摘要
本文以2012年沪深两市223家央企控股上市公司为研究对象,探讨内部控制质量对企业价值的影响。首先,分析了我国央企控股上市公司的分布情况以及影响地位,表明央企控股上市公司的内部控制问题的重要性,并总结了央企控股上市公司内部控制的特征;其次,结合央企规章制度,本文构建了央企控股上市公司内部控制质量评价指数ICI,评价内容涵盖了COS0内部控制框架中的内部环境、风险评估、控制活动、信息与沟通以及监督五要素,并具体划分了24个子指标;最后,根据央企经营业绩考核办法,本文选取经济增加值(EVA)作为企业价值的评价指标,通过回归分析,发现我国央企控股上市公司的内部控制质量对企业价值具有高度显著的正向促进作用。
The core objective of corporate governance is to achieve the maximization of corporate value, while the internal control has played an irreplaceable role in enterprise management. Internal control ensures business ob jectives achieved and operating efficiency improved, it also contributes to reduce agency costs, reduce fraud and such other behaviors like misconduct or waste of resources. In the aftermath of the postboom financial scandals in the U. S. , Congress revised significantly federal securities laws and ratified the SarbanesOxley Act in 2002 （SOX）. After the bankrupt of Enron, the importance of internal control has been around, as well as China. The Ministry of Finance with the other four ministries and commissions issued the ＂basic norms of internal control＂ and ＂internal control guidelines＂ which are imposed at the main board of listed corporations of Shanghai Stock Exchange and Shenzhen Stock Exchange since January 1 st, 2012. The development of internal control practices also contrib utes to the development of theoretical research. In recent years, the research on internal control quality assessment and its economic consequences has become a hot topic. Compared with the overseas study, domestic study started relatively late, in addition, a great deal of researchers mainly followed their research models. However, China owns a very different characteristic from those developed countries, as a consequence, the microenvironment of enterpri ses know from foreign countries by reason of economic structure and historical changes. The central enterprises is a typical example on account of its tremendous size and enormous economic contribution. Moreover, the convention supervision organization and ultimate controller of central enterprises have a significant difference with other listed companies, since most of the operating acts controlled by SASAC （ Stateowned Assets Supervision and Administra tion Commission of the State Council）. Therefore, there are a mass of policies and requires to superv
出处
《经济管理》
CSSCI
北大核心
2014年第7期90-99,共10页
Business and Management Journal ( BMJ )
基金
国家社会科学基金年度重点项目"生态位理论范式下的股东关系及其经济后果研究"(13AGL003)
国家社会科学基金青年项目"上市公司大股东关系
董事会履职与盈余质量研究"(11CGL026)
国有资产管理协同创新研究中心项目"国有资本运行效果评价研究"(GZ20130501)
关键词
央企
内部控制
企业价值
central enterprises
internal control
corporate value
