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本文以2006—2012年沪深A股上市公司为研究对象,研究了货币政策与内部控制对债务融资成本的交互影响效应,研究得出如下结论:其他情况相同条件下,货币政策从紧时,企业债务融资成本提高;其他情况相同条件下,内部控制水平越高,债务融资成本越低;其他情况相同条件下,高质量的内部控制可以减弱货币政策紧缩对债务融资成本的影响。进一步研究发现:高质量的内部控制降低银根紧缩时期企业显著提高的债务融资成本的作用在非国有企业和外部治理环境好的地区的企业中更加明显。
This paper takes Shanghai and Shenzhen A-share listed companies from 2006 to 2012 as the research object, and studies the interaction effect of monetary policy and internal control on the cost of debt financing. The research draws the following conclusion: under other conditions, when the monetary policy is tight, Under the same conditions in other cases, the higher the internal control level, the lower the cost of debt financing. Under other conditions, high-quality internal control can weaken the impact of monetary tightening on the cost of debt financing. Further study found that: the role of high-quality internal control to reduce the debt financing cost significantly increased during the monetary tightening period is more obvious in non-state-owned enterprises and enterprises with good external environment management.