多元化、内部控制与企业价值

发布时间：2018-01-07 00:34

  本文关键词：多元化、内部控制与企业价值　出处：《中央财经大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 多元化 内部控制 企业价值

【摘要】：企业想要增强核心竞争力和可持续发展能力,必须在对现实环境和未来趋势进行全面分析和合理预测的基础上,筹划并实施全局性的发展战略,制定长远的发展目标和科学的战略规划。近些年来,我国企业多元化经营一直是一种较为普遍的现象,样本企业数据分析结果显示,当前我国多元化企业的数量约占全部样本企业数量的40%以上,其中绝大多数为非相关性多元化,约占多元化企业样本数量的94%。多元化成为企业发展的重要战略选择之一。但是,多元化企业具有多个行业分部,会面临更大的管理和控制领域的固有风险,如操作风险和报告风险。随着多元化企业生产和商业交易数量的增加、不同经营或生产过程的增多、企业合并业务信息的增加、发现不当交易行为的程序变多以及不同办公室和产销地点之间错误传达的增加,企业风险将会更大。如何通过有效途径协助并监督公司经营行为,做出科学可行的多元化战略决策,实现公司价值最大化,就成为公司理论和内部控制所要关注的重要问题之一。现代公司的内部控制,承担了重要的管理职能,是公司为了有效利用资源、提升经营管理水平、实现战略目标而采取的一种自发治理机制,也是企业进行公司治理的一项重要手段。为实现公司价值最大化,建立并完善企业内部控制也成为管理当局的首要任务之一,随着我国资本市场的日益发达,内部控制的建设将愈为重要。我国财政部等五部委在2008年和2010年联合发布了企业内部控制基本规范及其配套指引,对上市公司内部控制的实施提出了明确规范的要求,财政部和证监会办公厅又于2012年联合下发了《关于2012年主板上市公司分类分批实施企业内部控制规范体系的通知》,对主板上市公司根据产权性质、规模、收入水平等进行分类、分年度渐进推行实施内部控制规范体系。从这一系列法律法规的陆续出台中,可以看出我国相关政府监管机构对上市公司内部控制建设工作推行的力度和决心。我国的内部控制基本规范将“提升公司经营效率和效果、实现公司发展战略”作为内部控制的主要目标,以实现公司价值最大化。那么,作为我国相关政府监管部门强制推行的一项重要制度建设行为,内部控制质量的提升确实能够增加公司价值吗?内部控制质量与多元化战略决策的关系究竟是怎样的?内部控制能否帮助多元化经营实现企业价值?由于国有上市公司和非国有上市公司面临的外部市场条件和受到的政府干预程度不同,内部控制质量对它们的多元化经营的选择和价值实现的影响会存在哪些不同?对上述问题目前尚较少有系统的研究。为此,本论文以中国a股非金融类上市公司为研究对象,利用2008年-2014年的样本数据,在相关理论的基础上,实证检验了内部控制对多元化战略实施以及对多元化经营价值实现等方面的影响作用。本论文共分7章:第1章导论,主要介绍研究背景与意义,研究内容、思路与方法,以及主要创新点;第2章理论基础与文献综述;第3章我国企业内部控制制度背景与现状分析;第4章内部控制对多元化战略选择影响的实证检验;第5章多元化对企业价值影响的实证检验;第6章我国企业内部控制质量对于多元化经营价值实现影响的实证检验;第7章研究结论与政策建议。通过理论分析与实证检验,论文发现,在整体上,内部控制作为一项重要的管理资源,为企业多元化战略实施提供了有力的保障。良好的内部控制体系通过产生高质量的信息,使企业获得较低的资本成本,有利于企业进行有利的多元化战略选择。同时内部控制机制可以遏制企业管理层由于自利行为而进行低效的多元化扩张,但总体上,内部控制质量与企业多元化程度正相关,说明在内部控制与多元化的关系上,资源基础理论更占主导。即使事前可能是价值最大化的选择,但事后未必高效。多元化经营会受到各种影响,使企业多元化经营的程度与超额价值负相关,即本研究的样本期间中多元化企业折价现象依然明显存在。在随后的检验中也表明多元化折价具有一定的内生性。而随着内部控制质量的提高,企业价值将会变大。内部控制对于企业多元化经营价值创造具有显著的提升作用。在不同最终控制人性质的企业中,相比国有企业,内部控制对多元化的影响在非国有企业中更为明显。非相关多元化对于企业价值的折损作用更大,而非国有企业进行非相关多元化经营时,内部控制对其实现价值具有显著的提升作用。对于国有企业,内部控制对于其进行相关多元化经营的价值实现具有显著的提升作用。本论文在多元化、内部控制与企业价值的新框架下对内部控制经济后果进行了探讨,其创新之处在于:一是从内部控制的角度,对于多元化经营战略的可行性,以及多元化经营与企业价值关系的影响上,提供了新的解释依据;二是从多元化经营战略的实施和价值实现角度,为内部控制的经济后果方面提供了新的证据。为企业提高多元化战略实施的可行性,提供了思路和建议,为相关监管部门政策的制定提供了参考依据,为投资者判断企业投资价值提供了新的经验证据。基于上述的研究结论,本论文具有一定的理论意义和实践价值。研究内部控制质量对于多元化决策的影响,对内部控制经济后果的文献具有一定的贡献,对于多元化动因的理解提供了新的视角;研究内部控制质量对于多元化经营价值实现影响的内在机理和结果,对于内部控制实现经营效率和效果目标、发展战略目标等方面提供了新的经验证据。对于全面认识内部控制在企业多元化战略决策和经营过程中的作用,从理论和实证上给出了一定的新启示;对于企业加强内部控制建设具有指导意义,在当前新的商业和运营环境下,本文的研究立足我国《企业内部控制基本规范》,吸收COSO(2013版)最新内部控制框架的新思维、新变化,为我国企业多元化经营的内部控制建设提供了启示;重新认识加强内部控制系统对于企业多元化经营的重要影响,对于我国企业构建现代科学管理制度、健康持续发展提供了可行的思路;基于内部控制角度,探讨了企业多元化经营对于企业价值的影响机理,为我国企业进行多元化经营决策提供了参考,激励企业根据实际情况完善内部控制,为企业做大做强、健康发展提供坚实的保障,并为监管部门的政策制定提供了依据。我国2008年《企业内部控制基本规范》发布后,监管部门积极推行了内部控制制度在企业中的规范建设,表明其对内部控制制度建设的决心。内部控制制度的完善对于多元化企业经营的价值实现具有重要的意义,有必要对多元化企业集团内部的资本配置以及分部之间的资金往来、交易等活动的内部控制应用指引方面尽快补充和完善。本论文从多元化视角对内部控制的重要性提供的证据为相关部门制定更为有效的政策提供了依据。
[Abstract]:The enterprise wants to enhance the core competitiveness and sustainable development, must be based on comprehensive analysis and reasonable prediction on the real environment and future trends, planning and implementation of the development strategy of global, strategic planning and long-term development goals of science. In recent years, our country enterprise diversification has been a common phenomenon and the sample enterprise data analysis showed that the current number of diversified enterprises in China accounted for more than the number of all the 40% sample enterprises, most of them are non related diversification, accounting for number of diversified enterprise sample 94%. diversification has become an important strategy of enterprise development. However, diversified enterprises with multiple industry segments, will face the inherent the risk management and control of the larger, such as operating risk and report risk. As the number of diversified enterprise production and business transactions The increase of increase of different management or production process, increase the business enterprise merger information, found that the improper trading behavior of the program increased the miscommunication between multiple and different offices and sales locations, enterprise risk will be greater. The effective way to assist and supervise the company's business practices, making diversification strategy feasible. Maximize the value of the company, has become one of the important issues in corporate theory and internal control are concerned. The internal control of modern company, to undertake an important function of management, is the company in