中小板上市公司内部控制研究
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摘要
金融危机之后,国际国内的经济形势强烈呼吁各类组织转变思维,抓住世界经济复苏的良好机会进行调整和转型。因为随着市场变化的复杂性和不确定性增强,各类组织寄希望于凭借以往粗放型的发展方式已经难以为继了,必须通过改善组织的内部管理,建立和完善以风险为导向的内部控制制度,未雨绸缪,才能从容应对组织发展过程中面对的各种风险。在此背景之下,2010年由财政部牵头五部委联合发布了《企业内部控制配套指引》,这一事件标志着中国独立成体系的内部控制规范正式形成,也从此掀开中国内部控制建设的新进程。
中小企业是中国国民经济中一类非常重要的微观主体,截止到2012年底,全国在工商行政管理部门登记注册的中小企业约为5651万户,超过工商登记注册企业总户数的99%。中小企业已成为我国经济体中最具活力的要素,其发展促进了经济增长、激活了市场竞争,为社会创造了大量的就业岗位,并已经成为了推动科技创新的生力军。但是在中小企业发展的过程中,面临着诸多的问题和障碍,突出表现在两个方面：异常巨大的资金压力和落后的管理模式。特别是资金融通,是中小企业发展面临的最大“瓶颈”。中小企业板(文中简称中小板)的设立开启了中小企业股权融资的平台,为中小企业中的佼佼者输送了发展的新鲜“血液”,推动了上市的中小企业企业再造和产业升级,拉动了区域经济的发展,为中小企业的发展树立了典范。
中小企业板上市公司(文中简称中小板公司)的经营管理质量关系着我国多层次资本市场的正常运行,也关系着中小企业股权融资渠道的持续通畅性。而内部控制不仅是驱动中小板公司提升自身管理质量的“引擎”,还可以为广大中小企业内部控制建设提供良好的学习“模板”。那么这一“引擎”运行的效果如何,是什么样的因素导致了其良好运行和不断改善,又是什么样的因素妨碍了其质量提升?本文将研究的视角锁定在影响内部控制的内外部环境上,毕竟内部控制实务发展到今天已经相对成熟,“拿来主义”非常之便捷,但是为什么同样的内部控制规则在有的公司能够落到实处,在某些公司却只能变成华丽的摆设呢?究其原因是由于其控制环境存在很大的差异。本文以中小板公司这一资本市场上特殊的群体为研究样本,试图分析影响中小板公司内部控制水平高低的内外部环境因素,以及内外环境对中小板公司内部控制水平的综合影响,从而为广大中小企业内部控制环境建设提供有参考价值的意见和建议。
围绕本文的中心意图,全文首先对内部控制的发展历程进行了简单回放,从历史的角度可以发现内部控制的变迁和公司内外部环境变化息息相关,控制环境是公司内部控制的宏观基础,对内部控制建设和完善起着基础性的作用。特别对当前中小板公司内部控制的制度背景进行了解析,认为对中小板公司而言,内部控制处于严格监管之下是其最大的制度背景。并从内部控制发展变迁之中找到了本文研究的理论基础,即委托代理理论和权变理论。
然后本文在对最近期间内部控制研究文献进行梳理的过程中发现,现有的研究成果少有站在控制环境的角度,即便有对控制环境进行的研究,也是从内部治理角度,而且针对诸如中小板公司这样的特殊群体控制环境进行的研究就少之又少了。这说明本文研究的视角是恰当的、有研究价值的。
那么究竟中小板公司内部控制建设的现状如何,影响这种现状的内外环境因素有哪些呢?为了回答这两个问题,本文用大量的数据对中小板公司内部控制的发展现状进行了分析,总的结论是中小板公司目前的内部控制水平从整体来看是比较好的,无论是从制度建设、制度执行还是制度执行的结果来看。但是中小板公司内部控制建设也呈现非常明显的特点,需要引起关注。
中小板公司内部控制的现状和特点与这一群体所处的内外部环境有直接的关系。由于内外部环境的复杂性和多样性,有必要先对控制环境边界进行界定。内部控制终极目的是实现公司的目标,那么影响公司目标实现的内部外部因素之和就构成了控制环境。本文分别对影响公司目标实现的内外部环境因素进行了归纳分析。认为针对中小板公司来看,影响其内部控制水平的外部环境因素主要有政府监管、社会监督、市场机制、区域经济社会进程四个方面；影响其内部控制水平的内部环境因素主要有公司经营稳定性、治理结构和特征、员工状况、高管激励四个方面。
在此基础上,本文分别内部和外部环境因素对内中小板公司内部控制水平的影响提出了研究假设和变量选择与定义,利用中小板公司2009年和2010年的数据,验证了内部和外部环境因素对中小板公司内部控制水平的影响程度。并进一步证明外部环境和内部环境有相互抵消其各自的负面影响,相互促进的作用。因此应继续强化内部控制建设的外部压力和环境建设,并优化外部监督的方式。同时通过企业内部环境的改善,将外部压力内化为内部控制建设和完善的动力,这样才能使中小板公司的内部控制达到持续改善,提升中小板公司的管理质量,利于中小板市场的可持续发展,推动中国中小企业的发展壮大。
本文的主要创新点在于：
1.对中小企业板公司的内部控制现状进行了系统分析,并总结归纳了其特点
目前的研究文献中少有对中小板公司内部控制现状进行系统研究的成果。对中小板的研究比较集中在中小板IPO抑价、股权分置改革的市场效应、中小板公司治理的特征、中小板公司的信息披露、中小板和创业板的比较、中小板公司的成长性等方面。本文用大量的数据从制度建设、制度执行及其执行结果系统地分析了中小板公司内部控制的现状,并对其特点进行了归纳和总结。
2.总结归纳了影响中小板公司内部控制水平的外部环境因素,以及它们对内部控制影响的机理,并用中小板公司的数据验证了外部环境因素对其内部控制水平的影响程度
由于从一开始中小板就处于一个特殊的发展环境中,外部环境因素成为约束其内部控制建设的重要推动力量。通过分析,本文认为影响中小板公司内部控制的外部环境因素主要是政府监管、社会监督、市场机制和区域宏观经济社会发展进程四个方面。因此利用中小板公司的数据,选择了相应的替代变量定义了影响公司内部控制水平的各外部环境因素,检验证明了区域市场化进程、区域综合发展情况、证券监管、会计师事务所社会监督和市场机制等外部环境因素对中小板公司内部控制的确产生了显著影响。这在以往的研究成果中还没有研究者从这个角度针对中小板公司内部控制进行过研究。
3.总结归纳了影响中小板公司内部控制水平的内部环境因素,以及他们是如何影响内部控制的,并用中小板公司的数据验证了内部环境因素对其内部控制水平的影响程度
虽然外部环境对于企业进行内部控制建设注入了良好的发展动力,但是持续影响中小板公司内部控制的仍然是内部环境因素。本文将影响中小板公司内部控制的内部环境归纳为公司经营稳定性、治理结构和特征、员工状况和高管激励制度四个方面。同样从这四个方面对中小板公司内部控制的影响设计了研究假设,选择了相关指标替代内部各环境因素变量,利用中小板公司的数据进行了实证检验。在研究设计中,特别植入了教育背景因素,发现董事长和员工教育背景对中小板内部控制产生了显著影响。而在以往的研究中多是从公司治理的角度研究影响内部控制的公司治理因素。
