摘要
农业是我国的第一产业,作为农业企业中的龙头企业,农业类上市公司的健康发展对于构建现代农业产业具有积极的推进意义。研究以农业类上市公司为切入点,通过对2013—2020年A股上市公司的面板数据实证发现,各类企业内部控制、股权资本成本与公司绩效均具有相关性,但在农业类上市公司中,内部控制会增强股权资本成本和公司绩效之间的负相关性,内部控制在两者之间发挥着调节作用,说明该类企业的良好发展离不开良好的内部控制环境,在信息不对称的资本市场环境下,良好的内部控制能够为投资者投资该类型企业提供更稳健的风险识别信号,有助于外部投资者更好地把握企业风险、理性投资。
Agriculture is the primary industry in China.The listed agricultural enterprises play a leading role in agricultural enterprises,and their health development is of positive significance to the construction of modern agricultural industry.Based on the panel data of A-share listed enterprises from 2013 to 2020,this paper takes listed agricultural enterprises as the starting point.It is found that all kinds of enterprise internal control,cost of equity capital and corporate performance are correlated,but in listed agricultural enterprises,internal control will enhance the negative correlation between cost of equity capital and corporate performance,and internal control plays a regulatory role between the two,which shows that the good development of such enterprises is inseparable from a good internal control environment.In the capital market environment with asymmetric information,good internal control can provide more stable risk identification signals for investors to invest in this type of enterprises,and help external investors better grasp enterprise risks and make rational investment.
作者
蒋一凡
张志
JIANG Yifan;ZHANG Zhi(School of Economics and Management,Shangdong Agricultural University,Tai'an 271000,China)
出处
《科技与经济》
2022年第2期51-55,共5页
Science & Technology and Economy
关键词
内部控制
股权资本成本
绩效
调节作用
internal control
cost of equity capital
performance
regulating effect