order to make effective use of resources, enhance the management level, a self governance mechanism to achieve strategic objectives, and is one of important tools of enterprise for the corporate governance. In order to achieve the maximization of corporate value, establish and perfect the enterprise internal control has become one of the primary task of the authorities, with me China's capital market has developed, the construction of internal control will be more and more important. China's Ministry of Finance and other five ministries in 2008 and 2010 jointly issued the basic norms of internal control and supporting guidelines, put forward specific requirements for the implementation of the internal control of listed companies, the Ministry of Finance and the office of the Commission in 2012 jointly issued "on 2012 listed on the classification of partial implementation of enterprise internal control standard system of notification", companies listed on the main board according to the nature of property rights, scale, classification of income level, the annual incremental implementation of the implementation of internal control system. From this a series of laws and regulations have been introduced, we can see that the relevant government regulators of listed company in China the construction of internal control implementation efforts and determination. The basic norms of internal control in China "will enhance the company's operating efficiency and effectiveness, To achieve the company's development strategy "as the main target of the internal control, to maximize the value of the company. So, an important system construction as China's relevant government regulators to impose, enhance the quality of internal control can increase the value of the company? What the relationship between internal control quality and diversification strategy decision is what? Internal control can help to realize the business value of diversification? Because of the conditions facing state-owned listed companies and non state-owned listed companies outside the market and the extent of government intervention is different, affecting the quality of internal control and their diversification choice and value realization are different? The problem is less systematic research. Therefore, this paper Chinese a non-financial listed companies as the research object, using the 2008 -2014 years in related sample data. On the basis of empirical test of the internal control implementation of diversification strategy and its influence on the diversification of value realization and so on. This paper is divided into 7 chapters: the first chapter is introduction, mainly introduces the research background and significance, research contents, ideas and methods, as well as the main innovation point; the second chapter the theoretical basis and literature review; the third chapter of our country enterprise internal control system analysis of the background and current situation of internal control; the fourth chapter empirical test of the effect of diversification strategy; the fifth chapter empirical diversification effect on firm value; the sixth chapter of China's internal control quality for the empirical test of diversification value realization effect; the seventh chapter is the research conclusions and policy recommendations. Through theoretical analysis and empirical analysis, this paper found that, on the whole, the internal control as an important management resources, provides a powerful guarantee for the implementation of diversification strategy. Good internal control system by generating high quality information to enable enterprises to obtain a lower cost of capital is conducive to enterprise diversification strategy. The diversification and expansion and favorable internal control mechanism to curb corporate management because of self-interest and inefficient, but overall, positive correlation between internal control quality and degree of diversification. In the relationship between internal control and diversification, resource based theory is more dominant. Even in advance may be to maximize the value of choice, but it may not be efficient. Diversification will be affected by various influence, make the enterprise diversification is negatively correlated with the excess value still exists diversification discount phenomenon that the sample of this study during the period. In the subsequent test also shows that