中文摘要：

以中国2007—2011年上市公司为样本，考察货币政策波动和内部控制质量对企业债务融资成本的影响。研究发现在货币政策紧缩时期，企业债务融资成本显著增加，相对于国有企业，非国有企业的债务融资成本更高；进一步研究发现，高质量的内部控制在货币政策紧缩时能有效降低企业的债务融资成本，但这种效用仅发生在金融发展相对发达的地区，而在金融发展相对落后的地区，这种效用不显著；并且在金融发展相对发达地区，对于非国有企业来说，高质量的内部控制在货币政策紧缩时显著地降低债务融资成本，对于国有企业来说，这种效应不显著。

英文摘要：

Taking China＇s listed companies during 2007-2011 as samples, this paper investigates the influence of monetary policy fluctuations and internal control quality on the cost of corporate debt fnancing. The result shows that the cost of corporate debt financing will increase significantly when the monetary policy tends to be tight; compared to SOEs, the cost of debt financing in NSOEs is much higher. Further research indicates that internal control with higher quality can reduce the cost of debt financing when the monetary policy tends to be tight, but this effect can only be found in re- gions with more developed financial development, while it is not the case for firms in regions with less developed financial development. Moreover, in regions with more developed financial develop- ment, the internal control with higher quality in NSOEs can significantly lower the cost of debt fi- nancing when the monetary policy tends to be tight, while it is not the case for SOEs.