我国上市公司股权激励对内部控制质量影响的研究
发布时间：2019-02-17 14:19
【摘要】：随着上市公司频繁地爆出经营管理和财务丑闻,内部控制早已经成为了国内外学术界和理论界关注的重要内容。从世界范围来看,内部控制制度日趋完善,通过国内外专家学者的不断研究,已经证明了公司治理、公司特征、审计委员会等因素对内部控制质量的影响,但是少有学者从内部控制的主体——“人”的角度考虑股权激励对内部控制质量的影响。本文以“委托代理理论”“利益趋同理论”等理论为基础,在理论研究的基础上,建立内部控制质量综合评价体系。本文将2013年以及2014年沪深两市上市公司作为研究对象,以经营目标、财务报告目标、合法合规目标以及资产安全目标四个目标的实现程度对企业内部控制的有效性进行衡量,然后对多变量进行主成因分析,重新组成一组综合变量——内部控制指数作为表征内部控制有效性的替代变量。实证检验上市公司实施股权激励计划是否影响其内部控制质量,并以激励计划股票授予数量与当时上市公司的总股本的比例表征股权激励计划的强度,检验股权激励的强度对上市公司内部控制质量的影响。通过实证检验,本文得出结论:实施股权激励计划的上市公司的内部控制质量明显好于从未实施过股权激励计划的公司;实施股权激励计划程度高的上市公司内部控制质量高于实施股权激励计划低的公司,即股权激励计划增发股本数占总股本比例高的公司比比例低的公司具有更好的内部控制质量。
[Abstract]:With the frequent occurrence of management and financial scandals in listed companies, internal control has become an important part of academic and theoretical circles at home and abroad. From a worldwide perspective, the internal control system is becoming more and more perfect. Through continuous research by experts and scholars at home and abroad, it has been proved that factors such as corporate governance, corporate characteristics, audit committees, and other factors have affected the quality of internal control. However, few scholars consider the influence of equity incentive on the quality of internal control from the point of view of the subject of internal control-"person". Based on the theory of "principal-agent theory" and "interest convergence theory", this paper establishes a comprehensive evaluation system of internal control quality on the basis of theoretical research. In this paper, the listed companies of Shanghai and Shenzhen stock markets in 2013 and 2014 are taken as the research objects, and the effectiveness of internal control is measured by the realization degree of the four objectives of business objectives, financial reporting objectives, legal compliance objectives and asset security objectives. Then the main causes of the multivariable are analyzed, and a set of complex variables, the internal control index, is reconstituted as a substitute variable to characterize the effectiveness of internal control. To test whether the implementation of equity incentive plan affects the internal control quality of listed company, and to characterize the intensity of equity incentive plan by the proportion of the amount of incentive plan stock awarded to the total share capital of the listed company at that time. To examine the impact of the intensity of equity incentive on the quality of internal control of listed companies. Through the empirical test, this paper draws a conclusion: the quality of internal control of listed companies implementing equity incentive plans is obviously better than that of companies that have never implemented equity incentive plans; The internal control quality of listed companies with high degree of equity incentive plan is higher than that of those with low equity incentive plan. That is to say, the companies with high share capital ratio of equity incentive plan have better internal control quality than those with low share capital ratio.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F272.92;F832.51
，
本文编号：2425252
[Abstract]:With the frequent occurrence of management and financial scandals in listed companies, internal control has become an important part of academic and theoretical circles at home and abroad. From a worldwide perspective, the internal control system is becoming more and more perfect. Through continuous research by experts and scholars at home and abroad, it has been proved that factors such as corporate governance, corporate characteristics, audit committees, and other factors have affected the quality of internal control. However, few scholars consider the influence of equity incentive on the quality of internal control from the point of view of the subject of internal control-"person". Based on the theory of "principal-agent theory" and "interest convergence theory", this paper establishes a comprehensive evaluation system of internal control quality on the basis of theoretical research. In this paper, the listed companies of Shanghai and Shenzhen stock markets in 2013 and 2014 are taken as the research objects, and the effectiveness of internal control is measured by the realization degree of the four objectives of business objectives, financial reporting objectives, legal compliance objectives and asset security objectives. Then the main causes of the multivariable are analyzed, and a set of complex variables, the internal control index, is reconstituted as a substitute variable to characterize the effectiveness of internal control. To test whether the implementation of equity incentive plan affects the internal control quality of listed company, and to characterize the intensity of equity incentive plan by the proportion of the amount of incentive plan stock awarded to the total share capital of the listed company at that time. To examine the impact of the intensity of equity incentive on the quality of internal control of listed companies. Through the empirical test, this paper draws a conclusion: the quality of internal control of listed companies implementing equity incentive plans is obviously better than that of companies that have never implemented equity incentive plans; The internal control quality of listed companies with high degree of equity incentive plan is higher than that of those with low equity incentive plan. That is to say, the companies with high share capital ratio of equity incentive plan have better internal control quality than those with low share capital ratio.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F272.92;F832.51
，
本文编号：2425252
本文链接：https://www.wllwen.com/jingjilunwen/guojijinrong/2425252.html