the diversification discount is endogenous. And with the improvement of quality of internal control and enterprise value The value will be larger. The internal control has a significant role in promoting the diversification of value creation. In the different nature of the ultimate controller of the enterprise, compared to state-owned enterprises, the impact of internal control on diversification in non state-owned enterprises is more obvious. The non related diversification for greater loss of function of enterprise value, non - related diversification of state-owned enterprises, the internal control has significantly improved function to achieve its value. For the state-owned enterprise, the internal control for the value of related diversification to achieve a significantly improved role. In this paper a new framework of diversification, internal control and enterprise value under the economic consequences of internal control are discussed and its innovation lies in: one is from the perspective of internal control, the feasibility of the strategy of diversification, diversification and corporate value relationship Effect, provides a new interpretation on the basis of the realization of the two; from the perspective of the implementation and the value of diversification strategy, provide new evidence for the economic consequences of internal control. In order to improve the feasibility of diversification strategy, provide ideas and suggestions, provide references for policy related supervision departments. Provides new empirical evidence for investors to judge the value of the enterprise investment. Based on the above conclusion, this paper has a certain theoretical significance and practical value. The impact of internal control quality for diversification, has a certain contribution to the internal control of the economic consequences of the literature, provides a new perspective for the understanding of diversification; the quality of internal control for the internal mechanism and the diversification of value realization of the internal control, business efficiency and effectiveness goals, development strategy A little target provides new empirical evidence for a comprehensive understanding of internal control in the enterprise diversification strategy and operational process, gives some inspiration from the theoretical and empirical analysis; for enterprises to strengthen the construction of internal control has guiding significance in business and operation environment of the new, this study based on the our "basic norms of internal control", the absorption of COSO (2013 Edition) new changes in the new thinking, new internal control framework, provides the inspiration for the diversification of the construction of internal control in Chinese enterprises; re understanding and strengthening internal control system for the important influence of diversification, to the construction of modern scientific management system in the enterprise, provide a viable idea healthy and sustainable development; based on the perspective of internal control, discusses the mechanism of enterprise diversification affect the value of the enterprise, for our country enterprise Provide a reference for decision of diversification, encourage enterprises to improve internal control according to the actual situation, for enterprises bigger and stronger, to provide a solid guarantee for the healthy development, and provide a basis for the regulatory policies. China's 2008 "basic norms of internal control" after the release, standardize the construction supervision departments to actively implement the internal control system in the enterprise, show its determination to the construction of internal control system. The internal control system to perfect the diversified business value realization is of great significance, there are financial transactions between the diversified enterprise group internal capital allocation and the division of the necessary application guidelines for internal control of transactions and other activities as soon as possible provides supplement and perfect. On the basis of more effective policy is provided in this thesis on the importance of internal control from the perspective of diversification of evidence for the relevant departments.

【学位授予单位】：中央财经大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F275;F832.51
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本文编号：1390221