内部控制质量、企业风险与权益资本成本—

摘要笔者分析了内部控制质量与企业风险、权益资本成本的作用机理，首先内部控制质量的提高直接降低了企业的经营管理风险，企业的权益资本成本下降。其次，由内部控制质量决定的企业会计信息质量的改善降低了投资者的估计风险，抑制了投资者和管理层之间的代理冲突，企业的权益资本成本下降。实证结果表明相对于不存在内部控制缺陷的企业，存在内部控制缺陷的企业具有较高的系统性风险和权益资本成本。

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	闫志刚

关键词：内部控制质量经营管理风险估计风险权益资本成本

Abstract： This paper analyzes the mechanism of the effect of internal control quality on firm risk and cost of equity capital. Firstly the improvement of internal control quality directly reduces operation and management risk, which leads to the decrease of cost of equity capital. Secondly the improvement of accounting information quality determined by internal control quality reduces investors' estimation risk and restrains the agent conflict between management and investors, which also leads to the decrease of cost of equity capital. The empirical result shows that the firms with internal control deficiency have higher systematic risk and cost of equity capital, compared with the firms without internal control deficiency.

Keywords： Internal Control Quality Operation and Management Risk Estimation Risk Cost of Equity Capital

收稿日期 2012-03-06; 接受日期 2012-09-25;

作者简介: 闫志刚（1978-），男，河南焦作人，东北财经大学会计学院博士研究生，主要从事内部控制与资本市场会计问题研究。

引用本文:

闫志刚.内部控制质量、企业风险与权益资本成本——理论分析与实证检验[J]. 经济经纬, 2012,5: 107-111

YAN Zhi-gang.Internal Control Quality, Firm Risk and Cost of Equity Capital——Theoretical Analysis and Empirical Test[J] Economic Survey, 2012,V1(5): 107-111

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2012/V1/I5/107