内控缺陷对上市公司违规行为和诉讼风险影响的实证研究

发布时间：2018-05-20 16:30

本文选题：内部控制 + 内控缺陷　；参考：《南京大学》2016年硕士论文

【摘要】：全球范围内上市公司财务舞弊甚至破产案件的频繁发生使内部控制成为实务界及诸多学者的关注焦点和研究课题,多国政府和监管机构专门针对内部控制颁布了一系列的法规法案。2001年安然事件的发生重创了投资者和社会公众的信心,美国国会通过了SOX法案,此法案的颁布使国内外学者广泛关注内部控制的有效性。2008年我国财政部等有关部门颁布了《企业内部控制基本规范》,之后随着2010年三项内控配套指引的发布施行,我国内部控制规范体系基本形成。内部控制作为现代公司制企业管理的一个重要机制,确保企业经营的合规性是其基本目标,同时可以进一步完善公司治理,促进资本市场的健康发展。但是目前我国的证券市场处于转型时期,上市公司的违法违规行为时常发生,广大投资者由于信息不对称,难以掌握公司内部管理情况以及可能发生的违规行为,因此内部控制及相关信息披露成为减少证券市场违规行为的制度选择。另外,法律诉讼和仲裁对上市公司的危害越来越大,严重损害了公司内外利益相关者的利益。内部控制在实际执行中能否有效防范公司的违规行为和诉讼风险,确保公司经营的合规合法,本文将分别对内控缺陷与企业违规行为和诉讼风险的内在关系予以深入研究分析,从微观层面验证了加强法律法规和相关政策的执行机制的必要性,进一步丰富了金融与法的研究。内控缺陷是指企业内部控制的设计或运行无法合理保证内控目标的实现。上市公司违规行为甚至发生诉讼的重要原因之一就是内控在企业内未得到应有重视——或是制度建设不到位,或是执行力度不够,即产生了内控缺陷的问题。在内控体系比较薄弱的公司往往存在制度不完善、运营效率低下、财产安全得不到保证等问题,进而导致公司财务报告质量降低、发生舞弊等违规违法现象。目前我国上市公司合规运营形势严峻,违规、诉讼此起披伏。企业违法违规行为的增加,一定程度上反映出企业社会责任履行情况并不理想,损害了利益相关者的利益,同时也严重威胁企业自身的持续生存和健康发展。本文通过理论分析和实证检验,对内部控制缺陷与上市公司违规行为以及诉讼风险进行研究,结合我国证券市场违规行为和诉讼风险的相关影响因素,检验了内部控制缺陷与公司违规和诉讼风险之间的相关性。研究发现：(1)内部控制有效性越高,企业发生违规行为的可能性就越低；(2)存在内控缺陷的公司诉讼风险较高；(3)实际控制人的差异使得上市公司在遭受违规处罚和诉讼仲裁时存在执法力度不一的现象；(4)进一步研究内控缺陷的详细情况,发现披露的内控缺陷的数量和内控缺陷的严重程度无法对公司的诉讼风险作出解释。这说明内部控制的有效性的确在一定程度上影响企业的合规合法运营；但是我国证券市场存在一定特殊性,特别是国有企业在行政和产权上的控制,使得在我国资本市场和法律的执行监管中政治层级和社会关系发挥了独特的作用；另外研究过程中发现由于披露的内控信息质量较低,使研究结果未能完全达到预期假设,因此亟待完善内部控制信息披露的内容与格式标准。本文共分为六章。第一章节为绪论,为全文的总领,主要介绍本文的选题背景及研究意义,概括了本文的研究思路和方法,对文章的创新和不足之处进行了说明。第二章为文献综述。本文从内控缺陷的定义和分类、内控缺陷的影响因素和经济后果、公司违规行为和诉讼风险的研究这几个方面对国内外已有的文献进行了梳理和分析。第三章为内部控制相关概念框架和理论分析。主要对本文涉及到的内部控制及违规、诉讼等概念进行了界定。第四章为研究设计章节。在理论分析的基础上,提出以下假设：假设1：内控缺陷与公司违规受罚的可能性正相关；假设2：内控缺陷与上市公司受到法律诉讼和仲裁呈正相关；假设3：相比国有企业,非国有企业更有可能遭受违规处罚和法律诉讼的风险；假设4：内控缺陷数量越多,诉讼风险越高；假设5：内控缺陷严重程度越高,诉讼风险越高。为了验证假设,选取变量,构建模型。第五章为实证结果分析。主要对样本数据进行了描述性统计、相关性分析、回归分析。实证检验结果表明假设一、假设二和假设三得到了验证,假设四和假设五与预期相差较大。第六章为研究结论和建议措施。本文研究发现内控缺陷对上市公司的违规行为和诉讼风险有显著影响,但在不同产权性质的公司中影响程度不同,内控缺陷的数量和严重程度对公司诉讼风险的影响并不显著。最后,本文提出了进一步完善内控信息披露的相关建议和措施,并指出了本文的不足之处和研究展望。
[Abstract]:The frequent occurrence of financial fraud and even bankruptcy cases of Listed Companies in the world makes internal control become the focus and research topic of the practice circle and many scholars. Many government and regulatory agencies have promulgated a series of laws and regulations specifically aimed at internal control. The occurrence of.2001 Enron incident has created a heavy damage to the investors and the public. Confidence, the United States Congress passed the SOX bill, which made the domestic and foreign scholars pay much attention to the effectiveness of internal control in.2008 years. The Ministry of Finance and other relevant departments of China promulgated the basic regulations of internal control of enterprises. After the issuance and implementation of the three internal control guidelines in 2010, the internal control standard system of our country was basically formed. As an important mechanism of modern corporate management, the control of enterprise management is the basic goal. At the same time, it can further improve the corporate governance and promote the healthy development of the capital market. However, the securities market in China is in the transitional period. Because of the information asymmetry, it is difficult to grasp the internal management of the company and the possible violations, so the internal control and related information disclosure become the system choice to reduce the violation of the securities market. In addition, the legal action and arbitration are more and more harmful to the listed companies, which seriously damage the interests of the stakeholders inside and outside the company. In the actual implementation, can the internal control effectively prevent the company's illegal behavior and the litigation risk, and ensure the compliance and legality of the company's operation. This article will analyze the internal relations between the internal control defects and the enterprise irregularities and the litigation risks, and verify the enforcement mechanism of strengthening the laws and regulations and related policies from the micro level. The necessity of it further enriches the study of Finance and law. Internal control defects means that the design or operation of internal control can not guarantee the realization of the internal control objective. One of the important reasons for the illegal behavior of the listed companies is that the internal control does not receive the due consideration in the enterprise, or the system construction is not in place, or the implementation of the internal control is not in place. There is a problem of internal control defects. In the company with relatively weak internal control system, there are often problems such as imperfect system, low operating efficiency, and no guarantee of property security, which leads to the reduction of the quality of the