| Reduce the cost of enterprises to improve corporate profitability,increase the economic efficiency of enterprises,enhance the market competitiveness of enterprises is of great significance.China’s "cost reduction" of the supply side of the structural reform of key tasks,and through the reform of the financial mechanism to increase the proportion of direct financing,vigorously develop the bond market to reduce the financing costs of enterprises.January 15,2015,the Commission issued the revised"corporate bond issuance and transaction management approach" for the issuance of corporate bond financing to provide a more relaxed environment,in the current economic conditions and institutional context,the study of corporate bonds in China corporate finance The cost of the factors,for enterprises to reduce the cost of corporate bonds to provide some of the theoretical basis for a greater practical significance.This paper studies the financing cost of corporate bonds based on the economic cycle and internal control,and explores the influence of the quality of internal control on the financing cost of corporate bonds and the different effects of internal control quality on the financing cost of corporate bonds in different economic cycles.This paper first reviews and combs the relevant literatures from five aspects,and puts forward two hypotheses on the basis of theoretical analysis.In the part of empirical research,this paper chooses the corporate bonds issued by listed companies in Shanghai and Shenzhen from 2008 to 2015 as the sample,divides the GDP growth rate as the main basis,divides the internal control index of Dibao listed company to measure the internal control quality Full-sample and grouped descriptive statistics,mean T-test,Spearman correlation test,steady-adjusted OLS regression analysis and other empirical analysis steps to test the hypothesis,and in the robustness test by Tobit regression instead of the steady adjustment OLS regression,replacing the explanatory variables of the proxy variables and other methods to confirm the robustness of the conclusions.The results of this study are as follows:From the test results of Model 1,we can see that the internal control quality is positively correlated with the financing cost of corporate bonds.The reason for this analysis is that the internal control construction of listed companies in our country is not perfect and the reliability of information disclosure,The lack of normality and the effect of internal control quality on corporate bond pricing need to be improved.From the test results of model 2,the economic cycle is positively correlated with the financing cost of corporate bonds at the level of 10%.The reason for this analysis is that the economic expansion period Which is often accompanied by tight monetary policy.The tightening monetary policy leads to the increase of corporate bond financing cost,which shows that the influence of monetary policy on the financing cost of corporate bonds is much greater than the impact of information asymmetry on bond financing costs caused by economic natural cycle itself.There is a significant negative correlation between the cycle and internal control and the financing cost of corporate bonds at the level of 10%,which shows that high quality internal control can alleviate the negative impact of the economic expansion period with the tightening monetary policy leading to the increase of corporate bond financing cost.Finally,this paper puts forward some suggestions on the basis of the conclusion of the research,that is,the reliability of the internal control information disclosure,the economic expansion period is accompanied by the tightening of the monetary policy to improve the quality of the internal control of the three main aspects of the issuer,market investors and policy makers.To deal with the adverse impact of financing;focus on the main internal control of the quality of internal control to guide investment and pricing decisions;improve the internal control information disclosure system standards and regulation,taking into account the micro-individual measures to offset the economic policy. |
