内部控制质量、审计质量与现金持有的竞争效应  

Internal Controls Quality,Audit Quality and the Competition Effects of Cash Holdings

作　　者：袁卫秋[1] 刁佩佩 谢亚丽 YUAN Wei-qiu;DIAO Pei-pei;XIE Ya-li(School of Accounting,Nanjing University of Finance and Economics,Nanjing 210023,China)

机构地区：[1]南京财经大学会计学院,江苏南京210023

出　　处：《兰州财经大学学报》2019年第2期15-30,共16页Journal of Lanzhou University of Finance and Economics

基　　金：国家自然科学基金项目"融资约束影响产业绩效:并购规模与并购方向的作用"(71271139);国家自然科学基金项目"基于公众认知视角的邻避项目环境风险评估与治理研究"(71671080)

摘　　要：以2011—2017年沪深两市上市公司为样本,利用中介效应方法研究了现金持有实现产品竞争效应的途径,同时基于内部控制质量和审计质量视角,研究了二者对现金持有竞争效应的影响。研究发现,内部控制和外部审计作为公司治理的两个方面,都能强化现金持有通过资本投资中介实现的产品竞争效应,提高公司的产品竞争能力。进一步研究发现,内部控制质量和审计质量在现金持有实现竞争效应的过程中既存在一定的互补关系,也存在一定的替代关系,并且这种替代关系在我国的民营企业中表现的更为显著。Taking the listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2017 as samples,this paper examines the approaches to realize the competition effects of cash holdings by using the intermediary effect method.Meanwhile,based on the perspectives of the internal control quality and the audit quality,this paper studies the influence of the two on the competition effect of cash holdings.It is found that both internal control and external audit,as two aspects of corporate governance,can strengthen the product competition effects of cash holdings through a capital investment intermediation and improve the company's product competitiveness.Further studies show that there are certain complementary and substitution relations between the internal control quality and the audit quality during the process of realizing competition effects of cash holdings.The substitution relationship is more significant in China's private enterprises.

关 键 词：现金持有 竞争效应 资本投资 内部控制质量 审计质量 

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