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论文编号：	12610
作者编号：	2120192885
上传时间：	2021/6/16 20:38:57
中文题目：	董事会社会独立性、内部控制与投资效率
英文题目：	Board Social Independence, Internal Control and Investment Efficiency
指导老师：	张耀伟
中文关键字：	社会独立性；认知独立性；关系独立性；内部控制；投资效率
英文关键字：	social independence；cognitive independence；relationship independence；internal control；investment efficiency
中文摘要：	作为企业监督决策的重要机构，董事会独立性至关重要，是公司治理的灵魂。现有研究多将董事会独立性当作形式上的独立，而忽略了董事会在事实上的独立。董事会成员的行为和决策也会受到社会因素的影响，如人口统计学特征和非正式关系。进行有效的投资决策是董事会重大决策之一，投资效率对于企业发展具有重要意义，其高低决定着企业的生死。然而由于受各方面因素的影响，投资并非总是有效的，外部因素比如2020年新冠肺炎疫情的冲击，内部因素比如信息不对称、委托代理问题、决策者能力等，如何设置有效制度以保证企业的投资决策高效成为亟待解决的问题。董事会独立性不仅影响企业内部控制质量，也关系着企业投资效率。因此如何提高董事会社会独立性、董事会社会独立性如何影响投资效率，以及内部控制在其中发挥了怎样的作用都值得进一步研究。 未拘泥于董事会形式独立性，引入包括认知独立和关系独立双层内涵的董事会社会独立性概念，度量董事会成员与CEO在人口统计学特征上的匹配度和非正式关系上的亲密度。基于委托代理理论、资源依赖理论和社会网络理论，以2013-2019年A股上市公司为样本，运用固定效应模型实证研究董事会社会独立性、内部控制和投资效率之间的关系。 研究结果表明，（1）董事会社会独立性，尤其是认知独立性，与企业投资效率有正相关关系，而董事会关系独立性对投资效率无明显影响，董事会成员与CEO在人口统计学特征上的较高差异性有助于其履行监督职能，进而提高企业投资效率；（2）董事会社会独立性，尤其是认知独立性，与内部控制正相关，董事会成员与CEO人口统计学特征差异较高有利于加强企业内部控制建设；（3）内部控制与投资效率正相关，良好的内部控制可以缓解委托代理问题、提高投资效率；（4）董事会社会独立性通过影响内部控制影响投资效率，内部控制发挥了部分中介作用。最后结合实证分析结果为企业提高投资效率提出建议：选聘董事不仅要符合相关法律规定，也要警惕“相似型”董事影响独立性，创造良好公平的治理环境，同时要加强内部控制建设，保障企业长期健康发展。
英文摘要：	As an important organization of enterprise supervision and decision-making, the independence of board of directors is very important and the soul of corporate governance. Existing studies mostly regard board independence as formal independence, but ignore the substantive independence of board. The behavior and decisions of board members are also influenced by social factors, such as demographic characteristics and informal relationships. The effective investment decision is one of the important decisions of the board of directors. The investment efficiency is of great significance to the development of the enterprise, and its level determines the life and death of the enterprise. However, the investment of enterprises is not always effective because of the influence of external factors such as the impact of COVID-19 and internal factors such as information asymmetry, principal-agent problems, decision-maker ability, etc. How to set up an effective system to ensure the efficient investment decision-making of enterprises has become an urgent problem. The independence of the board of directors not only affects the quality of internal control, but also relates to the efficiency of investment. Therefore, how to improve the social independence, how social independence affects the investment efficiency, and how the internal control plays a role in it should be further studied. Unconfined to board formal independence, the introduction of board social independence concepts include cognitive and relationship independent dual connotations, measuring the affinity on demographic characteristics and informal relations with CEO. Based on principal-agent theory, resource dependence theory and social network theory, the relationship between social independence of board of directors, internal control and investment efficiency is empirically studied by using fixed effect model with A-share listed companies from 2013 to 2019 as samples. The study found that: First, the social independence of the board, especially the cognitive independence, has a positive correlation with the investment efficiency of the enterprise, while the relationship independence of the board has no obvious influence on the investment efficiency. The higher differences in demographic characteristics between board members and CEO help them to perform their supervisory functions and thus improve the efficiency of investment. Second, the social independence of the board, especially the cognitive independence, has a positive correlation with the internal control, and higher differences in demographic characteristics between board members and CEO is conducive to strengthening the internal control. Third, internal control is positively related to investment efficiency and can alleviate principal-agent problem and improve investment efficiency. Last but not the least, social independence of board of directors affects investment efficiency by influencing internal control, and internal control plays a part of intermediary role. Finally, combined with the results, it puts forward suggestions for enterprises to improve investment efficiency: the selection and employment of directors should not only conform to the relevant laws and regulations, but also guard against the influence independence of "similar" directors, create a good and fair governance environment and at the same time strengthen the construction of internal control to ensure the long-term and healthy development of enterprises.
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