与债务成本研究

聂志萍, 吴梦芝

河海大学商学院,南京 211100

收稿日期:2019-03-26 出版日期:2019-06-10 发布日期:2019-12-05
通讯作者: 吴梦芝（1994-）,女,江苏宜兴人,在读硕士研究生,研究方向为资本市场会计,（电话）13585205818（电子信箱）895446159@qq.com。
作者简介:聂志萍（1979-）,女,江苏南京人,讲师,博士,主要从事资本市场会计研究,（电话）13951082202（电子信箱）nzp@163.com。
基金资助:
教育部人文社会科学重点研究基地重大项目（16JJD790032）

Research on internal control,commercial credit and debt cost

NIE Zhi-ping, WU Meng-zhi

Business School,Hohai University,Nanjing 211100,China

Received:2019-03-26 Online:2019-06-10 Published:2019-12-05

摘要/Abstract

摘要： 根据信息不对称理论与契约成本理论,以中国A股上市公司2004—2015年的数据为研究样本,实证检验了商业信用对债务成本及内部控制对二者相关关系的影响。结果表明,企业商业信用与其为了从资金供给方获取资金而付出的债务成本呈显著正相关关系;企业有效的内部控制对企业商业信用与债务成本之间的正相关关系有削弱作用。因此,存在资金需求的企业可以通过合理控制自身商业信用程度以达到降低债务成本目的,当商业信用无法降低时也可以利用企业有效的内部控制达到缓解效果。

关键词: 商业信用, 债务成本, 内部控制

Abstract: According to the information asymmetry theory and contract cost theory, the data of China A-share listed companies from 2004 to 2015 is taken as a research sample, and the impact of commercial credit on debt cost and internal control on the relationship between them is empirically tested. The results show that the corporate commercial credit has a significant positive correlation with the debt cost incurred in order to obtain funds from the fund supply side; the effective internal control of the enterprise has a weakening effect on the positive correlation between the commercial credit and the debt cost. Therefore, enterprises with capital needs can achieve the purpose of reducing debt costs by reasonably controlling their own commercial credit levels. When commercial credit cannot be reduced, they can also use the effective internal control of enterprises to achieve mitigation effects.

Key words: commercial credit, debt cost, internal control

中图分类号:

F270

聂志萍, 吴梦芝. 内部控制、商业信用与债务成本研究[J]. 湖北农业科学, 2019, 58(11): 144-149.

NIE Zhi-ping, WU Meng-zhi. Research on internal control,commercial credit and debt cost[J]. HUBEI AGRICULTURAL SCIENCES, 2019, 58(11): 144-149.

参考文献

[1] 张宗益,吴恒宇,吴俊.商业银行价格竞争与风险行为关系——基于贷款利率市场化的经验研究[J].金融研究,2012(7):1-14.
[2] GE Y,QIU J P.Financial development, bank discrimination and trade credit[J].Journal of banking & finance,2007,31(2):513-530.
[3] 郑登津,闫天一.会计稳健性、审计质量和债务成本[J].审计研究,2016(2):74-81.
[4] FISMAN R,RATURI M.Does competition encourage credit provision?evidence from African trade credit relationships[J].Review of economics & statistics,2004,86(1):345-352.
[5] 张铁铸,周红.上市公司提供商业信用的影响因素研究[J].财贸研究,2009,20(3):121-127.
[6] RUTBERG S.Financing the supply chain by piggy-backing on the massive distribution clout of United parcel service[J].The secured lender,2002,58(6):40-46.
[7] 田利. 企业应收账款风险形成及对策研究[J].山西财经大学学报,2013(S1):78.
[8] 刘诚,刘玉.银行与中小企业诚信信贷的博弈分析[J].财会月刊,2010(3):71-73.
[9] 蒋基路,王华.坏账准备计提的盈余管理动机[J].山西财经大学学报,2009(7):116-124.
[10] 陈凯凡. 应计项目在盈余管理实证研究中的作用[J].广西财务与会计,2003(12):21-22.
[11] 于静霞. 盈余管理与银行债务融资成本的实证研究——来自A股市场的经验证据[J].财政研究,2011(11):68-72.
[12] FRANCIS J,LAFOND R,OLSSON P,et al.The market pricing of accruals quality[J].Journal of accounting & economics,2005, 39(2):295-327.
[13] DHALIWAL D,CHRIS H, ROBERT T, et al.Internal control disclosures,monitoring, and the cost of debt[J].Accounting review,2011,86(4):1131-1156.
[14] LAMBERT R,LEUZ C,VERRECCHIA R E.Accounting information,disclosure,and the cost of capital[J].Journal of accounting research,2007,45(2):385-420.
[15] 孔凡峰. 内部控制缺陷与债务成本——基于财务信息质量视角[J].广东财经大学学报,2012(3):75-82.
[16] KIM J B,SIMUNIC J B,STEIN M T,et al.Voluntary audits and the cost of debt capital for privately held firms:Korean evidence[J].Contemporary accounting research,2011,28(2):585-615.
[17] 蒋琰. 权益成本、债务成本与公司治理:影响差异性研究[J].管理世界,2009(11):144-155.
[18] CULL R,XU L C,ZHU T.Formal finance and trade credit during China's transition[J].Journal of financial intermediation,2009,18(2):173-192.
[19] 白重恩,刘俏,陆洲,等.中国上市公司治理结构的实证研究[J].经济研究,2005(2):81-91.
[20] DU X,WENG J,ZENG Q,et al.Do lenders applaud corporate environmental performance?evidence from chinese private-owned firms[J].Journal of business ethics,2017,143(1):179-207.
[21] 陆正飞,杨德明.商业信用:替代性融资,还是买方市场[J].管理世界,2011(4):6-14.
[22] 方明月. 市场竞争、财务约束和商业信用——基于中国制造业企业的实证分析[J].金融研究,2014(2):111-124.
[23] 饶品贵,姜国华.货币政策对银行信贷与商业信用互动关系影响研究[J].经济研究,2013(1):68-82.

内部控制、商业信用与债务成本研究

Research on internal control,commercial credit and debt cost

PDF

可视化

摘要/Abstract

引用本文

使用本文

参考文献

相关文章 2

编辑推荐

Metrics

本文评价

[1]	李青青, 聂志萍. 产品市场竞争、内部控制与融资租赁[J]. 湖北农业科学, 2019, 58(9): 154-159.
[2]	李青青, 聂志萍. 内部控制、产权性质与融资租赁[J]. 湖北农业科学, 2019, 58(4): 98-102.