4.验证说明了内外部环境对中小板内部控制水平的综合和交互影响
内外环境构成了影响内部控制水平的一个整体。当它们作为一个整体时,可以发现内外部环境可以彼此消除对方的负面影响的显著性,说明当内外环境共同起作用时,对内部控制水平的提升有更强的影响；也可以发现内部环境是对中小板公司内部控制起基础性作用的因素,但是外部环境给内部环境带来巨大外部压力时,其作用更加明显。
对于中小板公司来说,由于其正处在发展的上升阶段,其自身内部控制建设的动力相对是不足的,实验数据也证实了这一点。因此应首先从外部对其内部控制建设进行严格监管。充分发挥证券交易所、会计师事务所的直接监管作用,把外部压力进一步做足。同时对中小板公司内部治理机制和激励机制进行引导,缩短将内部控制外在压力转化为内部自觉动力的时间,以期加快提升中小板公司内部控制质量,不仅有利于中国多层次资本市场的稳定发展,也有利恢复资本市场的信心,还可以为未上市的中小企业树立内部控制建设的典范,引导中小企业内部控制环境的改善。
After the financial crisis, all kinds of organizations are strongly appealed by both the international and domestic economic situation to change their thinking, and to seize the good opportunity of world economic recovery adjustment and transition. With the enhanced complexity and uncertainty of market changes, it is hard to sustain the extensive mode of development, which is hoped by the all kinds of organizations in the past. And it is necessary to improve the internal management of the organization, establish and perfect the internal control risk-oriented system, a rainy day, to calmly deal with the organizational development process in the face of various risks. Thus, in2010five ministries including the Ministry of Finance, Securities Futures Commission, the Audit Commission, the China Banking Regulatory Commission and Insurance Regulatory Commission jointly issued the Enterprise Internal Control Guidelines. This event not only mark the official formation of a separate system of internal control system of norms, but also open the new process for the Company's internal control construction in China.
SMEs are very important microscopic principal in China's national economy. By the end of2012, about5651million micro SMEs have been registered in the industrial and commercial administration departments across the whole country, which is more than99%of the total number of industrial and commercial registration. SMEs are the most dynamic elements of the economy, whose development promote the economic growth and activate the competition in the market. Meanwhile SMEs create a lot of jobs for the community and have become a driving force in technological innovation. However, the SMEs still face many problems and obstacles in the process of the development, which are in terms of abnormal huge financial pressure and backward management mode. Especially financing is the biggest "bottleneck" during development of small and medium-sized enterprises. The establishment of the SME board (text small plates) open platform of equity financing for SMEs, the development of fresh "blood" as a leader in the small and medium enterprises in the transport to promote the listed SME business reengineering and industrial upgrading, pulling regional economic development, and setting a good example for the development of SMEs.
