内部控制质量、信用模式与企业价值——基于深市A股上市公司的实证分析
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引用本文:于海云.内部控制质量、信用模式与企业价值——基于深市A股上市公司的实证分析[J].财经理论与实践,2011,(3):44-50
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作者单位
于海云 (苏州大学 商学院,江苏 苏州215021) 
中文摘要:内部控制和企业价值之间存在着密切的联系,内部控制是否有效及效率高低影响着企业的价值。内部控制质量高的企业有动机通过自愿性信息披露向市场传递企业价值较高的信号,由于信号传递作用,企业更容易获得较低成本的商业信用和银行信用借款,提升了企业价值,而内部控制质量低的企业没有动机进行内部控制信息披露,从而不得不付出较高的债务融资成本,降低了企业价值。
中文关键词:内部控制质量  信用模式  企业价值
 
Quality of Internal Controls,Credit Model and Enterprise Value: An Empirical Analysis by Shenzhen A-share Listed Companies
Abstract:There are close links between the corporate internal controls and enterprise value, the effective and efficient internal controls impact on the enterprise value. Companies with high quality internal control have motivation to disclosure high quality internal controls to the market to transmit the high market value. Because of the signal transduction effect, businesses are easier to get commercial credit and bank credit loans to enhance the corporate value, while low quality internal control companies have no incentive to disclose internal control information, which had to pay higher debt financing costs then reduce the enterprise value.
keywords:Quality of internal controls  Credit model  Enterprise value
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