内部控制有效性、关系型交易与企业声誉
|
摘要
区别于以往从声誉的影响力如何渗透到企业绩效、价值评估及投融资行为等的研究,本文剖析了关系型治理机制(关系型交易)与内部控制治理机制的融合作用机理,考察两种不同治理机制的交互作用对企业声誉机制的影响。实证结果表明,供应商或客户关系型交易的增加对企业声誉机制具有显著的负面效应;进一步研究发现,内部控制有效性的提升对关系型交易侵蚀企业声誉具有一定的抑制作用,改善和提升了企业的社会形象。研究表明,企业声誉的维护,既要关注企业商业交易模式的合理选择,也要注重企业内部风险管理的优化和控制环境的改善。
Different from the previous researches of reputation on the enterprise performance, value assessment and investment & financing behavior, this paper analyzes the governance mechanism of relationship(relational transaction) and the governance mechanism of internal control, and examines the impact of the interaction of two different governance mechanisms on the corporate reputation mechanism. The empirical results show that the increase of supplier or customer relational transactions has a significant negative effect on the corporate reputation mechanism. Further study has found that the improvement of the effectiveness of internal control has a certain decrease on the damage of reputation and enhances the corporate social image. The research shows that the maintenance of corporate reputation should not only pay attention to the reasonable choice of business transaction mode, but also pay attention to the optimization of internal risk management and the improvement of control environment.
Different from the previous researches of reputation on the enterprise performance, value assessment and investment & financing behavior, this paper analyzes the governance mechanism of relationship(relational transaction) and the governance mechanism of internal control, and examines the impact of the interaction of two different governance mechanisms on the corporate reputation mechanism. The empirical results show that the increase of supplier or customer relational transactions has a significant negative effect on the corporate reputation mechanism. Further study has found that the improvement of the effectiveness of internal control has a certain decrease on the damage of reputation and enhances the corporate social image. The research shows that the maintenance of corporate reputation should not only pay attention to the reasonable choice of business transaction mode, but also pay attention to the optimization of internal risk management and the improvement of control environment.
引文
[1]陈正林,王彧.供应链集成影响上市公司财务绩效的实证研究[J].会计研究,2014,(2):49-56.
[2]程新生,谭有超,刘建梅.非财务信息、外部融资与投资效率——基于外部制度约束的研究[J].管理世界,2012,(7):137-150+188.
[3]方红星,张勇.供应商/客户关系型交易、盈余管理与审计师决策[J].会计研究,2016,(1):79-86.
[4]胡旭阳.中介机构的声誉与股票市场信息质量——对我国股票市场中介机构作用的实证研究[J].证券市场导报,2003,(2):58-61.
[5]李明辉,王学军.上市商业银行内部控制信息披露研究[J].金融研究,2004,(5):53-63.
[6]李增泉,叶青,贺卉.企业关联、信息透明度与股价特征[J].会计研究,2011,(1):44-51.
[7]林钟高,陈曦.社会信任、内部控制重大缺陷及其修复与财务风险[J].当代财经,2016,(6):118-129.
[8]林钟高,郑军,彭琳.关系型交易、盈余管理与盈余反应——基于主要供应商和客户视角的经验证据[J].审计与经济研究,2014,(2):47-57.
[9]刘凤委,张人骥,崔磊磊.地区市场化进程、市场分割与公司关联交易行为[J].财经研究,2007,(6):43-54.
[10]刘扬,刘彬星,邹亚男,肖翔.论企业社会责任、盈余管理与企业声誉[J].时代金融,2014,(32):196-197.
[11]陆正飞,杨德明.商业信用:替代性融资,还是买方市场?[J].管理世界,2011,(4):6-14.
[12]石军伟,胡立君,付海艳.企业社会责任、社会资本与组织竞争优势:一个战略互动视角——基于中国转型期经验的实证研究[J].中国工业经济,2009,(11):87-98.
[13]唐跃军.供应商、经销商议价能力与公司业绩——来自2005-2007年中国制造业上市公司的经验证据[J].中国工业经济,2009,(10):67-76.
[14]王少飞,周国良,何小杨,于旭辉.关系型投资与审计行为[J].财经研究,2010,(5):16-25.
[15]肖海莲,胡挺.大股东侵占、公司声誉与公司绩效——基于中国上市公司的经验证据[J].财贸研究,2007,(6):108-114.