The operation and management quality of the SME board listed company (small plates) is relationship with the normal operation of the multi-level capital market in China, and also about the continued patency of the equity financing channels for SMEs. Internal control not only drive small board company to enhance the quality of their own management "engine", also provide good "template" for the SME internal control construction. Then how the effect of the "engine" running is, what factors led to its good run and continue to improve and enhance the quality and what factors hinder the improvement of the quality? This paper will focus on the internal and external environment, which affect the internal control, after all, the internal control practice development today has been relatively mature, very convenient "ism", but why the same internal control rules in some companies to implement, but only in some companies into ornate furnishings? The reason is very different due to the control environment. In this paper, a special group of small plates on the capital markets will be as the sample for the study, attempt to analyze the internal and external environmental factors that affect the small plates internal quality control, and try our best to find the conclusion that whether the external environment has played a stronger impact on its internal quality control or the internal environment is better to promote the upgrade of its internal quality control, and the reference value of the comments and suggestions are provided for the majority of the SME internal control environment construction.
According to the center intent, in the first step, the paper will simple playback from a historical point of view about the development of internal control, which can find the closely relationship between the changes of the internal control and internal and external changes in the environment. The control environment is a macro basis of the company's internal control, and plays the most fundamental role for the internal control construction and the improvement Special by analyzing the current system of internal control background; it finds that the largest institutional background for the small plate's internal control is under the strict supervision. Found from the internal control development changes being the theoretical basis of this study, principal-agent theory, system theory and contingency theory.
In the second place, by investigating the last five years literature if the internal control, this paper finds there is rare research outcomes standing the point of control the environmental. Even if the research carried out on the control environment, internal governance perspective, and for such control environment of special groups such as small plates is extremely rare. This perspective of this study is appropriate and the research value.
