I 摘要 人们习惯的将股市称为我国国民经济的“晴雨表”，股市的好坏取决于上市 企业的发展状况，因此上市企业的发展对我国经济的发展起着至关重要的作用。 目前上市企业面临融资难、融资贵的约束，无法获得充足的资金去经营和投资， 进而可能影响企业绩效。一方面企业处于宏观经济环境中，企业的微观行为会受 到外部宏观经济政策的影响。另一方面企业内部控制具有规范各种行为、减少风 险、促进信息传递和沟通以及减缓内外部信息不对称功能。因此，本文结合我国 上市企业目前面临的融资约束的实际情况，探究融资约束对企业绩效是否存在影 响，存在怎样的影响，在此基础上分别考虑企业外部的经济政策不确定性和内部 的内部控制是否会影响融资约束与企业绩效之间关系，最后考虑企业自身无法改 变外部环境时，通过调整内部控制水平是否可以影响外部经济政策不确定性的调 节作用。从而为上市企业提升绩效提供新的思路和途径。 基于上述背景，本文以沪深A股1645家上市企业为研究对象，使用2013-2018 年上市企业财务数据，在借鉴以往学者的研究基础上，通过文献梳理、理论分析 和逻辑推理构建了关于融资约束、企业绩效、经济政策不确定性和内部控制四个 变量之间的多元线性回归模型，主要研究以下三个问题：（1）融资约束对企业绩 效的影响。（2）经济政策不确定性和内部控制分别对融资约束和企业绩效之间关 系的调节作用。（3）不同内部控制水平下经济政策不确定性调节作用的差异性。 通过实证结果和理论分析，最终得出以下结论：（1）融资约束对企业绩效产 生负向影响。（2）经济政策不确定性加剧了融资约束对企业绩效的负向影响。（3） 内部控制缓解了企业融资约束对企业绩效的负向影响。（4）企业内部控制水平越 高，越可以缓解经济政策不确定性的正向调节作用；内部控制水平越低，对经济 政策不确定性的调节作用不显著。基于上述研究结论，本文提供了三点建议：（1） 国家和行业监管机构应该建立健全各种规章制度，促进上市企业进行信息披露， 提高信息披露质量，让外部投资者获得更多信息，降低资本的风险溢价，降低企 业融资约束。（2）企业应该时刻动态的关注外部经济政策变化，树立风险防范意 识，建立科学有效的预警机制，增加现金持有水平，扩张融资渠道。（3）企业一 方面应该加强内部控制管理，减少融资约束对企业的负面影响，另一方面应该根 据外部经济不确定性情况来改变自身的内部控制水平。 关键词：融资约束;企业绩效;经济政策不确定性;内部控制 Abstract II Abstract Peopleareusedtocallingthestockmarketthe"barometer"ofournational economy.Thequalityofthestockmarketdependsonthedevelopmentoflisted companies.Therefore,thedevelopmentoflistedcompaniesplaysavitalroleinthe developmentofoureconomy.Atpresent,listedcompaniesarefacedwiththeconstraints ofdifficultfinancingandexpensivefinancing,unabletoobtainsufficientfundsto operateandinvest,whichmayaffectcorporateperformance.Ontheonehand, enterprisesareinamacroeconomicenvironment,andtheirmicrobehaviorswillbe affectedbyexternalmacroeconomicpolicies.Ontheotherhand,internalcontrolofthe enterprisehasthefunctionsofregulatingvariousbehaviors,reducingrisks,promoting informationtransmissionandcommunication,andalleviatinginternalandexternal informationasymmetry.Therefore,thisarticlecombinestheactualsituationof financingconstraintscurrentlyfacedbyChina'slistedcompanies,andexploreswhether andhowthefinancingconstraintshaveanimpactoncorporateperformance.Onthis basis,theexternaleconomicpolicyuncertaintyandinternalinternalcontrolofthe companyareconsideredseparately.Whetheritwillaffecttherelationshipbetween financingconstraintsandenterpriseperformance,andfinallyconsiderwhetherthe adjustmenteffectofexternaleconomicpolicyuncertaintycanbeinfluencedby adjustingthelevelofinternalcontrolwhentheenterpriseitselfcannotchangethe externalenvironment.Soastoprovidenewideasandwaysforlistedcompaniesto improveperformance. Basedontheabovebackground,thispapertakes1645listedcompaniesin ShanghaiandShenzhenAsharesastheresearchobject,usesthefinancialdataoflisted companiesfrom2013to2018,anddrawsontheresearchofpreviousscholarstobuilda financingmodelthroughliteraturereview,theoreticalanalysisandlogicalreasoningThe multiplelinearregressionmodelbetweenconstraints,corporateperformance,economic policyuncertaintyandinternalcontrolvariablesmainlystudiesthefollowingthree issues:(1)Theimpactoffinancingconstraintsoncorporateperformance.(2)Economic policyuncertaintyandinternalcontrolrespectivelyregulatetherelationshipbetween financingconstraintsandcorporateperformance.(3)Thedifferenceintheadjustment effectofeconomicpolicyuncertaintyunderdifferentinternalcontrollevels. Throughempiricalresultsandtheoreticalanalysis,thefollowingconclusionsare finallydrawn:(1)Financingconstraintshaveanegativeimpactoncorporate Abstract III performance.(2)Uncertaintyineconomicpolicieshasexacerbatedthenegativeimpact offinancingconstraintsoncorporateperformance.