内蒙古工业大学硕士学位论文
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摘 要
2001年美国安然公司、世界通信公司会计利润造假事件的爆发，引发了内部控
制的重大变革。美国国会发布了《萨班斯-奥克斯利法案》，我国也相继出台了一系列
法律法规以不断完善我国的内部控制制度。财政部与证监会发布的《关于2012年主
板上市公司分类分批实施企业内部控制规范体系的通知》强制要求我国主板上市公司
从2012年开始分类分批实施内部控制审计并披露内部控制审计报告。截止到2014
年，除特殊情况的主板上市公司都纳入了强制实施范围。在此背景下研究强制性内部
控制审计对企业资本成本的影响，对企业代理人及委托人作相关决策具有重要参考价
值，对政策制定者完善内部控制体系，规范内部控制审计同样具有重要意义。丰富了
内部控制审计对资本成本影响的相关研究，具有一定的理论意义
本文首先阐述了选题背景及研究方法，接着梳理了国内外相关文献，界定了基本
概念，然后运用委托代理理论、信息不对称理论、信号传递理论分析了强制性内部控
制审计对权益资本成本、负债资本成本的作用机理，提出研究假设，并分别进行了实
证检验
对于权益资本成本，以纳入强制性内部控制审计范围646个主板上市公司
2009-2016年的数据为研究样本，以PEG模型计算事前权益资本成本，从强制前后的
角度进行检验。发现纳入强制性内控审计范围并披露了标准无保留意见内控审计报告
的上市公司，强制后的权益资本成本显著低于强制前的权益资本成本。进一步分产权
研究发现与国有上市公司相比，在非国有上市公司中，强制性内部控制审计对权益资
本成本影响更大。将预测的每股收益中值代替均值带入PEG模型重新计算权益资本
成本进行稳健性检验，结论再次得到验证。对于负债资本成本，以利息支出与年初年
末负债总额均值的比值进行计算，检验强制性内部控制审计对其的影响。发现纳入强
制性内部控制审计范围，并披露标准无保留意见内部控制审计报告有助于企业以较低
的成本获得债务性筹资。用财务费用与期初期末负债总额均值的比值计算负债成本进
行稳健性检验，结论得到进一步支持
基于以上研究结论，提出以下建议：监管部门应规范、细化内部控制审计标准，
加强对审计机构的监督管理以保障内部控制审计质量，稳步拓展强制性内部控制审计
的实施范围；企业应将内部控制体系落到实处，充分发挥内部控制审计的作用；社会
审计机构应加强独立性与专业性，提高内部控制审计服务质量；投资者应重视并充分
利用内部控制审计报告披露的信息。最后探讨了研究的局限性并对未来做出了展望
关键词：强制性内部控制审计；权益资本成本；负债资本成本
内蒙古工业大学硕士学位论文
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Abstract
In 2001, the outbreak of accounting fraud happened in Enron Corp and WorldCom
caused great changes in internal control. The United States Congress issued the
Sarbanes-Oxley Act; China has also promulgated a series of laws and regulations to
continuously improve the system in internal control. The Ministry of Finance and the SFC
issued that ―The notice about the companies listed on the main board implemented the
internal control system of norms batch classification in 2012 and requirements of the
listed companies of China's main board to carry out internal control audits and disclose
internal control audit reports from 2012. By 2014, companies listed on the main board have
been included in the enforcement scope，except for special circumstances. Under this
background, it is of great significance to study the influence of the compulsory internal
control audit on the capital cost of enterprise, the relevant decisions made by the agent and
the client, the perfection of the system in internal control and the standardization of the
internal control auditing. This paper enriches the study of the influence of internal control
audit on capital cost, and has a certain theoretical significance.
Firstly, this paper expounds the background and the methods of researching on the
topic selection, then combs literatures at home and abroad, defines the basic concepts, then
analyzes the mechanism of the compulsory internal control audit to the equity capital cost
and the liability capital cost by using the principal-agent theory, information asymmetry
theory and signal transmission theory. The research hypothesis was put forward; the
empirical tests were carried out.
Regarding the cost of equity capital, the data from 2009 to 2016 of 646 companies
listed on the main board and included in the mandatory internal control audit scope were
taken as the research samples. The prior equity capital cost was calculated by using the
PEG model, and tested from the angle of mandatory before and after. Inspection findings
the listed companies who included in the mandatory internal control audit scope and
disclosed the standard no reservations internal control audit report, the mandatory equity
capital cost is significantly lower than the cost of equity capital before mandatory. Further
researches on property rights finds that, compared with state-owned listed companies, the
compulsory internal control audit has more influence on equity capital on private listed
companies. The predicted median earning per share is instead by the mean value to
recalculate the cost of equity capital in the PEG model for robustness testing, so the
conclusion is verified again. For the cost of liability capital, it is calculated as the ratio of
the interest expense to the average of the total debt at the beginning and in the end of the
year, and the effect of the mandatory internal control audit on it is examined. It is found
that in the scope of mandatory internal control audit and the disclosure of standards
without reservations internal control audit report help enterprises to obtain debt financing
内蒙古工业大学硕士学位论文
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at lower cost. Using the ratio of the financial expenses to the average of the total liabilities
at the beginning and in the end of the period to calculate the liability cost, a robustness test
was conducted and the conclusion was further supported.
Based on the conclusions all above, the following suggestions are put forward: the
supervisory department should standardize and refine the internal control auditing
standards, strengthen the supervision and management of auditing institutions to ensure the
quality of internal control audits, and expand the scope of implementation of mandatory
internal control audits steadily; Enterprises should implement the internal control system
and make full use of the effect of the internal control audit; Social audit institutions should
strengthen independence and professionalism and improve the quality of internal control
audit services. Investors should pay attention to and make full use of the information
disclosed in internal audit report. Finally, the limitations of the study are discussed and the
future is prospected.
Keywords: mandatory internal control audit; cost of equity capital; cost of debt financing。。。。。。