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Internal Control, Information Environment and the Cost of Capital:Empirical Evidence from Chinese Listed Companies

Lin Bin,Sun Ye,Liu Jin  
Whether establishing high-quality internal control system can reduce financing cost of a company is an important question.Using the hand-collected data getting from Reform Report on Special Activity of Strengthening Company Governance disclosed by companies listed in Chinese A-share main-board stock market,we establish internal control weakness index for each company and find a positive relationship between the serious internal control weakness and cost of capital.What’s more,given the information environment,the effect of internal control quality to cost of capital is more significant when institutional investor holding is relatively low and information asymmetry between the firms and investors are relative high.
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