内部控制审计报告、实际控制人性质与权益资本成本

以2011—2012年A股上市公司为样本,采用PEG模型检验权益资本成本是否会受企业披露出的内部控制报告的影响.研究表明,披露内部控制自评报告的企业的权益资本成本不会有显著的降低,但是企业披露内部控制审计报告可以作为一个积极的信号,能够明显降低权益资本成本.与此同时,实际控制人性质在一定程度上也影响了投资者对企业的财务报告质量和经营风险的评估,为内部控制信息披露的质量提供保证,降低权益资本成本.

Internal Control Audit Reports,Characteristics of Ultimate Controller and the Cost of Equity Capital

In this paper, 2011-2012 A-share listed companies in the sample, using the PEG model to test whether the cost of equity capital will be subject to corporate disclosure of the impact of the internal control reporting. Studies have shown that the cost of equity capital disclosure of internal control self-assessment report of the enterprise is not significantly reduced, but when the company disclosed the internal control audit report can serve as a positive signal, can significantly re-duce the cost of equity capital. Meanwhile, the actual control of nature to a certain extent also affected the assessment of corporate financial reporting quality and operational risks investors, provide a guarantee for the quality of internal control dis-closure of information, but also to reduce the cost of equity capital.