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论文编号：	8559
作者编号：	2120142439
上传时间：	2016/6/17 22:02:03
中文题目：	内部控制、运营效率与公司价值——基于深市A股主板制造业上市公司的实证研究
英文题目：	Internal Control, Operational Efficiency and Enterprise Value：An Empirical Research based on Manufacturing Enterprises listed on A-share Mainboard of Shenzhen Stock Exchange
指导老师：	梅丹
中文关键字：	内部控制；运营效率；公司价值；中介效应
英文关键字：	Internal Control; Operational Efficiency; Enterprise Value; Mediating Effect
中文摘要：	内部控制基于现代企业所有权与经营权分离的背景产生，根源于企业的委托代理问题，旨在通过约束和激励机制解决信息不对称带来的逆向选择和道德风险问题，降低代理成本、提高代理效率，并通过基本目标的实现达到企业价值增值的最终目的。自21世纪初国内外一系列重大财务舞弊事件的爆发以来，企业内部控制问题逐渐得到市场参与者以及政府监管部门的重视。我国上市公司内部控制的建设起步较晚，仍处于初级探索阶段，内部控制仍存在很多问题，内控质量有待提升。通过研究内部控制与公司价值之间的关系，可以为国家内部控制政策的制定和监管提供强有力的证据支持，促进企业内部控制制度的完善和有效执行，进而提升公司价值。 学术界对于内部控制的影响因素和经济后果进行了一定的研究，其中有关内部控制对公司价值影响路径的研究比较少。本文基于内部控制基本目标的效率效果性，研究内部控制会对企业运营效率和公司价值产生怎样的影响，以及运营效率在内部控制与公司价值关系中的中介作用。 基于前人研究结果，本文首先从理论上对内部控制、运营效率和公司价值之间的关系进行分析，相应地提出3个假设，再选取深交所A股主板上市的制造业上市公司为研究样本，设计内部控制质量的评价标准，以资产周转率作为企业运营效率的替代变量，以Tobin-Q表示公司价值，建立中介效应的检验模型对研究假设进行检验。实证结果显示，较高的内部控制质量能够有效提升企业运营的效率，进而增加公司价值，且运营效率在内部控制对公司价值的影响中起到部分中介作用。这一结论提示企业管理者重视内部控制制度的完善和执行，并以提高企业的运营效率为路径，以此实现公司价值的提升，发挥内部控制建设的作用。
英文摘要：	Intern control was generated under the background of the separation of ownership and management rights in modern enterprise, rooted in the principal-agent problems of the enterprise, and aims to solve adverse selection and moral hazard problems caused by information asymmetry through restraint and incentive mechanism, reduce agency cost, improve the efficiency of the agent. The basic goals of internal control are the operational efficiency and effect, the security of assets, the reliability of financial reporting and legal compliance, through the realization of these basic goals, intern control is to achieve the ultimate goal of enterprise value appreciation. Since the exposure of a series of financial fraud at the beginning of the 21st century, internal control is gradually getting the attention of market participants and government regulators. The construction of internal control of Chinese listed companies started late, and is still in the primary exploration stage, there are many problems and internal control quality needs to be improved. Therefore, study of the relationship between internal control and the value of the company is meaningful, it can provide strong evidence to support national internal control policy and regulation, help to promote the perfection and effective implementation of internal control system, and then raise the value of the company. There are some related research about the influence factors and economic consequences of internal control, but the research on the path of the internal control effect on the value of the company is relatively few. Based on the efficiency goal of internal control, this article mainly studies the internal control’s influence on the enterprise operational efficiency and the value of the company, and the mediation role of operational efficiency in the relationship between internal control and corporate value. Based on the predecessors’ research results and related theories, this paper analyzes the relationship among internal control, operational efficiency and corporate value, puts forward three assumptions, and conducts the empirical research using the data from manufacturing companies listed on A-share mainboard of Shenzhen stock exchange. The research establishes a standard to evaluate the quality of internal control, takes asset turnover as the substitution variables of enterprise operational efficiency, uses Tobin-Q to represent the value of company, and builds three models to test the hypothesis. The empirical results show that the higher quality of internal control can effectively improve enterprise operational efficiency, and therefore increases the value of the company; the operational efficiency plays a partial intermediary role between the internal control and the enterprise value. This conclusion suggests managers pay more attention to the improvement of internal control system, and judge whether it can improve the operational efficiency, in order to realize the value of the company.
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