：在当今这个竞争愈来愈激烈的社会中，融资方式的便捷与完 善是企业获取竞争优势和长远发展的重要保障。债务融资是一种主要 的融资方式，债务融资成本是公司经营管理中考虑的关键因素。近年 来经济迅猛发展所带来的环境危害日益凸显，在获取经济利益和履行 环保责任之间取得平衡，是企业发展的长远目标，也是学者关注的重 点和研究的热点。保护环境，人人有责，政府部门的牵头作用更是不 容忽视。为了加强政府部门的监管以及对企业污染行为的约束，环境 表现逐步纳入影响企业债务融资成本的指标体系，环境规制应运而 生。内部控制作为评价企业经营效果的重要制度，亦关系到企业债务 融资成本的大小。内部控制质量能够反映企业的经营效果和风险状 况，资金提供者可以根据企业内部控制质量作出投资决策，进而影响 到融资成本。因此，文章以环境规制与债务融资成本研究——基于内 部控制的中介作用为选题进行研究。 本文主要研究环境规制、内部控制与债务融资成本三者之间的关 系。本文以2014-2017年沪市A股重污染欧亿·体育（中国）有限公司数据作为研究样本，以 信息不对称理论、委托代理理论、利益相关者理论、信号传递理论以 及合法性理论作为研究的理论基础，以利息支出除以总负债衡量债务 融资成本，以公众环境研究中心（IPE）和国际自然资源保护协会 （NRDC）联合发布的各城市的PITI指数衡量环境规制强度，以“迪 博 中国上市公司内部控制指数”衡量内部控制质量，运用多元回归 II 模型，从理论和实证角度考察了环境规制、内部控制与债务融资成本 之间的作用机理。 文章通过实证检验得出以下结论：一是地方政府加强环境规制力 度，能够显著降低企业债务融资成本。二是内部控制在环境规制与债 务融资成本之间关系中起到显著的部分中介作用。即政府加强环境规 制可以有效改善企业的内部控制质量，从而帮助企业进一步降低债务 融资成本。同时，根据以上研究结果，结合目前我国环境政策以及内 部控制政策的现状，提出相关建议：一是严格制定环境规制政策，提 高社会公众环保意识。二是加强内部控制制度建设与完善，提高内部 控制质量。三是加强政府监管力度，扩大环境规制政策实施范围。最 后，通过研究，为我国企业缓解融资压力，降低融资成本提供了可行 的措施。 关键词:环境规制；内部控制；债务融资；中介机制 III RESEARCH ON ENVIRONMENTAL REGULATION AND DEBT FINANCING COST——MEDIATION BASED ON INTERNAL CONTROL Liuwei（Businiss Administration) Directed by Yangqiulin Abstract: In today's increasingly competitive society, the convenience and perfection of financing mode is an important guarantee for enterprises to obtain competitive advantage and long-term development. Debt financing is a main way of financing, and the cost of debt financing is a key factor in the management of a company. In recent years, with the rapid development of economy, the environmental harm has become increasingly prominent. To achieve a balance between economic benefits and environmental protection responsibilities is not only the long-term goal of enterprise development, but also the focus and research hotspots of scholars.It is everyone's responsibility to protect the environment, and the leading role of government departments cannot be ignored. In order to strengthen the supervision of government departments and restrict the pollution behavior of enterprises, the environmental performance is gradually incorporated into the index system that affects the debt financing cost of enterprises, so the environmental regulation comes into being. As one of the most important systems to evaluate the operation effect of the enterprise, internal control is also related to the cost of debt IV financing. The quality of internal control can reflect the operation effect and risk situation of an enterprise.The fund provider can make investment decisions according to the quality of internal control of an enterprise, and the decision results can affect the financing cost. Therefore, this paper focuses on Research on environmental regulation and debt financing cost —Mediation based on internal control. The paper mainly studies the relationship among environmental regulation, internal control and debt financing cost.It takes 2014-2017 A-share heavy pollution industry data of Shanghai stock market as the research sample, and takes information asymmetry theory, principal-agent theory, stakeholder theory, signal transmission theory and legitimacy theory as the theoretical basis of the research. It measures the debt financing cost by dividing the interest expenditure by the total debt, the environmental regulation intensity is measured by the PITI index of each city jointly issued by IPE and NRDC, and the internal control quality is measured by the "Dibo China listed company internal control index". The multiple regression model is used to investigate the mechanism among environmental regulation, internal control and debt financing cost from theoretical and empirical perspectives. The paper draws the following conclusions through empirical test: Firstly, local governments strengthen environmental regulation, which can significantly reduce the cost of corporate debt financing Secondly, V internal control plays a significant part in mediating the relationship between environmental regulation and debt financing cost.That is to say, strengthening environmental regulation can effectively improve the quality of internal control of enterprises, so as to help enterprises further reduce the cost of debt financing. At the same time, based on the above research results, combined with the current situation of China's environmental policies and internal control policies, the paper puts forward relevant suggestions: first, strictly formulate environmental regulation policies and improve the environmental awareness of the public. Second, strengthen the construction improvement of internal control system and improve the quality of internal control. Third, strengthen government supervision and expand the scope of environmental regulation policy. Finally,through the research, it provides feasible measures for Chinese enterprises to alleviate the financing pressure and reduce the financing cost. Keywords: environmental regulation internal control debt financing intermediary mechanism VI 目 录 摘要.....................................................I Abstract...............................................III 第1章 绪 论.............................................1 1.1 研究背景.........................................1 1.2 研究意义.........................................2 1.2.1 理论意义....................................3 1.2.2 现实意义....................................3 1.3 研究内容与研究方法...............................4 1.3.1 研究内容....................................4 1.3.2 研究方法....................................4 1.4 本文主要贡献.....................................6 第2章 文献回顾..........................................7 2.1 关于债务融资成本的研究...........................7 2.2 关于环境规制与债务融资成本的研究.................9 2.3 关于内部控制与债务融资成本的研究................10 2.4 国内外文献述评..................................12 2.5 本章小结........................................13 第3章 基本概念与理论基础...............................14 3.1 相关概念界定....................................14 3.1.1 债务融资成本...............................14 3.1.2 环境规制...................................15 VII 3.1.3 内部控制...................................16 3.2 理论基础........................................17 3.2.1 信息不对称理论.............................17 3.2.2 委托代理理论...............................18 3.2.3 利益相关者理论.............................19 3.2.4 信号传递理论...............................20 3.2.5 合法性理论.................................21 3.3 本章小结........................................22 第4章 实证分析.........................................23 4.1 研究假设........................................23 4.1.1 环境规制与债务融资成本.....................23 4.1.2 内部控制与债务融资成本.....................24 4.1.3 环境规制、内部控制与债务融资成本...........25 4.2 变量选择与模型设计..............................26 4.2.1 变量选择...................................26 4.2.2 研究模型设计...............................29 4.3 样本选择与数据来源..............................30 4.4 实证分析与结果..................................31 4.4.1 描