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本文首先对国内外相关文献进行回顾,并对内控缺陷的内涵、资本成本的相关概念及计量方法进行解释。之后,选取我国A股上市公司2011年~2012年披露的年报及相关信息为样本数据,建立多元回归分析模型,以对2011年沪深两市178家样本上市公司2012年的权益资本成本和债务资本成本进行检验。检验结果表明:对内部控制缺陷披露的公司相对于没有披露内部缺陷的公司,有更高的权益资本成本以及债务资本成本,也就是说公司的内部控制缺陷披露程度越高,公司的权益资本成本也就越高。
This paper first reviews the relevant literature at home and abroad, and explains the connotation of the internal control defects, the related concepts of capital cost and the measurement methods. After that, taking the annual reports and relevant information disclosed by A-share listed companies in China from 2011 to 2012 as sample data, a multiple regression analysis model was set up to analyze the equity capital cost and debt of 178 sample listed companies in Shanghai and Shenzhen in 2012, Capital cost test. The test results show that companies that disclose internal control deficiencies have higher cost of equity capital and cost of debt capital than those that do not disclose internal defects, that is, the higher the degree of disclosure of internal control deficiencies, the lower the cost of equity capital of the company The higher.