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论文编号：	5202
作者编号：	2120112400
上传时间：	2013/6/5 12:03:03
中文题目：	内部控制有效性与企业代理成本——基于2010-2011年民营上市公司的经验证据
英文题目：	The effectiveness of Internal Control and Agency Cost:Empirical evidence of The Private Listed Company from 2010 to 2011
指导老师：	李姝
中文关键字：	内部控制；民营上市公司；代理成本
英文关键字：	Internal Control; The Private Listed Company; Agency Cost
中文摘要：	股份制公司的建立、企业所有权与管理经营权的分离导致了委托代理问题的产生，随着社会经济的发展及经济全球化进程的加剧，现代企业内部的委托代理问题更为复杂和显著。内部控制通过事前防范、事中控制、事后监督等环节可以有效减少代理成本、解决公司代理问题。但从2001年的安然事件到2012年的酒鬼酒事件，因内部控制缺陷导致的企业丑闻从来没有间断过，国内外不断出台的一系列有关内部控制的法律法规表明了国家对于内部控制的重视程度在不断加深。如果能够通过实证方法证实内部控制对企业代理成本的抑制作用，那么可以增强企业构建内部控制的动机，从而有助于增强企业价值，保护广大投资者的利益。 本文以我国民营上市公司为研究对象，在回顾了国内外学者的研究成果并进行了内部控制以及代理成本的理论梳理的基础上，针对他们之间的关系予以分析并提出本文的研究假设。其后，本文将研究对象界定为第一类代理成本及第二类代理成本,并借鉴先前学者的方法对代理成本予以计量，此外，文章针对内部控制构建内部控制指数变量，并将全部样本按照企业内部控制有效性程度分为强内部控制有效性组与弱内部控制有效性组，通过描述性统计、组间因素分析和多元回归分析探究企业内部控制是否对第一类代理成本和第二类代理成本存在抑制作用。实证结果显示：全样本中内部控制能够显著抑制第二类代理成本，并对第一类代理成本中的隐性代理成本产生抑制作用。强内部控制有效性组的第二类代理成本显著低于弱内部控制有效性组。而在弱内部控制有效性组中，内部控制对两类代理成本均不具有显著的抑制作用，只有在强内部控制有效性组中，内部控制对第二类代理成本及隐性代理成本才具有显著的抑制作用。表明内部控制只有达到一定的有效性水平，才能显著抑制代理成本，从而提升公司价值，有助于保护投资者权益。
英文摘要：	The establishment of the incorporated company and the separation of the right of ownership and management led to the production of the principal-agent problem. As the development of social economy and the intensity of the economic globalization , the principal-agent problem is becoming more complicated and significant. The internal control can effectively reduce the agency cost, solve the agency problem through the precautions, regulations, supervisions and other links. But since the Enron event , the internal control defects in corporate scandals have never interrupted. The constantly introduction of the laws and regulations of the internal control shows the country’s deepening emphasis on the internal control. If we can prove that the internal control can inhibit the agency cost, we may enhance the enterprise’s willing to build internal control , thus helping to enhance the value of the enterprise and protecting the interests of investors. Focusing on the private listed companies, This paper reviews the existing research results and combs the theory on internal control and agency cost. After analysising the relationship between them ,we puts forward the research hypothesis. In this paper ,the research object will be defined as the first kind of agency cost and the second kind of agency cost and measure them throuth the same method of previous scholars,and then build internal control index.We Put all samples into two groups according to the degree of effectiveness of internal control and explore the inhibition of enterprise internal control on the agency cost. The empirical results show that,:In all samples,Internal control can significantly inhibit the second agency cost and recessive agency cost.;The second agency cost in the strong internal control effectiveness group is significantly lower than that in the weak internal control effectiveness group;In the weak internal control effectiveness group, there is no significant inhibitory effect between Internal control and both two kinds of agency cost; In the strong internal control effectiveness group, internal control can significantly inhibit the second agency cost and recessive agency cost. So that as long as the validity of internal control reaches a certain level,it can significantly inhibit agency cost, so as to enhance the company value and help to protect investor rights.
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