作者：郭艳艳

作者单位：河南理工大学工商管理学院能源经济研究中心‍

摘要：资本结构的相对稳定有利于企业的持续平稳发展。根据内部控制对筹资决策的要求,分析了内部控制有效性对资本结构稳定性的影响,并且用近5年创业板上市公司内部控制和资本结构的相关数据进行了实证检验。研究发现:企业内部控制的有效性对资本结构的稳定性有重要影响。内部控制越有效的企业其资本结构通常会越接近其最优资本结构,并呈现出适度的稳定性;内部控制有效性较差的企业其资本结构的稳定性往往也较差,出现异常变动的可能性较大,相应地,其资本成本和财务风险较高。

Abstract：The relative stability of capital structure is useful for the sustained and steady development of enterprises. According to the requirements of financing decision-making of internal control, the paper analyzes the impact of internal control effectiveness on the stability of capital structure, and makes an empirical test using the relative data of capital structure and internal control of GEM listed companies in the past five years. The study finds that the effectiveness of internal control has an important impact on the stability of capital structure. The capital structure of enterprises with high-quality internal control is usually close to their optimal capital structure, and keeps moderate stability. The capital structure of enterprises with low-quality internal control tends to be less stable, and these enterprises are more likely to have abnormal changes in capital structure and accordingly relatively high capital costs and financial risks.

基金：国家社会科学基金重点资助项目(16AGL007)；河南省政府决策研究招标课题(2016B138)；

关键词：内部控制;资本结构;创业板;

DOI：10.16698/j.hpu(social.sciences).1673-9779.2018.01.007

分类号：F275;F832.51