In order to answer the two questions about what exactly is the status quo of the company's internal control construction of small plates and what internal and external environmental factors affect factors this situation, this paper uses a large amount of data to analyze a small board development status of the company's internal control. And the overall conclusion is that the small board company's current level of internal controls on the whole is relatively reasonable in terms of the system construction, information disclosure, irregularities, or the feedback from the research institutions internal control of listed companies construction. And the paper summarizes the characteristics of its internal control construction and development.
What the Internal control's status and characteristics of small plates is has the direct relationship with the internal and external environment. Because of the complexity and diversity of the internal and external environment, it is necessary to define the control environment boundary. The ultimate purpose of internal control is to achieve the company's goals, and then the internal and external factors affect the company's goals constitute the control environment. In this paper, the internal and external environmental factors that affect the company's goals were summarized and analyzed. From the view of small plates, the external environmental factors affecting the quality of internal controls include securities regulation, social supervision, market mechanisms, and regional economic and social process four companies operating stability; affect the quality of internal controls internal environmental factors include governance structure and characteristics, status of employees, executive incentive four aspects.
On this basis, this paper provides the assumptions and variables selection and definition against the internal and external environmental factors internal level of internal control of small plates. By using the small plates2009and2010data, it verifies that the internal and external environmental factors on the level of internal control of the small plates. And further proof of the influence exerted by the external environment, the level of internal control of the small plates is greater than the impact of the internal environment imposed. Therefore, it should continue to strengthen the internal control of the construction of the external pressure in order to optimize external oversight. Meanwhile, through the improvement of the internal environment and the external pressure into the internal control construction and improve the power, it will achieve continuous improvement in the small board company's internal control; enhance the quality of management of small plates. And by Conducive to the market of small plates of sustainable development, it promotes the development and growth of SMEs in China.
The main innovations of this paper are listed as follows:
1. Analyzing the SME board the company's internal control status quo system and summarizing its characteristics.
The current research literatures rare systematically study about the status of the small plate's internal control. The researchers are more concentrated in the market effect of IPO under pricing of small plates, split share structure reform, corporate governance characteristics of small plates, small plates of information disclosure, small board and GEM comparison, the growth of the company's small board and so on. With large amounts of data, this paper analyzes the status of small plate's internal control and summarizes its characteristics.
2. Theoretical deduction and empirical methods verifies the impact of the external environment on the level of internal control of the small plates
In a special environment for the development of small plates from the outset, the external environmental factors become an important driving force of the constraints of its internal control construction. By theoretical deduction, the external environmental factors that affect small board company internal control have four aspects of securities regulation, supervision, market mechanisms and regional macro-economic and social development process. This article uses data of small plates and chooses the alternative variable defines the external factors that affect the company's internal control. And external environmental factors on the small board company's internal control indeed had an impact empirical test methods, validation, and some factors also quite significant. There are no such researches in the past.
3. Theoretical deduction and empirical methods to verify the internal environment of the small plates level of internal control
Although the external environment for enterprise internal control construction injects a good momentum of development, but continuing impact of small plates within the company is still controlled by the internal environmental factors. This article summarizes the factors that the small plates within the company's internal control environment as the stability of the company, four aspects of governance structure and characteristics, employee status and executive incentive system. Studies assume that the same design of these four aspects of the internal control of small plates, select the relevant indicators instead of the internal environment factors variables, small board company data to an empirical test. Implanted in the design of the study, especially the educational background factors, the chairman of the board and staff education background produced a significant impact on small plate's internal control.
4. Analyzing the level of the comprehensive and interactive influence between the internal and external environment
When he internal and external environments are taken as a whole, the conflict is not generated between them. And significant can be found that they can eliminate the negative effects of each other on the internal control. This means that when the internal and external environment work together, there has a stronger effect to enhance the level of internal control. There can be also found that the internal environment is the fundamental factors on the internal control of small and medium-sized board company. But the internal environment's effect is more apparent under the external pressure.
