新冠肺炎疫情冲击、内部控制质量与企业绩效  

COVID-19,Internal Control Quality and Firm Performance

作　　者：郑莉莉[1] 刘晨[2] Zheng Lili;Liu Chen

机构地区：[1]中央财经大学保险学院,100081 [2]中央财经大学企业科技金融创新研究中心,100081

出　　处：《审计研究》2021年第5期120-128,共9页Auditing Research

基　　金：国家自科基金青年项目(项目批准号:71903209)的资助。

摘　　要：新冠肺炎疫情作为高强度的外部冲击,对企业绩效产生了重要的影响。本文基于2018-2021年第二季度A股上市公司季度数据进行分析,结果显示,提高内部控制质量能够降低疫情对企业绩效的不利影响,疫情对企业市场绩效的影响在内部控制质量较差的企业中比较明显,随着内部控制质量的提高,疫情对企业的财务绩效和市场绩效的影响有不同程度的减弱。进一步研究发现,内部控制质量的防范效应在传统行业中更为显著,疫情通过投资效率负向影响企业绩效,而内部控制在影响机制中发挥了调节作用。内部控制缺陷作为自变量、断点回归和安慰剂检测的结果证明了结果的稳健性。基于此,提出疫情背景下企业调整和优化发展战略、修订完善企业内部控制制度、降低突发公共卫生事件对企业的负面影响的政策建议。COVID-19 has an important impact on firms’performance.It is found that COVID-19 significantly reduces the firm’s financial performance,but the high quality of internal control is conducive to alleviating this negative effects based on the quarterly data of Chinese listed companies from 2018 to 2021.The impact of the COVID-19 on firm market performance is more obvious in firms with low quality internal control.With the improvement of internal control quality,the impact of COVID-19 on the firms’performance has been decreasing.Further research shows that the alleviating effect of internal control quality is more significant in the traditional industries.COVID-19 affects firm performance through investment efficiency,and internal control has a moderating effect.We also proved the robustness of the results with the internal control deficiency as the independent variable,and through the test of regression discontinuity and placebo test.Based on this,suggestions for firms to deal with the COVID-19 have been put forward.

关 键 词：新冠肺炎疫情 内部控制 企业绩效 

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