摘要
利用2007—2021年沪深两市A股非金融类上市企业的相关数据,考察了内部控制质量对企业杠杆操纵程度的影响。研究发现:高质量内部控制能够显著降低企业杠杆操纵程度;机制检验表明,高质量内部控制主要通过缓解企业融资约束来抑制企业杠杆操纵;异质性分析裹明,高质量内部控制对杠杆操纵的抑制效应在账面杠杆率较高的企业、产品市场竞争较激烈的行业以及数字金融发展水平较低的地区中更为显著;经济后果检验表明,高质量内部控制抑制企业杠杆操纵也进一步降低了企业财务风险。本文的研究不仅从杠杆操纵角度丰富和拓展了内部控制的经济效应,也为防止企业虚假降杠杆提供了有益的政策启示。
Use the relevant data of Shanghai and Shenzhen A-share non-financial listed enterprises from 2007 to 2021,this paper examines the impact of internal control quality on the company leverage manipulation.The results show that high-quality internal control can significantly inhibit leverage manipulation;The mechanism test shows that high-quality internal control suppresses leverage manipulation mainly by alleviating corporate iinancing constraints.The heterogeneity analysis shows that the inhibitory effect of high-quality internal control on leverage manipulation is more significant in enterprises with high book leverage ratio,industries with fierce product market competition,and regions with lower levels of digital finance development.The economic consequence test shows that high-quality internal control inhibits corporate leverage manipulation and further reduces corporate financial risk.The research in this paper not only enriches and expands the economic effects of internal control from the perspective of leverage manipulation,but also provides useful policy enlightenment for preventing false deleveraging of enterprises.
作者
喻彪
杨刚
Yu Biao;Yang Gang(School of Economics and Management,Guizhou University of Engineering Science,Institute of Applying the New Development Philosophy,Guizhou University of Engineering Science,Bijie,Guizhou 551700;School of Economics and Management,Southwest University,Chongqing 400715)
出处
《中国审计评论》
2023年第2期111-130,共20页
China Auditing Review
基金
贵州省教育厅人文社会科学研究青年项目“新形势下金融推动贵州数字经济与实体经济深度融合研究”(2022QN004)
关键词
内部控制质量
杠杆操纵
融资约束
财务风险
Internal Control Quality
beverage Manipulation
Finance Constraints
Financial Risk
作者简介
喻彪(1986-),男,湖南安乡人,贵州工程应用技术学院经济与管理学院讲师,贵州工程应用技术学院贯彻新发展理念毕节示范区研究中心助理研究员,西南大学经济管理学院博士研究生,主要研究方向为内部控制与公司治理;杨刚(1969-),男,重庆荣昌人,西南大学经济管理学院教授,博士生导师,管理学博士,从事研究方向为公司治理与产业经济。
