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Research on the Influence of Internal Control Quality on Corporate Financing Constraints

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DOI: 10.23977/FEIM2020.027


Faquan Zhang, Zhiyu An

Corresponding Author

Faquan Zhang


This article uses the data of China's A-share listed companies from 2010 to 2017 to study the impact of internal control quality on corporate financing constraints, and explores the heterogeneity of this effect under the concentration of equity. As a result, it was found that the quality of internal control of the company would have an inhibitory effect on the financing constraints faced by the company. At the same time, the higher the concentration of equity, the greater the inhibition of internal control quality on financing constraints. The research results of this paper supplement the research on the internal control and financing constraints of the enterprise. It is conducive to the enterprise to formulate a reasonable development strategy according to its own situation, and it also provides support for China's government departments to devote themselves to the construction of internal control.


Internal control quality, financing constraints, equity concentration

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