摘要
上市公司内部控制制度合理建设和信息有效披露,对缓解委托代理双方利益冲突,降低代理成本,不断扩大公司价值等方面具有重要作用。基于相关理论基础并结合我国内控信息披露现状,选择2015-2017年沪深A股2101家上市公司财务数据进行实证分析探究内部控制信息披露与企业价值之间的关系,结果显示内部控制信息披露质量对企业价值正向作用,且结果通过稳健性检验。为规范和完善上市公司内部控制制度建设、实施和对外披露相关信息,企业应树立以内部控制为核心的价值理念、强化信息披露监管意识,同时还需外部监管机构根据不同的披露水平对上市公司实行分类管理。
Rational construction of internal control system and effective disclosure of information of listed companies play an important role in alleviating conflicts of interest between principal and agent, reducing agency costs and expanding company value. Based on the above theoretical basis and the current situation of internal control information disclosure in China, this paper chooses financial data of2101 listed companies in Shanghai and Shenzhen A shares from2015 to2017 to explore the relationship between internal control information disclosure and enterprise value. The results show that the quality of internal control information disclosure has a positive effect on enterprise value, and the results pass the robustness test.Finally, in order to standardize and improve the construction, implementation and external disclosure of internal control system of listed companies, feasible policy suggestions are put forward from two aspects: establishing internal control as the core value concept within enterprises, strengthening information disclosure supervision system and implementing classified management by external securities regulatory commission.
作者
王凯亮
崔智敏
WANG Kai-liang;CUI Zhi-min(School of Business, Xi’an University of Finance and Economics, Xi’an 710100, China)
出处
《西安财经学院学报》
CSSCI
2019年第4期68-74,共7页
Journal of Xi’an University of Finance & Economics
关键词
内部控制信息披露
企业价值
企业治理
disclosure of internal control information
enterprise value
enterprise management
