内部控制、公司诉讼和公司价值  

Internal Control, Corporate Lawsuits and Firm Value

作　　者：林斌[1] 周美华[1] 舒伟[1] 刘春丽[1] 

机构地区：[1]中山大学管理学院/现代会计与财务研究中心/企业与非营利组织内部控制研究中心

出　　处：《中国会计评论》2013年第4期431-456,共26页China Accounting Review

基　　金：国家自然科学基金重点项目“基于中国情境的企业内部控制有效性研究”(71332004)、国家自然科学基金项目(71272198、71032006、71102123);广东省人文社科重点研究基地项目(11JDXM79004);陕西省社科基金项目(13Q007)的阶段性研究成果

摘　　要：本文以2000--2007年沪深主板A股上市公司为样本，以企业经营的合法合规为核心，实证检验了内部控制对公司诉讼以及企业价值的影响。本文的研究发现，相对于内部控制较好的公司，内部控制质量越差的公司，其被诉的概率越大；相比其他公司，陷入诉讼纠纷的企业，其公司价值更低；进一步的研究发现，更低的内部控制质量加剧了被诉公司价值的降低。本研究表明，加强内部控制有助于实现公司经营合法合规的目标，最大限度地避免因诉讼而遭受的损失，进而提升公司的价值。Five Chinese government authorities and regulatory bodies jointly issued the Basic Standard for Enterprise Internal Control （C-SOX） in June 20081 which requires listed companies established within the territory of China's Mainland to establish, evaluate and assess the effectiveness of their internal controls, and encourage large and medium-sized Chinese en- terprises which are non-listed to fulfill these requirements. C-SOX stipulates that one of the internal control objectives is to provide reasonable assurance to realize the compliance of laws and regulations. However, Whether the internal control can achieve this objective and im- prove firm value is still full of doubt. Considering these factors, we use corporate lawsuits data in Chinese capital market from 2000 to 2007 to investigate the relationship among inter- nal control, corporate lawsuits and firm value. Based on the contract theory, internal control is an important internal mechanism to en- sure the contract implementation. If internal control is not effective enough, there is of great probability that the stakeholders will seek for external mechanism to protect their own inter- est, such as lawsuits. As a result, companies with weaker internal control are more likely to be involved in litigation, which will influence firm value We use empirical research method to solve these issues and find that： （1） Compared to the firms with better internal control, the probability of being litigated is higher in firms with worse internal control; （2） Compared to other firms, the litigated firms have lower firm val- ue; （3） Further, among the litigated firms, the worse the internal control quality, the lower the firm value. In summary, internal control could enhance the compliance activity in firm＇s operation, avoid the loss caused by lawsuit, and further improve firm value. Our paper makes three primary contributions. First, we extend the literature of lawsuit. There are few studies on the causes of lawsuit, and our results offer a new angle to

关 键 词：内部控制 公司诉讼 公司价值 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F224