(3)Internalcontrolalleviatesthe negativeimpactofcorporatefinancingconstraintsoncorporateperformance.(4)The highertheinternalcontrollevelofanenterprise,themoreitcanmitigatethepositive adjustmenteffectofeconomicpolicyuncertainty;thelowertheinternalcontrollevel, thelesssignificantadjustmenteffectoneconomicpolicyuncertainty.Basedonthe aboveresearchconclusions,thisarticleprovidesthreesuggestions:(1)Nationaland industryregulatoryagenciesshouldestablishandimprovevariousrulesandregulations topromotethedisclosureofinformationbylistedcompanies,improvethequalityof informationdisclosure,andallowexternalinvestorstoobtainmoreinformationand reduceTheriskpremiumofcapitalreducescorporatefinancialconstraints.(2) Enterprisesshouldalwayspayattentiontochangesinexternaleconomicpolicies, establishasenseofriskprevention,establishascientificandeffectiveearlywarning mechanism,increasethelevelofcashholdings,andexpandfinancingchannels.(3)On theonehand,anenterpriseshouldstrengtheninternalcontrolmanagementtoreducethe negativeimpactoffinancingconstraintsontheenterprise;ontheotherhand,itshould changeitsownlevelofinternalcontrolaccordingtoexternaleconomicuncertainty. Keywords:financingconstraints;corporateperformance;economicpolicy uncertainty;internalcontrol 目录 IV 目录 第1章引言.....................................................................................................................1 1.1研究背景和意义....................................................................................................1 1.1.1研究背景.........................................................................................................1 1.1.2研究意义.........................................................................................................2 1.2国内外文献综述....................................................................................................3 1.2.1国外文献综述.................................................................................................3 1.2.2国内文献综述.................................................................................................6 1.2.3文献评述.......................................................................................................11 1.3研究内容和方法..................................................................................................14 1.3.1研究内容.......................................................................................................14 1.3.2研究方法.......................................................................................................14 1.4研究创新和技术路线图......................................................................................15 1.4.1研究创新.......................................................................................................15 1.4.2技术路线图...................................................................................................16 第2章概念界定与理论基础.......................................................................................17 2.1相关概念..............................................................................................................17 2.1.1企业绩效的概念...........................................................................................17 2.1.2融资约束的概念...........................................................................................17 2.1.3经济政策不确定性的概念...........................................................................17 2.1.4内部控制的概念............................................