For small plates, because of the rise is in the development stage, its own internal control of the construction of the power is inadequate, the experimental data also confirmed this. Therefore, it should first strict supervise from the outside of its internal control construction. Strengthen external pressure from giving full play to the direct supervision of the role of the stock exchange, the sponsor and CPA. Booting the small board of internal corporate governance mechanisms and incentives, shorting internal control external pressure into internal consciously powered, in order to accelerate the upgrade of the company's internal control quality of the small plates. Such way not only conducive to the stable development of the multi-level capital market, but also advantageous to restore confidence in the capital markets and the unlisted SMEs also establish internal control building model to guide the improvement of the SME internal control environment.
中小企业是中国国民经济中一类非常重要的微观主体,截止到2012年底,全国在工商行政管理部门登记注册的中小企业约为5651万户,超过工商登记注册企业总户数的99%。中小企业已成为我国经济体中最具活力的要素,其发展促进了经济增长、激活了市场竞争,为社会创造了大量的就业岗位,并已经成为了推动科技创新的生力军。但是在中小企业发展的过程中,面临着诸多的问题和障碍,突出表现在两个方面：异常巨大的资金压力和落后的管理模式。特别是资金融通,是中小企业发展面临的最大“瓶颈”。中小企业板(文中简称中小板)的设立开启了中小企业股权融资的平台,为中小企业中的佼佼者输送了发展的新鲜“血液”,推动了上市的中小企业企业再造和产业升级,拉动了区域经济的发展,为中小企业的发展树立了典范。
中小企业板上市公司(文中简称中小板公司)的经营管理质量关系着我国多层次资本市场的正常运行,也关系着中小企业股权融资渠道的持续通畅性。而内部控制不仅是驱动中小板公司提升自身管理质量的“引擎”,还可以为广大中小企业内部控制建设提供良好的学习“模板”。那么这一“引擎”运行的效果如何,是什么样的因素导致了其良好运行和不断改善,又是什么样的因素妨碍了其质量提升?本文将研究的视角锁定在影响内部控制的内外部环境上,毕竟内部控制实务发展到今天已经相对成熟,“拿来主义”非常之便捷,但是为什么同样的内部控制规则在有的公司能够落到实处,在某些公司却只能变成华丽的摆设呢?究其原因是由于其控制环境存在很大的差异。本文以中小板公司这一资本市场上特殊的群体为研究样本,试图分析影响中小板公司内部控制水平高低的内外部环境因素,以及内外环境对中小板公司内部控制水平的综合影响,从而为广大中小企业内部控制环境建设提供有参考价值的意见和建议。
围绕本文的中心意图,全文首先对内部控制的发展历程进行了简单回放,从历史的角度可以发现内部控制的变迁和公司内外部环境变化息息相关,控制环境是公司内部控制的宏观基础,对内部控制建设和完善起着基础性的作用。特别对当前中小板公司内部控制的制度背景进行了解析,认为对中小板公司而言,内部控制处于严格监管之下是其最大的制度背景。并从内部控制发展变迁之中找到了本文研究的理论基础,即委托代理理论和权变理论。
然后本文在对最近期间内部控制研究文献进行梳理的过程中发现,现有的研究成果少有站在控制环境的角度,即便有对控制环境进行的研究,也是从内部治理角度,而且针对诸如中小板公司这样的特殊群体控制环境进行的研究就少之又少了。这说明本文研究的视角是恰当的、有研究价值的。
那么究竟中小板公司内部控制建设的现状如何,影响这种现状的内外环境因素有哪些呢?为了回答这两个问题,本文用大量的数据对中小板公司内部控制的发展现状进行了分析,总的结论是中小板公司目前的内部控制水平从整体来看是比较好的,无论是从制度建设、制度执行还是制度执行的结果来看。但是中小板公司内部控制建设也呈现非常明显的特点,需要引起关注。
中小板公司内部控制的现状和特点与这一群体所处的内外部环境有直接的关系。由于内外部环境的复杂性和多样性,有必要先对控制环境边界进行界定。内部控制终极目的是实现公司的目标,那么影响公司目标实现的内部外部因素之和就构成了控制环境。本文分别对影响公司目标实现的内外部环境因素进行了归纳分析。认为针对中小板公司来看,影响其内部控制水平的外部环境因素主要有政府监管、社会监督、市场机制、区域经济社会进程四个方面；影响其内部控制水平的内部环境因素主要有公司经营稳定性、治理结构和特征、员工状况、高管激励四个方面。