company's financial report and the illegal appearance of fraud. At present, the situation of the compliance operation of the listed companies in China is serious and violated. In a certain extent, the increase in illegal and illegal behavior of the enterprise reflects that the performance of corporate social responsibility is not ideal, and it undermines the interests of the stakeholders. At the same time, it is also a serious threat to the sustainable survival and healthy development of the enterprise. This article through theoretical analysis and empirical test, the internal control defects and listed companies. The study of irregularities and litigation risks, combined with the related factors of China's securities market violations and litigation risks, tested the correlation between internal control defects and corporate irregularities and litigation risks. The study found: (1) the higher the effectiveness of internal control, the lower the possibility of enterprises' violation behavior; (2) the existence of the internal control The company has a high risk of controlling the company's litigation; (3) the difference between the actual controllers makes the listed companies have a different law enforcement force when they are punished and the litigation arbitration; (4) further study the details of the internal control defects, and find that the number of internal control defects and the severity of internal control defects can not be used to the company's litigation wind. It explains that the effectiveness of internal control does influence the compliance and legal operation of the enterprise to a certain extent, but there are certain particularity in China's securities market, especially the control of the administrative and property rights of the state-owned enterprises, which makes the political level and social relations in the supervision of the capital market and the law in our country play a role in the political and social relations. In the course of the study, it is found that the quality of the disclosure of internal control information is low, which makes the research results fail to fully achieve the expected hypothesis, so it is urgent to improve the content and standard of information disclosure of internal control. This paper is divided into six chapters. The first chapter is the introduction, which is the chief leader of the whole text, and mainly introduces the background of the topic and the background of the paper. The second chapter is the literature review. In this paper, the definition and classification of internal control defects, the influencing factors and economic consequences of internal control defects, the research of corporate irregularities and litigation risks are introduced into the literature at home and abroad. The third chapter is the conceptual framework and theoretical analysis of internal control. The concept of internal control, violation and litigation is defined. The fourth chapter is the study of the design chapter. On the basis of theoretical analysis, the following assumptions are put forward: Hypothesis 1: the possibility of internal control defects and the company's violation of rules and regulations is positive. Correlation; hypothesis 2: internal control defects are positively related to legal litigation and arbitration; hypothesis 3: compared to state-owned enterprises, non-state enterprises are more likely to suffer the risk of illegal punishment and legal action; Hypothesis 4: the more the number of internal control defects, the higher the risk of litigation; Hypothesis 5: the higher the degree of internal control defects, the litigation risk The higher. In order to verify the hypothesis, select the variable, construct the model. The fifth chapter is the empirical results analysis. The sample data are mainly descriptive statistics, correlation analysis, regression analysis. The empirical test results show hypothesis 1, hypothesis two and hypothesis three are verified, hypothesis four and hypothesis five are larger than expected. The sixth chapter is the conclusion and the conclusion. This paper finds that the internal control defects have a significant influence on the illegal behavior and the litigation risk of the listed companies, but the influence degree is different in the companies with different property rights. The number and severity of internal control defects have no significant influence on the company's litigation risk. Finally, this paper puts forward the phase of further perfecting the disclosure of internal control information. Related suggestions and measures, and pointed out the shortcomings and research prospects of this article.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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