管理层能力对企业融资约束的影响研究 ——基于内部控制质量的中介效应

针对经济转型中企业普遍面临融资约束的发展障碍，基于2013—2019年中国A股上市公司的数据，实证检验管理层能力对企业融资约束的影响及作用机理。结果显示：管理层能力越强，越有助于缓解融资约束，二者的负相关关系在非国有上市公司中尤为明显；内部控制质量在管理层能力与企业融资约束的关系中具有部分中介作用，且中介效应在非国有上市公司中更加显著。研究丰富了有关管理层能力经济后果的文献，为破解融资约束难题开拓了新的思路。

Research on the influence of management's ability on corporate financing constraintsBased on the mediating effect of internal control quality

In view of the development obstacles of financing constraints faced by Chinese enterprises in economic transformation, this paper takes 2013-2019 A-share listed companies as observation samples,and based on the perspective of property heterogeneity, empirically studies the influence and mechanism of management ability on enterprise financing constraints. The study found that: the stronger the management ability is, the more help to ease the financing constraints, and in non-state-owned companies,the negative correlation between the two is obvious particularly; the quality of internal control is an intermediary path of management ability to act on financing constraints, and the mediating function of internal control quality is more obvious in non-state-owned companies. The research further extends the analogous studies on the economic consequences of management capability,and provides new ideas for solving the problem of financing constraints.