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Internal Control, Asset Substitution and Creditor Protection
Management School, Jinan University, Guangzhou, China
Management School, Jinan University, Guangzhou, China
- 1 Management School, Jinan University, Guangzhou, China
- 2 Management School, Jinan University, Guangzhou, China
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Abstract
At present, the main ways of protecting the interests of creditors include adjusting the new debt scale, reducing the interest rate and adjusting the debt capital cost. In this paper, from a new perspective of the principal-agent, this article tries to explore whether the internal control can protect the interests of the creditors. Through the study, we found that the higher the quality of internal control of listed companies, the less the occupied money by assets substitution of controlling shareholders.
KeywordsInternal ControlAsset SubstitutionCapital OccupiedCreditor Protection
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