Based on the data of A shares of companies listed in Shanghai and Shenzhen during 2009-2013, combining with property rights, this paper explores the influence of internal control on financing constraints and its mechanism from the micro level. The study finds that internal control and financing constraints have a significant negative correlation. The higher the quality of the enterprise internal control and its factors appears, the smaller financing constraints will be. When exploring the mechanism of internal control on financing constraints, this paper finds that the higher the degree of information asymmetry and agency costs are, the greater the impact of internal control on financing constraints is. Further study shows that property rights will significantly affect the relationship between internal control and financial constraints. Under the same conditions, this influence is more remarkable in the non-SOEs compared with SOEs.%本文基于2009~2013年沪深A股上市公司数据，并结合产权性质，从微观层面探讨内部控制对融资约束的影响与作用机制。研究发现，企业的内部控制质量与融资约束显著负相关，内部控制及各要素质量越高，企业受到的融资约束越小。在进一步探究内部控制对融资约束的作用机制时，本文发现，信息不对称程度以及代理成本越高，内部控制对融资约束的缓解作用越大。此外，产权性质会显著影响到内部控制与融资约束的关系，在同等条件下，与国有企业相比，在非国有企业中内部控制对融资约束的影响更大。
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