A Research On The Impact Of Internal Control Quality On The Enterprise Debt Financing Costs

In C hina,debt financing is an important channel of the external financing for listed companies.To raise the required capital timely and at a low cost is of significance on improving profitability and advancing market competition capability.Internal control is the basis of capital market accounting information quality,and plays an important role in developing capital market healthily and orderly.The quality of internal control affects the quality of information disclosed by enterprises,affecting the operation of ente rprises,affecting the debt financing costs.Monetary policy is one of the means to adjust the economy of the country.The change of monetary policy will change the money supply and interest rate,affect the supply of funds on the market and affect the financing environment of the enterprises.In the past,most academics have studied the monetary policy from the macroscopic point of view or only studied the microcosmic characteristics of the enterprise from the microscopic point of view,and rarely explored the microscopic transmission mechanism of the macroeconomic policy from the micro perspective.In addition,because of China's special institutional environment,state-owned enterprises and non-state-owned enterprises are facing different financing environment.This paper based on the change of monetary policy,study on the impact of the quality of internal control on corporate debt financing costing and further study on whether the impact of internal control quality on corporate debt financing costs is consistent in different monetary policy environments.Besides,from the property rights system analysis,to study the nature of the different types of property rights of the internal control over the impact of debt financing costs are different.This paper introduces the background,research significance,research content framework and innovation point of this paper.The n it reviews the quality of internal control,the debt financing costs,the internal control effects debt financing costs,and the related literature of monetary policy and micro-Summed up the common and shortcomings of the current study.Thirdly,after defining the relevant concepts,the information asymmetry theory,the signal transmission theory,the credit rationing theory and the flexible theory as the theoretical basis,and analyzes its mechanism of the internal control of the impact of debt financing costs and monetary policy changes under the internal control of debt financing costs in two parts.Then,on the basis of the previous theoretical research,this paper puts forward the hypothesis of this paper,and chooses two basic multiple re gression models for the study on the sample and design research variables from 2010 to 2015,and the use of descriptive statistics,Pearson Correlation analysis,preliminary test hypothesis,And then from the internal control of debt financing costs and monetary policy changes in the context of internal control of debt financing costs in two parts of the multiple regression analysis,and the empirical results of the article conducted a robust test,and ultimately draw the following conclusions:(1)Improve the quality of internal control to help reduce the corporate debt financing costs;(2)relative to the monetary policy easing period,in the monetary policy tightening period to improve the quality of internal control to reduce the corporate debt financing costs more effective,can reduce the tight monetary policy of the enterprise adverse effects;(3)in the currency coup tightening period,non-state-owned enterprises to improve the quality of internal control to reduce the corporate debt financing costs more effective.Then,this paper summarizes the conclusions and puts forward some suggestions:(1)to strengthen the internal control of enterprises to improve the quality of internal control;(2)to strengthen the reform of property rights system,the establishment of a more equitable and effective capital market;Finally,we reflect on the shortcomings of this study and look forward to the future research.