| In the new stage,Our country economy grows slow gradually,and the problem of financing constraints is still one of the bottlenecks to contain the sustained and healthy development of corporates and the economic transformation and upgrading.In addition,the impact of the epidemic situation at home and abroad on the economy has pushed the problem of financing constraints to the peak.Financing constraints will not only affect the internal research and development and external expansion of enterprises,but also reduce the efficiency of resource allocation,seriously inhibit the vitality of our economy,and also hinder the technological innovation and the formation of social effective capital.Therefore,how to solve the financing difficulties of corporates is a problem worthy of attention..Generally,investors will choose enterprises with high information transparency and stable development for investment,and such enterprises have less investment risk.Due to information asymmetry,investors do not know the internal situation of enterprises,and cannot judge the development status of enterprises in the future operation and whether enterprises have investment value.Therefore,investors generally choose enterprises with high internal control quality for investment.Minimize investment risk.In addition,the audit opinion is also an important basis for investors to make investment decisions,and whether the internal control has been consistently and effectively run is an important factor affecting auditors to issue audit opinions on financial statements.Therefore,we should analyze how to alleviate financing constraints from the perspective of internal control.On the basis of previous scholars’ research,this paper selects the data of A-share listed companies from 2010 to 2020 based on the theories of information asymmetry,principalagent,signal transmission and audit insurance,conducts an in-depth study on how the quality of internal control affects financing constraints and analyzes their internal influence mechanism.Meanwhile,from the perspective of the property right nature of listed companies,Analyze the influence degree of internal control quality on financing constraints under different property rights,and further explore whether audit opinions on financial statements of listed companies(hereinafter referred to as audit opinions)are the intermediary factors of internal control quality affecting financing constraints.Furthermore,it further discusses whether the audit opinion of financial statements of listed companies is an intermediate factor of internal control quality affecting financing constraints.Finally,it uses the endogenous test,substitution variable,Bootstrap intermediate test and the method of reducing sample size to carry out robustness test on the research results.The research results show that:(1)The quality of internal control is negatively correlated with financing constraints,and compared with state-owned enterprises,the alleviation effect of internal control quality on financing constraints is more significant in non-state-owned enterprises;(2)High-quality internal control will improve the probability of auditors issuing standard audit opinions;(3)Audit opinions play an intermediary role in the influence of internal control quality on financing constraints.Based on the research conclusions,this paper puts forward relevant suggestions from the perspectives of enterprises,auditors,investors,policy formulation and mixed ownership reform,which are of great significance for easing financing constraints. |
