学术报告:内部控制效率和银行贷款定价

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题:内部控制效率和银行贷款定价

报告人:宋扬博士

Byron Y. Song, PhD

Assistant Professor

Department of Accountancy

John Molson School of Business

Concordia University

时间: 200872日下午14:00

地点:法华校区安泰202

内容简介

Using a large sample of US bank loan data, we investigate the effect of internal control effectiveness on bank loan pricing. Our empirical analyses show the following main results. First, banks charge higher interest rates for the loans to firms with weak internal control than for those to firms with strong internal control, and the impact of internal control effectiveness on loan pricing is economically significant.Second, among weak-internal-control firms, firms having material weaknesses have to borrow loans from banks at higher interest rates than those having other internal control deficiencies. Third, there is no significant difference in loan rate before and after firms’ disclosure about internal control effectiveness. Our additional analyses show that banks impose more covenants as well on firms with weak internal control. Our study provides direct evidence that banks take into account internal control effectiveness when assessing borrowers’ credit quality and determining loan rates.

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