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采用PSM-DID模型,研究2007-2008年金融危机背景下,信贷冲击对公司财务行为的影响,以及内部控制机制对二者关系的缓冲器作用。结果表明信贷冲击显著影响了融资和投资行为:在危机爆发第一年,债务融资下降达到总资产的1.2%份额,投资支出下降达到总资产的0.4%份额;但对于具有高质量内部控制的公司而言,其财务下行幅度较小,内部控制机制有效地发挥了缓冲器作用。
Using the PSM-DID model, this paper studies the impact of credit shocks on the financial performance of a company in the financial crisis of 2007-2008 and the buffer function of the internal control mechanism on the relationship between the two. The results show that credit shocks significantly affect financing and investment behavior: in the first year of the crisis, debt financing fell to 1.2% of total assets while investment spending fell to 0.4% of total assets; but for companies with high-quality internal controls , The financial downside is small, and the internal control mechanism effectively serves as a buffer.