Research On The Influence Of Internal Control Based On Different Debt Levels On The Dynamic Adjustment Of Corporate Capital Structure

Capital structure is the focus of the research in the field of corporate finance,and reasonable structure arrangement can increase the value of the enterprise.According to the dynamic capital structure theory,due to the existence of the adjustment cost,the adjustment to the optimal capital structure can not be achieved overnight,it is a process of approaching,deviating,and then approaching.In recent years,our country attaches importance to the construction of internal control system,and the internal control system is becoming more and more perfect.By constructing a reasonable organizational structure to reduce the occurrence of principal-agent conflicts,improve the quality of accounting information,improve the information asymmetry,protect the interests of creditors,affect the cost of capital structure adjustment,and make the capital structure of the company more reasonable.Therefore,explore The relationship between internal control and dynamic adjustment of capital structure can help enterprises to strengthen the construction of internal control system and encourage enterprises to solve the existing problems,establish a reasonable capital structure to enhance the value of enterprises and promote the development of enterprises.In this paper,as the research object of the Shanghai-Shenzhen-Shenzhen listed company from 2008 to 2017,the paper first analyzes the capital structure of the listed company,and finds out the existing problems in the capital structure of the listed company in our country.Based on the research and analysis of the influence factors of the dynamic adjustment of the capital structure and the economic consequences of the internal control,it is preliminarily determined that the internal control effect is in high agreement with the influence factors of the capital structure;Based on the hypothesis construction research model,the empirical analysis method is used to fit the target capital structure,and the internal control is verified.The influence of the speed of the structural adjustment and the degree of deviation,and further analysis the difference of the effect under the different level of the debt,draws the empirical conclusion and puts forward the policy suggestion according to the conclusion.Through empirical analysis,it is concluded that the interaction coefficient between internal control and capital structure theory is 0.0196,which is significant at the level of 1%.It is concluded that there is a significant positive correlation between internal control and the speed of capital structure adjustment,and that there is a significant positive correlation between internal control and the speed of capital structure adjustment.That is,the higher the quality of internal control,the faster the adjustment of capital structure;At the same time,in the model of deviation degree between internal control and capital structure,the coefficient before internal control variable is-0.00321,which is significant at the level of 1%,which proves that the internal control is negatively correlated with the deviation degree of capital structure.Internal control will reduce the deviation of the capital structure,and make the actual capital structure of the company to the target capital.The structure is close;And through further research,considering the situation that the company is in different debt levels,the effect of internal control to improve the speed of capital structure adjustment is more intense for over-indebted enterprises.The effect of internal control to reduce the degree of deviation of capital structure is also more obvious for over-indebted enterprises.Finally,on the basis of the research in this paper,this paper puts forward policy recommendations to listed companies and related policy makers,so as to promote the internal control of our country more high quality,the capital structure is more optimized,and the company can develop healthily.