上市公司内部控制、公司治理结构与财务风险的关系研究

发布时间：2018-03-06 00:26

本文选题：财务风险　切入点：内部控制　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：近年来,我国资本市场发展迅速,已经在新兴资本市场中跃居为第一位。在资本市场高速发展的背后,许多上市公司的辉煌光环却不再鲜亮,陷入财务危机,遭到证监会的特别处理,甚至退出股市。随着2008年全球金融危机的爆发,诸多大型国际集团瞬间倒闭,使得财务风险的防范和控制问题再度成为人们关注的焦点。企业外部经营环境的变化和内部管理制度的缺陷都将导致企业财务风险的产生,但是具有主导作用的是企业内部控制和公司治理结构不完善等内部因素。改善内部控制和公司治理,是企业降低财务风险最直接、最有效的途径,对于促进企业长期发展具有重要意义。财务风险是指公司在所有财务活动的中,受到市场、通胀、利率、汇率等无法预料的因素的影响,使公司财务状况与预期目标发生偏离,从而导致公司遭受损失。加强财务风险管理能够为公司赢得竞争优势,提升公司的持续发展能力。内部控制是企业管理理论发展的重要产物,是提高企业管理效率、促进企业发展、建立现代企业制度的重要保证,建立内控制度对于防范舞弊和风险、提高资本盈利能力具有重要意义。公司治理结构是在委托代理的框架下规范公司各治理组织之间的责权利关系,形成一套包括股东会、董事会、监事会和经理层组成的组织框架和制度安排,形成权利制衡,这种组织结构能够妥善解决委托代理问题,是股份制企业管理制度的重要组成和管理模式。根据委托代理理论和产权理论等,可知内部控制、公司治理结构与财务风险之间存在内在的联系,内部控制缺陷以及公司治理不健全都会导致较高的财务风险。基于以上背景,本文以内部控制和公司治理结构为基点,探讨降低财务风险的有效措施,分析内部控制、公司治理结构与财务风险的关系,并对重要因素进行深入研究。本文以2009-2010年沪深上市公司为研究对象,结果显示,完善的内部控制制度,规范和约束公司的经营管理行为,是规避公司风险的有效措施；股权分散与制衡、适当规模的董事会和监事会、股权激励和薪酬激励政策等能够显著抑制公司的财务风险；控股股东性质等因素与财务风险之间没有显著关系。而在实证检验中,对公司治理具有重要意义的独立董事比例未能表现出其对财务风险的抑制效果,独立董事未能发挥其应有的监督作用,我国上市公司的公司治理结构仍不健全。通过本文研究,可以为公司管理层防范财务风险提供更有针对性的建议,完善内部控制制度的设立和有效运行,优化股权结构、增强股东间的相互制衡、强化股东参与公司治理的程度,实现公司内部机构和人员的有效配置,加强激励机制的实施等措施。
[Abstract]:In recent years, rapid development of China's capital market, has been in the emerging capital market in the first place. Behind the rapid development of the capital market, many listed companies are no longer bright brilliance, in the financial crisis, the Commission was special treatment, or even withdraw from the stock market in 2008. With the outbreak of the global financial crisis, many a large international group makes instant collapse, preventing and controlling financial risk once again become the focus of attention. The defect changes the external operating environment of enterprises and the internal management system will lead to enterprise financial risk, but has a leading role is the internal factors of the corporate governance structure and internal control of companies is not perfect. The improvement of internal control is the enterprise and corporate governance, reduce financial risk is the most direct, the most effective way, to promote the development of enterprises of great significance.
Financial risk refers to the company in all financial activities, by the market, inflation, interest rates, exchange rates and other unforeseen factors, the company's financial condition and the target deviate, which led to the company suffered losses. Strengthening financial risk management for the company to win the competitive advantage, enhance the ability of sustainable development within the company. Control is an important product of the development of the theory of enterprise management, improve enterprise management efficiency and promote enterprise development, an important guarantee for the establishment of modern enterprise system, establish the internal control system to prevent fraud and risk, is important high capital profitability. Corporate governance structure is to regulate the relationship between corporate governance rights and responsibilities of each organization in the principal-agent under the framework, including the formation of a shareholders' meeting, board of directors, supervisors and managers organizational framework and institutional arrangements, the formation of the right balance, this kind of organization The structure can properly solve the principal-agent problem, and is an important component of the joint-stock enterprise management mode and management system. According to the principal-agent theory and property rights theory, the internal control, there is an intrinsic link between corporate governance structure and financial risk, internal control deficiencies and inadequate corporate governance will lead to higher financial risk.
Based on the above background, this paper takes the internal control and corporate governance structure as the starting point, to explore the effective measures to reduce financial risk analysis, internal control, the relationship between corporate governance structure and financial risk, and in-depth study of the important factors. In this paper, 2009-2010 years in Shanghai and Shenzhen listed companies as the research object, the results show that sound internal control system. Management behavior norms and constraints, are effective measures to avoid risk of the company; equity decentralization and balance, the appropriate size of the board of directors and board of supervisors, equity incentive and salary incentive policies can significantly inhibit the company's financial risk; there is no significant relationship between the factors of the nature of the controlling shareholders and financial risk. In the empirical test that is of great significance to the corporate governance of the proportion of independent directors failed to show its inhibitory effect on financial risk, independent directors failed to play its due With some supervision, the corporate governance structure of Listed Companies in China is still not sound.
Through this study, can provide more targeted recommendations for management to prevent financial risks, the establishment of a sound internal control system and effective operation, optimizing the ownership structure, enhance mutual checks and balances between shareholders, strengthening shareholder participation in corporate governance, to achieve effective allocation of internal institutions and personnel, strengthen the implementation of incentive mechanism measures.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F276.6;F224

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