高管团队结构特征对企业内部控制质量的影响:基于子群体视角  

The Influence of Top Management Team Structure Characteristics on the Quality of Internal Control: A Subgroup Perspective

作　　者：孙玥璠 张琦 陈爽 张永冀[4] 操群 Sun Yuefan;Zhang Qi;Chen Shuang;Zhang Yongji;Cao Qun(Business School,Beijing Technology and Business University;School of Management,Xiamen University;The 12th Research Institute of China Electronics Technology Group Corporation;School of Management and Economics,Beijing Institute of Technology;School of Business,Macao University of Science and Technology,China)

机构地区：[1]北京工商大学商学院会计学系 [2]厦门大学管理学院会计学系 [3]中国电子科技集团公司第十二研究所 [4]北京理工大学管理与经济学院 [5]澳门科技大学商学院,中国澳门

出　　处：《南开管理评论》2022年第6期64-74,I0013,I0014,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71972011、72173145);国家社会科学基金重大项目(21&ZD156)资助。

摘　　要：本文以2012-2018年我国A股上市公司作为研究样本,基于子群体视角探讨高管团队断裂带对企业内部控制质量的影响。研究结果表明:(1)高管团队断裂带对企业内部控制质量具有显著的负向影响;(2)作为治理要素,高管持股、分析师关注度、媒体关注度能够显著缓解高管团队断裂带对企业内部控制质量的负向影响。这些结论在经过一系列稳健性测试后依然稳健,进一步分析发现:高管团队断裂带对内部控制五要素均具有显著的负向影响;在高管持股不为零(或者非常小)的情况下,高管持股的调节作用在子群体间高管持股均衡时显著,而在子群体间高管持股悬殊时不显著;在国有企业、处于初创期和成长期的企业中,高管团队断裂带对企业内部控制质量的负向影响更显著。本文研究结论为提升我国企业内部控制质量提供了具体可操作的干预策略建议,也为企业和监管等相关部门提供了政策参考和决策依据。The importance of internal control quality to enterprises is self-evident. According to the Analysis Report on the Implementation of Enterprise Internal Control Normative System of Listed Enterprises in China in 2018 issued by the Ministry of Finance in December 2019, many Chinese enterprises still have various internal control problems, and there is still a long way to go to improve the internal control quality of Chinese enterprises, and more research is still needed. The top management team of enterprises is responsible for the construction of the internal control system and the maintenance of its effectiveness. Therefore, the important influence of the top management team on the internal control quality cannot be ignored. It has been found that the demographic background characteristics of the top management team will affect the internal control quality, but there is a lack of research on the influence effect of the structural characteristics of the top management team. What is more, researchers have different opinions on the role of faultlines, as an important indicator to describe team structure. Based on this, this paper will explore the relationship between the top management team faultlines and the internal control quality of enterprises, and consider the moderating role of internal incentives and external supervision.This paper takes A-share listed enterprises in China as the sample in 2012–2018, and explores the impact of top management team faultlines on the internal control quality from the perspective of sub-groups.(1) The top management team faultlines has a significantly negative impact on the internal control quality of enterprises.(2) As governance element, executive ownership, analyst attention and media attention can significantly alleviate the negative impact of the top management team faultlines on the internal control quality of enterprises. These conclusions are still robust after a series of robustness tests. Further analysis finds that the top management team faultlines have a signific

关 键 词：高管团队断裂带 内部控制质量 高管持股 分析师关注度 媒体关注度 

分 类 号：F275[经济管理—企业管理] F272.91[经济管理—国民经济] F832.51