在此基础上,本文分别内部和外部环境因素对内中小板公司内部控制水平的影响提出了研究假设和变量选择与定义,利用中小板公司2009年和2010年的数据,验证了内部和外部环境因素对中小板公司内部控制水平的影响程度。并进一步证明外部环境和内部环境有相互抵消其各自的负面影响,相互促进的作用。因此应继续强化内部控制建设的外部压力和环境建设,并优化外部监督的方式。同时通过企业内部环境的改善,将外部压力内化为内部控制建设和完善的动力,这样才能使中小板公司的内部控制达到持续改善,提升中小板公司的管理质量,利于中小板市场的可持续发展,推动中国中小企业的发展壮大。
本文的主要创新点在于：
1.对中小企业板公司的内部控制现状进行了系统分析,并总结归纳了其特点
目前的研究文献中少有对中小板公司内部控制现状进行系统研究的成果。对中小板的研究比较集中在中小板IPO抑价、股权分置改革的市场效应、中小板公司治理的特征、中小板公司的信息披露、中小板和创业板的比较、中小板公司的成长性等方面。本文用大量的数据从制度建设、制度执行及其执行结果系统地分析了中小板公司内部控制的现状,并对其特点进行了归纳和总结。
2.总结归纳了影响中小板公司内部控制水平的外部环境因素,以及它们对内部控制影响的机理,并用中小板公司的数据验证了外部环境因素对其内部控制水平的影响程度
由于从一开始中小板就处于一个特殊的发展环境中,外部环境因素成为约束其内部控制建设的重要推动力量。通过分析,本文认为影响中小板公司内部控制的外部环境因素主要是政府监管、社会监督、市场机制和区域宏观经济社会发展进程四个方面。因此利用中小板公司的数据,选择了相应的替代变量定义了影响公司内部控制水平的各外部环境因素,检验证明了区域市场化进程、区域综合发展情况、证券监管、会计师事务所社会监督和市场机制等外部环境因素对中小板公司内部控制的确产生了显著影响。这在以往的研究成果中还没有研究者从这个角度针对中小板公司内部控制进行过研究。
3.总结归纳了影响中小板公司内部控制水平的内部环境因素,以及他们是如何影响内部控制的,并用中小板公司的数据验证了内部环境因素对其内部控制水平的影响程度
虽然外部环境对于企业进行内部控制建设注入了良好的发展动力,但是持续影响中小板公司内部控制的仍然是内部环境因素。本文将影响中小板公司内部控制的内部环境归纳为公司经营稳定性、治理结构和特征、员工状况和高管激励制度四个方面。同样从这四个方面对中小板公司内部控制的影响设计了研究假设,选择了相关指标替代内部各环境因素变量,利用中小板公司的数据进行了实证检验。在研究设计中,特别植入了教育背景因素,发现董事长和员工教育背景对中小板内部控制产生了显著影响。而在以往的研究中多是从公司治理的角度研究影响内部控制的公司治理因素。
4.验证说明了内外部环境对中小板内部控制水平的综合和交互影响
内外环境构成了影响内部控制水平的一个整体。当它们作为一个整体时,可以发现内外部环境可以彼此消除对方的负面影响的显著性,说明当内外环境共同起作用时,对内部控制水平的提升有更强的影响；也可以发现内部环境是对中小板公司内部控制起基础性作用的因素,但是外部环境给内部环境带来巨大外部压力时,其作用更加明显。
对于中小板公司来说,由于其正处在发展的上升阶段,其自身内部控制建设的动力相对是不足的,实验数据也证实了这一点。因此应首先从外部对其内部控制建设进行严格监管。充分发挥证券交易所、会计师事务所的直接监管作用,把外部压力进一步做足。同时对中小板公司内部治理机制和激励机制进行引导,缩短将内部控制外在压力转化为内部自觉动力的时间,以期加快提升中小板公司内部控制质量,不仅有利于中国多层次资本市场的稳定发展,也有利恢复资本市场的信心,还可以为未上市的中小企业树立内部控制建设的典范,引导中小企业内部控制环境的改善。
After the financial crisis, all kinds of organizations are strongly appealed by both the international and domestic economic situation to change their thinking, and to seize the good opportunity of world economic recovery adjustment and transition. With the enhanced complexity and uncertainty of market changes, it is hard to sustain the extensive mode of development, which is hoped by the all kinds of organizations in the past. And it is necessary to improve the internal management of the organization, establish and perfect the internal control risk-oriented system, a rainy day, to calmly deal with the organizational development process in the face of various risks. Thus, in2010five ministries including the Ministry of Finance, Securities Futures Commission, the Audit Commission, the China Banking Regulatory Commission and Insurance Regulatory Commission jointly issued the Enterprise Internal Control Guidelines. This event not only mark the official formation of a separate system of internal control system of norms, but also open the new process for the Company's internal control construction in China.
