内部控制、会计稳健性与融资约束

本文以2005--2012年沪深A股上市公司为研究对象，基于现金一现金流敏感性视角探讨了内部控制与会计稳健性对企业融资约束的影响效应。研究发现：会计稳健性水平的提高有助于缓解企业的融资约束，内部控制水平的提高也有助于缓解融资约束。进一步研究发现：随着会计稳健性水平的提高，内部控制的有效性对降低融资约束的作用在下降；随着内部控制水平的提高，会计稳健性缓解融资约束的效应在减弱，即内部控制与会计稳健性在缓解融资约束方面存在一定的替代效应。

Internal Control,Accounting Conservatism,And Financial Constraints

Using data of Chinese A-share listed companies during 2005--2012, we empritically investigate the influence of internal control and accounting conservatism on financial constraints from the perspective of cash flow sensitivity. We find that accounting conservatism can release firms＇ financial constraints and high level of internal control also can effectively reduce coporate financing constraints. Further, we find that the higher level of accounting conservatism, the less effects the internal control have in reducing firms＇ financing constraints;when the level of internal control is higher, the effects of accounting conservatism is weakened. That is good internal control and accounting conservatism are substitutional in releasing coporate financing constraints.