公司治理结构、内部控制质量与企业财务绩效  

Corporate Governance Structure,Internal Control Quality and Corporate Financial Performance

作　　者：叶陈刚[1] 裘丽[1] 张立娟[1] 

机构地区：[1]对外经济贸易大学国际商学院

出　　处：《审计研究》2016年第2期104-112,共9页Auditing Research

基　　金：国家社会科学基金重点项目(项目批准号:13AZD002);国家社会科学基金重点项目"我国资本市场系统稳定性评估和监测研究"(项目批准号:11AZD010);大信审计教育研究基金的阶段性研究成果

摘　　要：以2007—2014年中国A股上市的2176家公司13310个观测值为样本,实证研究公司治理结构、内部控制质量与企业绩效的关系。研究发现,公司治理结构对企业财务绩效具有显著正相关关系,且这种影响在国有企业和民营企业中没有明显区别。总体来看,内部控制对企业绩效也具有显著正向影响,但按照股权性质进行分组回归的检验结果表明,内部控制对企业绩效的影响因股权性质的不同而表现出显著差异。民营企业的内部控制质量对企业绩效具有显著的正向影响;而在国有企业样本中,内部控制质量与企业绩效之间不存在显著相关关系。这说明虽然国有企业和民营企业在形式上都开展了内部控制建设,但国有企业的内部控制活动效果不显著,而民营企业的内部控制质量却能够对财务效益产生真正推动作用。This paper makes empirical research on the relationship between corporate governance structure, internal control quality and corporate performance based on 13, 310 pieces of observation data of 2, 176 listed companies on A share marketin China from 2007 to 2014. The results of the research show that corporate governance has significant positive effects on corporate performance of both state - owned enterprises and private enterprises. Internal control also has positive effects on corporate performance on the whole. However, the effect of internal control is influenced by ownership property. Internal control plays a positive role only in the sample of state - owned enterprises. There is no significant correlation between internal control quality and corporate performance in state - owned enterprises. It shows that though there are internal control systems in both state -owned enterprises and private enterprises, the performance of the internal control in state -owned enterprises is not high, while the internal control in private enterprises plays an effective role in promoting corporate financial performance.

关 键 词：公司治理结构 内部控制质量 股权性质 企业绩效 

分 类 号：F275[经济管理—企业管理] F271[经济管理—国民经济]