政治关联对企业内部控制有效性的作用机理研究

发布时间：2018-03-02 21:30

本文选题：政治关联　切入点：高管薪酬　出处：《武汉纺织大学》2014年硕士论文　论文类型：学位论文

【摘要】：内部控制是现代企业管理架构的组成部分，是企业持续发展的制度保证，但内部控制总是嵌入在有效的互动或多种社会联系中。政治关联是指企业和各级政府部门及其辅助支持性机构之间的联系，寻求并建立与政府的联系是很多国家企业普遍存在的现象。一方面，企业通过借助政治关联这种非正式的替代机制可以提升与政府部门的“沟通”效率，获得各种有利于企业发展的“稀缺资源”；另一方面，当企业拥有了更为充分的资源，更有可能对内部控制进行建设和完善，从而提升企业内部控制有效性。政治关联已然成为影响内部控制有效性的重要因素之一。本研究以政治关联与企业内部控制有效性为核心进行两者之间影响机制的研究，侧重于探讨高管薪酬、机构投资者持股比例、产权性质在政治关联和企业内部控制有效性之间所起到的作用。首先，在梳理国内外关于政治关联和企业内部控制有效性相关文献的基础之上，结合相关经典理论，分析了政治关联、高管薪酬、机构投资者持股与企业内部控制有效性的内在作用机制。其次，选择以2009~2011年沪深两市全部A股上市公司作为初始样本，结合所设定的模型来检验本研究所提出的各项假设，得到如下研究结论：政治关联对企业内部控制有效性存在显著的积极影响，政治关联与高管薪酬和机构投资者持股比例显著正相关。通过进一步的检验发现，政治关联对企业内部控制有效性的这种积极影响，部分经由高管薪酬和机构投资者持股比例得以实现。也就是说，高管薪酬和机构投资者持股比例在政治关联与企业内部控制有效性之间能起到中介作用。另外，通过对政治关联进行分层级检验以后发现，，中央层级政治关联对企业内部控制有效性的积极影响显著大于地方层级政治关联。再次，本研究通过检验还发现在产权性质为非国有的企业中，政治关联对企业内部控制有效性的正向影响更大一些。换句话说，产权性质在政治关联对企业内部控制有效性的影响中能起到调节作用。最后，基于理论分析和实证结论，并结合我国处于转型经济时期的背景，对我国企业内部控制有效性的建设和完善给出了建议。
[Abstract]:Internal control is an integral part of the modern enterprise management framework and a system guarantee for the sustainable development of an enterprise. But internal controls are always embedded in effective interaction or multiple social connections. Political connections are the links between businesses and government departments at all levels and their supporting agencies. Seeking and establishing connections with governments is a common phenomenon in many countries. On the one hand, companies can improve their "communication" efficiency with government departments by using informal alternative mechanisms such as political connections. Access to various "scarce resources" conducive to the development of enterprises; on the other hand, when enterprises have more adequate resources, they are more likely to build and improve internal controls, In order to enhance the effectiveness of internal control, political connection has become one of the important factors affecting the effectiveness of internal control. This study focuses on the mechanism of influence between the political connection and the effectiveness of internal control, focusing on the executive compensation, institutional investor shareholding ratio. First of all, on the basis of combing the domestic and foreign literature on the political association and the effectiveness of internal control of enterprises, combining with the relevant classical theory, the nature of property rights plays a role in the relationship between political relevance and the effectiveness of internal control of enterprises. This paper analyzes the internal mechanism of political connection, executive compensation, institutional investor holding and the effectiveness of enterprise internal control. Secondly, we choose all A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2009 to 2011 as the initial sample. Combined with the established model to test the hypotheses put forward by this study, the following conclusions are obtained: political association has a significant positive impact on the effectiveness of internal control. There is a significant positive correlation between political association and executive compensation and the proportion of institutional investors holding shares. Through further tests, it is found that political association has a positive effect on the effectiveness of internal control. This is partly achieved through executive compensation and institutional investor shareholding ratios. That is, executive compensation and institutional investor shareholding ratios play an intermediary role between political connections and the effectiveness of internal controls in the enterprise. Through the hierarchical test of political association, it is found that the positive impact of central level political association on the effectiveness of enterprise internal control is significantly greater than that of local level political association. This study also finds that in non-state-owned enterprises with non-state-owned property rights, the positive impact of political connections on the effectiveness of internal control is greater. In other words, The nature of property right can play a regulating role in the influence of political connection on the effectiveness of enterprise internal control. Finally, based on theoretical analysis and empirical conclusions, combined with the background of our country in the period of transition economy, Suggestions are given for the construction and improvement of the effectiveness of internal control in Chinese enterprises.
【学位授予单位】：武汉纺织大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F272.92;F275

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