多元化经营与内部控制质量对企业绩效的影响研究

发布时间：2018-03-06 01:34

本文选题：多元化经营　切入点：内部控制　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：金融危机之后,各行各业受到了不同程度的冲击,不少公司开始将他们的触角伸向不同的资产、业务和地域,从而加强自己在危机中的减震能力。实践中,很多企业开始了多元化经营的道路,而多元化经营与公司绩效的关系,一直是财务领域备受争议的话题之一。一方面,企业进行多元化经营所形成的分散投资效应有助于企业抢占更大的市场,进而促进交易,提升企业价值;另一方面,上市公司股东或管理者可能会为获得私利而进行多元化经营,多元化经营未必能够克服外部市场的低效率,反而有可能产生代理问题,导致企业经营管理混乱、过度投资等问题,从而导致企业绩效的降低。内部控制作为一项重要的公司治理机制,企业内部控制的好坏在一定程度上决定了企业的生存与发展。因此,它越来越受到学者、企业及政府部门的重视。近几年来,我国相继颁布了《企业内部控制应用指引》、《企业内部控制评价指引》等规章制度,致力于引导企业构建完善的内部控制体系。在多元化经营对企业绩效的影响尚无定论的情况下,本文研究多元化经营对企业绩效的影响,并研究内部控制质量是否会对多元化经营与企业绩效的关系产生调节作用。首先,本文对多元化经营与内部控制的研究现状进行了梳理,在此基础上总结出本文的理论基础;其次,提出本文的研究假设并进行了研究设计,以2010—2014年沪深两市A股公司为检验样本,建立多元回归模型,考察多元化经营、内部控制与企业绩效之间的相关关系;最后根据实证结果得出研究结论。实证研究结果表明:(1)上市公司的多元化经营程度与企业绩效显著负相关,且非国有企业的多元化经营程度对企业绩效的负向影响更明显;说明多元化经营程度越高,企业绩效越低;且控股股东性质不同产生的多元化折价效应存在差异。(2)内部控制质量与企业绩效显著正相关,高质量的内部控制可以提高企业绩效,且非国有控股上市公司的内部控制质量对企业绩效的正向影响更明显;(3)高质量的内部控制还可以缓解多元化经营与企业绩效的负相关关系,表明建立健全内部控制制度并提升内部控制质量对企业多元化经营效益具有非常重要的现实意义。
[Abstract]:After the financial crisis, a variety of industries were hit to varying degrees, many companies began to expand their tentacles to different assets, businesses and regions, thereby strengthening their ability to absorb the shock in the crisis. Many enterprises have started the path of diversification, and the relationship between diversification and corporate performance has always been one of the most controversial topics in the financial field. On the one hand, The diversification effect of diversification helps the enterprise to occupy a larger market, thereby promoting transactions and enhancing the value of the enterprise; on the other hand, Shareholders or managers of listed companies may diversify for their own gain. Diversification may not be able to overcome the inefficiency of the external market, but may lead to agency problems, leading to confusion in the management of enterprises. As an important corporate governance mechanism, internal control determines the survival and development of enterprises to a certain extent. In recent years, China has promulgated the guidelines for the Application of Internal Control in Enterprises, the guidelines for Evaluation of Internal Control in Enterprises, and other rules and regulations. In the case that the influence of diversification on enterprise performance has not been decided, this paper studies the impact of diversification on enterprise performance. And study whether internal control quality will regulate the relationship between diversification and enterprise performance. Firstly, this paper summarizes the theoretical basis of this paper by combing the research status of diversification and internal control. Secondly, this paper puts forward the research hypothesis and carries on the research design, taking the Shanghai and Shenzhen A-share companies as the test sample from 2010 to 2014, establishes the multivariate regression model, examines the correlation between diversification, internal control and enterprise performance; Finally, according to the empirical results, the empirical results show that the degree of diversification of listed companies is significantly negatively related to corporate performance, and the degree of diversification of non-state-owned enterprises has a more negative impact on corporate performance. It shows that the higher the degree of diversification, the lower the enterprise performance, and the difference of diversification discount effect caused by different controlling shareholders.) the quality of internal control is positively correlated with enterprise performance, and high quality internal control can improve enterprise performance. Moreover, the positive effect of internal control quality on enterprise performance of non-state-owned holding listed companies is more obvious.) High-quality internal control can also alleviate the negative correlation between diversification and enterprise performance. It shows that establishing and perfecting the internal control system and improving the internal control quality are of great practical significance to the benefit of diversified management of enterprises.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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