本文選題：內(nèi)部控制缺陷披露　切入點(diǎn)：權(quán)益資本成本　出處：《集美大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著《企業(yè)內(nèi)部控制基本規(guī)范》和《企業(yè)內(nèi)部控制配套指引》的相繼頒布,我國內(nèi)部控制規(guī)范體系基本建成。然而,目前資本市場上仍然存在許多不確定因素,投資者與企業(yè)之間信息不對(duì)稱的現(xiàn)狀仍然嚴(yán)峻。無論是企業(yè)的管理者還是投資者,抑或是監(jiān)管部門都很關(guān)心能否通過提高企業(yè)內(nèi)部控制水平、規(guī)范內(nèi)部控制缺陷的披露來增加市場上的有用信息量,緩解信息不對(duì)稱現(xiàn)象,使投資者的信息風(fēng)險(xiǎn)得到降低,從而降低權(quán)益資本成本,這也是本文所要研究的問題。本文首先對(duì)國內(nèi)外的文獻(xiàn)進(jìn)行梳理,之后闡述了相關(guān)理論,并分別用各個(gè)理論深入分析了內(nèi)部控制缺陷披露影響公司權(quán)益資本成本的過程。在理論分析基礎(chǔ)上,提出假設(shè),以2013~2015年滬深A(yù)股主板披露內(nèi)部控制評(píng)價(jià)報(bào)告的2353家公司為研究樣本,采用多元線性回歸方法進(jìn)行實(shí)證研究,得出以下結(jié)論:披露內(nèi)控缺陷正向影響權(quán)益資本成本;在內(nèi)部控制五要素中,內(nèi)部環(huán)境、風(fēng)險(xiǎn)評(píng)估、信息與溝通要素缺陷的披露導(dǎo)致權(quán)益資本成本上升,而控制活動(dòng)和內(nèi)部監(jiān)督要素缺陷的披露對(duì)權(quán)益資本成本的影響不顯著;是否對(duì)內(nèi)部控制缺陷進(jìn)行整改對(duì)權(quán)益資本成本沒有顯著影響。接著對(duì)實(shí)證結(jié)果進(jìn)行了分析。最后總結(jié)本文的結(jié)論,同時(shí)從企業(yè)、投資者和監(jiān)管部門三個(gè)方面提出建議,并指出了本文的不足之處和展望。
[Abstract]:With the promulgation of the basic Standards of Internal Control in Enterprises and the supporting guidelines of Internal Control in Enterprises, the internal control standard system of our country has basically been established. However, there are still many uncertain factors in the capital market at present. The status quo of information asymmetry between investors and enterprises is still grim. Both managers, investors and regulators are very concerned about whether or not they can improve the level of internal control of enterprises. Regulating the disclosure of internal control defects to increase the amount of useful information in the market, alleviate the information asymmetry, reduce the information risk of investors, and thus reduce the cost of equity capital. This is also the problem to be studied in this paper. This paper firstly combs the literature at home and abroad, and then expounds the relevant theories. The paper also makes a deep analysis of the process of internal control defect disclosure which affects the cost of company equity capital with each theory. On the basis of theoretical analysis, the paper puts forward the hypothesis, From 2003 to 2015, 2353 companies in Shanghai and Shenzhen A share main Board disclosing internal control evaluation report are taken as the research sample. The empirical study is carried out by using multiple linear regression method. The conclusions are as follows: disclosure of internal control defects positively affects the cost of equity capital; In the five elements of internal control, the disclosure of internal environment, risk assessment, information and communication factors lead to the increase of equity capital costs, while the disclosure of control activities and internal oversight elements has no significant impact on equity capital costs; Whether or not to rectify the defects of internal control has no significant effect on the cost of equity capital. Then the empirical results are analyzed. Finally, the conclusions of this paper are summarized, and suggestions are put forward from three aspects: enterprises, investors and regulators. The shortcomings and prospects of this paper are also pointed out.
【學(xué)位授予單位】：集美大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1570651