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论文编号：	11662
作者编号：	2120182917
上传时间：	2020/6/19 16:44:00
中文题目：	基于连锁董事的内部控制溢出效应研究
英文题目：	The Research on Spillover Effect of Internal Control Based on Interlocking Directors
指导老师：	张继勋教授
中文关键字：	连锁董事；内部控制溢出效应；内部控制重大缺陷
英文关键字：	Interlocking Directors; the Spillover Effect of Internal Control; Material Weaknesses of Internal Control
中文摘要：	目前在我国上市公司中，连锁董事网络的存在已成为普遍现象，其作为社会网络中的重要组成成分，对公司内部治理有重要的意义。此外，内部控制作为公司内部实施调整、制约和控制的一系列程序，与公司治理也存在密切的联系，鉴于内部控制能够保证公司内部经营效率和秩序外，其对其他利益相关者也会产生影响，此效应被称为内部控制的溢出效应。本文以公司内部治理作为桥梁，将二者相连，目的是研究基于连锁董事的内部控制溢出效应。 本文将连锁董事和内部控制溢出效应作为背景，以内部控制质量的提升作为溢出效应结果的衡量依据，以内部控制重大缺陷相关的信息传递作为内部控制溢出效应的核心过程，基于我国沪深A股2012-2018年上市公司整理得到的样本数据，研究基于连锁董事的内部控制溢出效应，以及连锁董事的专业背景和任职情况对其产生的影响。研究结果发现，第一，连锁董事对内部控制溢出效应有显著影响，即若披露公司披露了内部控制重大缺陷，连锁公司的董事同时兼任了披露公司的董事，那么这家连锁公司中连锁董事对内部控制溢出效应的影响较强，内部控制质量较高；第二，与无专业背景连锁董事的公司相比，有专业背景连锁董事的连锁公司的内部控制溢出效应更强，内部控制质量更高；第三，与非审计委员会任职的连锁公司相比，连锁董事在审计委员会任职的连锁公司中内部控制溢出效应更强，内部控制质量更高。此外，为了使基本研究设计的结果更加可靠、稳健，本文还进行了稳健性检验分析，即通过更换变量的衡量方式以及分析内部控制重大缺陷相关的信息传递作为溢出效应关键过程的意义，同时本文还解决了可能出现的样本选择偏差问题，进一步支持了本文的研究假设。研究的结论有助于上市公司从社会关系视角理解连锁董事在公司间进行信息传递的作用机制，为企业在实践中进行公司内部治理方面和内部控制体系建设方面提供有益参考。
英文摘要：	Currently, the existence of interlocking director network has become a common phenomenon in China's listed companies. As an important component of social network, it is of great significance to corporate governance. In addition, internal control, as a series of procedures to implement adjustment, restriction and control within a company, is also closely related to corporate governance. In view of the fact that internal control can guarantee the internal operating efficiency and order of a company, it will also have an impact on other stakeholders, and this effect is known as the spillover effect of internal control. The purpose of this paper is to study the spillover effect of internal control based on interlocking directors. This paper takes interlocking directors and the spillover effect of internal control as the background, takes the improvement of internal control quality as the result, and takes the information transmission related to material weaknesses of internal control as the core process of the spillover effect of internal control. Therefore, based on the data collected from Shanghai and Shenzhen A-share listed companies from 2012 to 2018, this paper studies spillover effect of internal control based on interlocking directors, as well as the influence of interlocking directors' professional background and tenure status on them. The research finds that: firstly, the interlocking directorates have significant effects on the spillover effect of internal control. If the disclosing company discloses material weaknesses of internal control, and the directors of the interlocking company concurrently serve as the directors of the disclosing company, then the interlocking directors have a strong influence on the spillover effect of internal control, and the quality of internal control of the chain company is relatively high. Secondly, compared with companies without professional interlocking directors, chain companies with professional interlocking directors have stronger spillover effect and higher quality of internal control. Thirdly, compared with chain companies where interlocking directors are not served by the audit committee, companies with interlocking directors that are served by the audit committee have stronger spillovers and higher quality of internal control. In addition, in order to make the results of the basic research more robust, this paper also carries out robustness test, that is, by changing the measurement method of variables, analyzing the significance of information transfer related to material weaknesses of internal control as the key process of spillover effect, and solving the problem of possible sample selection bias, further supporting the research hypothesis of this paper. The conclusion of the study is helpful for listed companies to understand the function mechanism of interlocking directors in inter-company information transmission from the perspective of social relations, and provides useful references for enterprises to carry out internal governance and internal control system construction in practice.
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