SMEs are very important microscopic principal in China's national economy. By the end of2012, about5651million micro SMEs have been registered in the industrial and commercial administration departments across the whole country, which is more than99%of the total number of industrial and commercial registration. SMEs are the most dynamic elements of the economy, whose development promote the economic growth and activate the competition in the market. Meanwhile SMEs create a lot of jobs for the community and have become a driving force in technological innovation. However, the SMEs still face many problems and obstacles in the process of the development, which are in terms of abnormal huge financial pressure and backward management mode. Especially financing is the biggest "bottleneck" during development of small and medium-sized enterprises. The establishment of the SME board (text small plates) open platform of equity financing for SMEs, the development of fresh "blood" as a leader in the small and medium enterprises in the transport to promote the listed SME business reengineering and industrial upgrading, pulling regional economic development, and setting a good example for the development of SMEs.
The operation and management quality of the SME board listed company (small plates) is relationship with the normal operation of the multi-level capital market in China, and also about the continued patency of the equity financing channels for SMEs. Internal control not only drive small board company to enhance the quality of their own management "engine", also provide good "template" for the SME internal control construction. Then how the effect of the "engine" running is, what factors led to its good run and continue to improve and enhance the quality and what factors hinder the improvement of the quality? This paper will focus on the internal and external environment, which affect the internal control, after all, the internal control practice development today has been relatively mature, very convenient "ism", but why the same internal control rules in some companies to implement, but only in some companies into ornate furnishings? The reason is very different due to the control environment. In this paper, a special group of small plates on the capital markets will be as the sample for the study, attempt to analyze the internal and external environmental factors that affect the small plates internal quality control, and try our best to find the conclusion that whether the external environment has played a stronger impact on its internal quality control or the internal environment is better to promote the upgrade of its internal quality control, and the reference value of the comments and suggestions are provided for the majority of the SME internal control environment construction.
According to the center intent, in the first step, the paper will simple playback from a historical point of view about the development of internal control, which can find the closely relationship between the changes of the internal control and internal and external changes in the environment. The control environment is a macro basis of the company's internal control, and plays the most fundamental role for the internal control construction and the improvement Special by analyzing the current system of internal control background; it finds that the largest institutional background for the small plate's internal control is under the strict supervision. Found from the internal control development changes being the theoretical basis of this study, principal-agent theory, system theory and contingency theory.
In the second place, by investigating the last five years literature if the internal control, this paper finds there is rare research outcomes standing the point of control the environmental. Even if the research carried out on the control environment, internal governance perspective, and for such control environment of special groups such as small plates is extremely rare. This perspective of this study is appropriate and the research value.
In order to answer the two questions about what exactly is the status quo of the company's internal control construction of small plates and what internal and external environmental factors affect factors this situation, this paper uses a large amount of data to analyze a small board development status of the company's internal control. And the overall conclusion is that the small board company's current level of internal controls on the whole is relatively reasonable in terms of the system construction, information disclosure, irregularities, or the feedback from the research institutions internal control of listed companies construction. And the paper summarizes the characteristics of its internal control construction and development.
