基于内部控制评价的商业信用融资--来自物流行业上市公司的经验数据

摘要

商业信用是我国物流行业上市公司融资的重要途径之一。物流行业上市公司得到市场的内部控制质量评价越高，获得的商业信用融资规模越大。除了上市公司内部控制水平起决定作用外，赢利能力、公司规模、融资需求等因素，也因为影响公司内部控制信息披露成本而对评价结果有积极意义。因此，对于物流行业上市公司来说，关键在于提高内部控制质量，并根据自身情况衡量披露成本，扩大商业信用融资规模，缓解融资约束，从而降低融资成本；对于商业信用的提供者来说，通过了解并评价上市公司的内部控制情况，可以降低商业信用融资风险，提高系统内的商业信用资源配置效率。%Trade credit is one of the important ways for our logistic listing companies to finance. The evaluation on logistic listing companies’internal control is positively correlated to the amount of their financing. Besides the determining role of the internal control,such factors as capability for profit earning,scale and financing demand,which have influence on the disclosure cost of internal control information,will also have positive significance to the result of evaluation. So,logistic listing companies should improve the quality of internal control,evaluate the disclosure cost according to their own situation,expand the scale of trade credit financing,and relieve constraint on financing to reduce financing cost;the trade credit providers can reduce the risk of trade credit financing and improve the distribution efficiency of trade credit resource within the system by understanding and evaluating the situation of listing companies’internal control.