CAJ | 학술논문

本文以2009—2011年沪深A股主板上市公司为研究样本，基于投资现金流敏感度视角探究了内部控制和银企关联对企业融资约束的影响效应。研究发现：高水平内部控制可以有效缓解企业所面临的融资约束问题；进一步研究发现，在缓解企业融资约束方面，高水平内部控制和银企关联之间存在一种替代机制，即银行关联企业更多地借助于银行资源来降低其融资约束水平；而非银行关联企业更多地在提高其内部控制水平，降低其与外界的信息不对称程度层面上，达到缓解自身融资约束的目的。上述发现为理解内部控制、银企关联对中国上市公司融资约束的作用机理提供了新的经验证据。
본문이2009—2011년호심A고주판상시공사위연구양본，기우투자현금류민감도시각탐구료내부공제화은기관련대기업융자약속적영향효응。연구발현：고수평내부공제가이유효완해기업소면림적융자약속문제；진일보연구발현，재완해기업융자약속방면，고수평내부공제화은기관련지간존재일충체대궤제，즉은행관련기업경다지차조우은행자원래강저기융자약속수평；이비은행관련기업경다지재제고기내부공제수평，강저기여외계적신식불대칭정도층면상，체도완해자신융자약속적목적。상술발현위리해내부공제、은기관련대중국상시공사융자약속적작용궤리제공료신적경험증거。
Vsing companies listed on Shanghai Stock Exchange we empitically examine the impacts of internal control and ban and Shenzhen Stock Exchange from 2009 to 2011, connection on corporate tenancing constraints from the perspective of cash flow sensitivity. We find that high level of internal control can effectively reduce corporate fi- nancing constraints. In addition, we find that good internal control and bank connection are substitutional in redwing corporate financing constraints, suggesting that bank connected firms may rely more on the unique resources reduce their financing constraints, and that non-bank connected finns reduce their financing contrains through providing in- ternal control. Our results provide new evidence in understanding the economic consequences of internal control and bank connections.