What the Internal control's status and characteristics of small plates is has the direct relationship with the internal and external environment. Because of the complexity and diversity of the internal and external environment, it is necessary to define the control environment boundary. The ultimate purpose of internal control is to achieve the company's goals, and then the internal and external factors affect the company's goals constitute the control environment. In this paper, the internal and external environmental factors that affect the company's goals were summarized and analyzed. From the view of small plates, the external environmental factors affecting the quality of internal controls include securities regulation, social supervision, market mechanisms, and regional economic and social process four companies operating stability; affect the quality of internal controls internal environmental factors include governance structure and characteristics, status of employees, executive incentive four aspects.
On this basis, this paper provides the assumptions and variables selection and definition against the internal and external environmental factors internal level of internal control of small plates. By using the small plates2009and2010data, it verifies that the internal and external environmental factors on the level of internal control of the small plates. And further proof of the influence exerted by the external environment, the level of internal control of the small plates is greater than the impact of the internal environment imposed. Therefore, it should continue to strengthen the internal control of the construction of the external pressure in order to optimize external oversight. Meanwhile, through the improvement of the internal environment and the external pressure into the internal control construction and improve the power, it will achieve continuous improvement in the small board company's internal control; enhance the quality of management of small plates. And by Conducive to the market of small plates of sustainable development, it promotes the development and growth of SMEs in China.
The main innovations of this paper are listed as follows:
1. Analyzing the SME board the company's internal control status quo system and summarizing its characteristics.
The current research literatures rare systematically study about the status of the small plate's internal control. The researchers are more concentrated in the market effect of IPO under pricing of small plates, split share structure reform, corporate governance characteristics of small plates, small plates of information disclosure, small board and GEM comparison, the growth of the company's small board and so on. With large amounts of data, this paper analyzes the status of small plate's internal control and summarizes its characteristics.
2. Theoretical deduction and empirical methods verifies the impact of the external environment on the level of internal control of the small plates
In a special environment for the development of small plates from the outset, the external environmental factors become an important driving force of the constraints of its internal control construction. By theoretical deduction, the external environmental factors that affect small board company internal control have four aspects of securities regulation, supervision, market mechanisms and regional macro-economic and social development process. This article uses data of small plates and chooses the alternative variable defines the external factors that affect the company's internal control. And external environmental factors on the small board company's internal control indeed had an impact empirical test methods, validation, and some factors also quite significant. There are no such researches in the past.
3. Theoretical deduction and empirical methods to verify the internal environment of the small plates level of internal control
Although the external environment for enterprise internal control construction injects a good momentum of development, but continuing impact of small plates within the company is still controlled by the internal environmental factors. This article summarizes the factors that the small plates within the company's internal control environment as the stability of the company, four aspects of governance structure and characteristics, employee status and executive incentive system. Studies assume that the same design of these four aspects of the internal control of small plates, select the relevant indicators instead of the internal environment factors variables, small board company data to an empirical test. Implanted in the design of the study, especially the educational background factors, the chairman of the board and staff education background produced a significant impact on small plate's internal control.
4. Analyzing the level of the comprehensive and interactive influence between the internal and external environment
When he internal and external environments are taken as a whole, the conflict is not generated between them. And significant can be found that they can eliminate the negative effects of each other on the internal control. This means that when the internal and external environment work together, there has a stronger effect to enhance the level of internal control. There can be also found that the internal environment is the fundamental factors on the internal control of small and medium-sized board company. But the internal environment's effect is more apparent under the external pressure.
For small plates, because of the rise is in the development stage, its own internal control of the construction of the power is inadequate, the experimental data also confirmed this. Therefore, it should first strict supervise from the outside of its internal control construction. Strengthen external pressure from giving full play to the direct supervision of the role of the stock exchange, the sponsor and CPA. Booting the small board of internal corporate governance mechanisms and incentives, shorting internal control external pressure into internal consciously powered, in order to accelerate the upgrade of the company's internal control quality of the small plates. Such way not only conducive to the stable development of the multi-level capital market, but also advantageous to restore confidence in the capital markets and the unlisted SMEs also establish internal control building model to guide the improvement of the SME internal control environment.
引文
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