Research Of The Internal Control Efficiency Impact On Debt Financing Of The Listed Company In Hebei Province

The first thing an enterprise needs to consider is funding for its production and business activities. The capital adequacy can be related to control the business operations and production smoothly. Thus, financing becomes the focus of an enterprise,s attention and has also been actively studied by many scholars at home and abroad. Contrast with internal financing and equity financing, debt financing is more charming.The repay risk is one of the biggest threats to the enterprise debt financing, any mistake can lead an enterprise to bankruptcy. As a form of risk control measures, internal control can role debt financing in promoting. In this paper, the listed companies in Hebei Province that meet the relevant conditions during 2011-2014 are the study object. Using empirical research method to explore the efficiency of the internal control of listed companies impact on the debt financing. It has important guiding significance on optimizing dept financing situation.Firstly, on the basis of reviewed a large amount of domestic and foreign research literature, through the analysis of the internal control and debt financing development situation at home and abroad, propose the feasibility basis of this study. At the same time,define the concepts of internal control and debt financing, introduce the managers inertia theory, asymmetric information theory, signal transmission theory and stakeholder theory,lay the theoretical foundation for this study.Secondly, take the listed company in Hebei as samples to analyzed the current situation and development problems of internal control and debt financing. Through the analysis we found that the realization degree of the internal control goals are not optimistic.Especially in the implementation of internal control and report serious irrationality. The sample companies debt financing is facing opportunities and challenges at the same time.The debt risk is also increasing year by year.Finally, use the listed company in Hebei Province that meet the relevant conditions during 2011-2014 as the study samples. In the perspective of internal control five goals,through entropy method to obtain comprehensive index about the efficiency of internal control of sample companies and evalue the debt financing by factor analysis. Finally, usethe regression analysis to find the effection of the internal control efficiency on debt financing and the dependency between environmental protection and the debt financing.At the same time, put forward relevant suggestions based on empirical findings and the problems of internal control and debt financing those are mentioned previously.