内部控制质量与公司价值的相关性研究
发布时间：2018-09-03 10:36
【摘要】：自《萨班斯法案》颁布以来,内部控制制度体系的构建及其有效性评价一直是理论界和实务界关注的焦点。内部控制是一种科学的公司治理制度,其目标与公司价值最大化的总目标是一致的。内部控制的有效建立和执行对于企业经营管理有着非常重要的意义。 近年来,内部控制理论得到了深入研究,但从内部控制的角度研究公司价值的文献还相对较少。因而,本文希望充分借鉴国内外关于内部控制有效性研究的相关经验,并通过理论与实证相结合的分析方法探析上市公司内部控制质量与公司价值之间的相关关系,以期为我国上市公司建立合理的内部控制制度体系提供相应的对策和建议。 本文绪论部分首先对论文的研究背景、研究思路、研究内容等做了初步的介绍。理论分析部分系统地介绍国内外关于内部控制、公司价值以及二者相关关系的文献研究,并以委托—代理和价值管理两大理论为基础,分析了内部控制与公司价值之间的存在的隐含关系,同时得到一个基本的结论,即内部控制的优劣会对公司价值产生重要的影响。在实证研究部分,笔者通过构建上市公司内部控制评价指标体系度量内部控制水平,并运用相关性分析和回归分析对我国沪市房地产67家样本公司进行了实证检验。 研究结果发现在内部控制五要素中控制环境、控制活动、信息与沟通要素与公司价值呈现显著正相关关系,对被解释变量托宾Q值有较好的解释力。也就是说,良好的控制环境、充分的信息沟通以及控制活动的有效执行,可以有力地促进公司价值的提升；但风险评估与监督两项因素与公司价值呈现负相关关系,与前文的研究假设相背离；内部控制综合指标与公司价值呈现显著正相关关系,符合假设预期,说明高质量的内部控制确实对公司价值的提升存在一定的促进作用。最后,本文结合理论与实证分析的结论,提出了如何进一步提高上市公司内部控制质量的建议。 本文的研究不仅拓宽了我国内部控制的研究范围,同时也为完善我国上市公司内控制度体系提供了新思路。
[Abstract]:Since the promulgation of Sarbanes Act, the construction of internal control system and its effectiveness evaluation have been the focus of theoretical and practical circles. Internal control is a scientific corporate governance system, and its goal is consistent with the overall goal of maximization of corporate value. The effective establishment and execution of internal control is of great significance to the management of enterprises. In recent years, the theory of internal control has been deeply studied, but the literature on the value of company from the angle of internal control is relatively few. Therefore, this paper hopes to fully draw lessons from the relevant experience of the research on the effectiveness of internal control at home and abroad, and analyze the relationship between the quality of internal control of listed companies and the value of listed companies through the analytical method of combining theory with empirical analysis. In order to establish a reasonable system of internal control system for listed companies in China to provide corresponding countermeasures and suggestions. The introduction part of this paper firstly introduces the research background, research ideas, research contents and so on. The theoretical analysis part systematically introduces the domestic and foreign literature research on internal control, company value and the relationship between them, and based on the principal-agent and value management theories. The implicit relationship between internal control and company value is analyzed, and a basic conclusion is drawn that the quality of internal control will have an important impact on company value. In the part of empirical research, the author measures the level of internal control by constructing the evaluation index system of internal control of listed companies, and uses correlation analysis and regression analysis to test 67 real estate sample companies in Shanghai stock market. The results show that there is a significant positive correlation between the factors of controlling environment, controlling activities, information and communication and company value in the five elements of internal control, which has a good explanatory power to the Tobin Q value of the explained variable. That is to say, a good control environment, adequate information communication and effective execution of control activities can effectively promote the promotion of corporate value, but risk assessment and supervision are negatively related to corporate value. It deviates from the previous research hypotheses; the comprehensive index of internal control has a significant positive correlation with the company value, which is in line with the hypothesis expectation, which shows that the high quality internal control does promote the promotion of the company value to a certain extent. Finally, based on the conclusions of theoretical and empirical analysis, this paper puts forward some suggestions on how to further improve the quality of internal control of listed companies. The research in this paper not only widens the research scope of internal control in China, but also provides a new idea for perfecting the internal control system of listed companies in China.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275
本文编号：2219731
[Abstract]:Since the promulgation of Sarbanes Act, the construction of internal control system and its effectiveness evaluation have been the focus of theoretical and practical circles. Internal control is a scientific corporate governance system, and its goal is consistent with the overall goal of maximization of corporate value. The effective establishment and execution of internal control is of great significance to the management of enterprises. In recent years, the theory of internal control has been deeply studied, but the literature on the value of company from the angle of internal control is relatively few. Therefore, this paper hopes to fully draw lessons from the relevant experience of the research on the effectiveness of internal control at home and abroad, and analyze the relationship between the quality of internal control of listed companies and the value of listed companies through the analytical method of combining theory with empirical analysis. In order to establish a reasonable system of internal control system for listed companies in China to provide corresponding countermeasures and suggestions. The introduction part of this paper firstly introduces the research background, research ideas, research contents and so on. The theoretical analysis part systematically introduces the domestic and foreign literature research on internal control, company value and the relationship between them, and based on the principal-agent and value management theories. The implicit relationship between internal control and company value is analyzed, and a basic conclusion is drawn that the quality of internal control will have an important impact on company value. In the part of empirical research, the author measures the level of internal control by constructing the evaluation index system of internal control of listed companies, and uses correlation analysis and regression analysis to test 67 real estate sample companies in Shanghai stock market. The results show that there is a significant positive correlation between the factors of controlling environment, controlling activities, information and communication and company value in the five elements of internal control, which has a good explanatory power to the Tobin Q value of the explained variable. That is to say, a good control environment, adequate information communication and effective execution of control activities can effectively promote the promotion of corporate value, but risk assessment and supervision are negatively related to corporate value. It deviates from the previous research hypotheses; the comprehensive index of internal control has a significant positive correlation with the company value, which is in line with the hypothesis expectation, which shows that the high quality internal control does promote the promotion of the company value to a certain extent. Finally, based on the conclusions of theoretical and empirical analysis, this paper puts forward some suggestions on how to further improve the quality of internal control of listed companies. The research in this paper not only widens the research scope of internal control in China, but also provides a new idea for perfecting the internal control system of listed companies in China.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275
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