内部控制在增发融资中的作用：中国的证据*
THE ROLE OF INTERNAL CONTROL IN THE SEO: CHINESE EVIDENCE

摘要 本文基于中国特有的融资环境，考察内部控制在增发融资中的作用以及受到政府监管的影响。本文对于2008—2011年提出增发申请的上市公司进行研究发现，由于公开增发比定向增发受到的监管更加严格，选择公开增发申请的公司偏少，但是其内部控制质量普遍高于选择定向增发申请的公司。然而，高质量的内部控制并没有提高公开增发申请的证监会审核通过率，而是提高了定向增发申请的审核通过率。并且，在增发申请方式的选择上，内部控制质量高的公司倾向于选择公开增发的方式。最后，高质量的内部控制提高了定向增发后的经营业绩。这表明，尽管受到政府监管的差异化影响，内部控制在公司增发融资中仍然扮演着积极的作用。
Abstract： This study examines the role of internal control in Seasoned Equity Offerings (SEO) at Chinas stock markets, where government screens stock issue applicants. Owing to more severe regulation on public SEO than private SEO, most of firms chose to submit the application of private SEO, which the internal control quality is generally lower than those submitting the application of public SEO. However, high internal control quality is not helpful for public SEO applicants to obtain the approval from regulator, but for private SEO applicants. More importantly, internal control quality is contributed to the firms decision made between public and private SEO applications, that the firms with higher internal control quality is more likely to apply for public SEO. In addition, internal control quality is significantly positively correlated with postissue performance for private issuers, but not for public issuers.