中文摘要：

通常认为,内部控制可对股权成本产生影响,但这种影响是否会随着企业生命周期阶段不同而存在差异还有待研究.选取2007年到2012年中国A股上市公司作为样本,采用厦门大学内部控制指数衡量内部控制质量,以企业生命周期为维度,可就内部控制对股权成本影响的阶段差异进行研究.研究结果表明,总体上内部控制更好的公司股权成本更低.就不同的生命周期阶段而言,在新生期、动荡期和衰退期的样本中,内部控制对股权成本没有显著的影响;在成长期和成熟期的样本中,内部控制越好,股权成本越低.

英文摘要：

Internal control can have an impact on the cost of equity, whether this effect will vary with the firm life cy cles remains to be studied. China Ashare listed companies from 2007 to 2012 is selected as samples, and Xiamen universi ty index is used to measure internal control quality. The results show that, in general, the better internal control, the lower the cost of equity. When considering firm lifecycles, the results indicate that for the sample firms at introduction, shake out and decline stages, the correlations between internal control and cost of equity are not significant, while for the firms at growth and mature stages, the correlations of internal control with cost of equity are significant, it means that the better in ternal control, the lower the cost of equity.