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文章提出财务报告信息质量是内部控制影响权益资本成本的中间路径,并以2010—2012年度全部中小板上市公司为样本,采用基于自举的中介效应检验程序对内部控制质量与权益资本成本的直接影响路径关系进行了检验。结果表明,财务报告信息质量尤其是应计质量是内部控制质量与权益资本成本间关系的中介变量。该研究弥补了现有文献中对内部控制、财务报告信息质量以及权益资本成本三者之间进行割裂研究的不足,同时对于进一步厘清我国内部控制制度实施的经济后果具有一定的现实意义。
The paper puts forward that the quality of information in financial report is the middle way that internal control affects the cost of equity capital. Based on the sample of all listed SMEs in 2010-2012, the quality of internal control and the cost of equity capital are directly based on bootstrap-based intermediary effect testing procedure Impact path relationship was tested. The results show that the quality of financial reporting information, especially accruals, is the mediator of the relationship between the quality of internal control and the cost of equity capital. This study makes up for the shortcomings of the existing literature on the fragmentation of the internal control, the quality of the financial report information and the cost of equity capital. At the same time, it has certain practical significance to further clarify the economic consequences of the implementation of the internal control system in our country.