[16]徐虹,林钟高,李倩.内部控制、关系型交易与非效率投资[J].南京审计学院学报,2014,11(5):75-85.
[17]徐虹,林钟高,王鑫.关系型交易、内部控制与盈余管理——基于应计与真实盈余管理的经验证据[J].会计与经济研究,2015,(3):57-77.
[18]杨兴龙,孙芳城,陈丽蓉.内部控制与免疫系统:基于功能分析法的思考[J].会计研究,2013,(3):65-71+96.
[19]杨有红,汪薇.2006年沪市公司内部控制信息披露研究[J].会计研究,2008,(3):35-42.
[20]张敏,马黎珺,张胜.供应商—客户关系与审计师选择[J].会计研究,2012,(12):81-86+95.
[21]Allen,F.,Babus,A.Networks in Finance[R].Working Paper,University of Pennsylvania,2008.
[22]Ashbaugh-Skaife,H.,Collins,D.W.,Kinney Jr,W.,La Fond,R.The Effect of SOX Internal Control Deficiencies and their Remediation on Accrual Quality[J].The Accounting Review,2008,83(1):217-250.
[23]Baker,M.,Stein,J.C.,Wurgler,J.When Does the Market Matter?Stock Prices and the Investment of Equity-Dependent Firms[J].The Quarterly Journal of Economics,2003,118:969-1005.
[24]Ball,R.,Kothari,S.P.,Robin,A.The Effect of International Institutional Factors on Properties of Accounting Earnings[J].Journal of Accounting and Economics,2000,29(1):1-51.
[25]Botosan,C.A.Disclosure Level and the Cost of Equity Capital[J].The Accounting Review,1997,72(3):323-349.
[26]Chan,K.C.,Farrell,B.,Lee,P.Earnings Management of Firms Report ing Material Internal Cont rol Weaknesses under Section 404 of the Sarbanes-Oxley Act[J].Auditing:A Journal of Practice&Theory,2008,(27):161-179.
[27]Chen,C.J.,Li,Z.,Su,Xi.,Yao,Y.Relationshipspecific Investment and Accounting Conservatism:Effect of Customers and Suppliers[R].Working Paper,City University of Hong Kong,2008.
[28]Dou,Y.,Hope,O.,Thomas,W.B.Relationshipspecificity,Contract Enforceability,and Income Smoothing[J].The Accounting Review,2013,88(5):1629-1656.
[29]Doyle,J.T.,Ge,W.,Mc Vay,S.Determinant of Weakness in Internal Control over Financial Reporting[J].Journal of Accounting Economics,2007a,44(1-2):193-223.
[30]Doyle,J.T.,Ge,W.,Mc Vay,S.Accruals Quality and Internal Control over Financial Reporting[J].The Accounting Review,2007b,82(5):1141-1170.
[31]Dyer,J.H.,Singh,H.The Relational View:Cooperative Strategy and Sources of Interorganizational Competitive Advantage[J].Academy of Management Review,1998,23(4):660-679.
[32]Fan,J.P.,Jian,M.,Yeh,Y.H.Family Firm Succession:The Roles of Specialized Assets and Transfer Costs[R].Working Paper,2007.
[33]Fomburn,C.J.,Rindova,V.Who’s Tops and Who Decides?The Social Construction of Corporate Reputations[R].Working Paper,New York University,1996.
[34]Francis,J.,Huang,A.H.,Rajgopal,S.,Zang,A.Y.CEO Reputation and Earnings Quality[J].Contemporary Accounting Research,2008a,25(1):109-147.
[35]Francis,J.,Nanda,D.,Olsson,P.Voluntary Disclosure,Earnings Quality,and Cost of Capital[J].Journal of Accounting Research,2008b,46(1):53-99.
[36]Graham,J.R.,Harvey,C.R.,Rajgopal,S.The Economic Implications of Corporate Financial Reporting[J].Journal of Accounting and Economics,2005,40(1-3):3-73.
[37]Grossman,S.J.,Hart,O.D.Takeover Bids,the FreeRider Problem,and the Theory of the Corporation[J].The Bell Journal of Economics,1980,11(1):42-64.
[38]Healy,P.M.,Wahlen,J.M.A Review of the Management Literature and Its Implications for Standard Setting[J].Accounting Horizons,1999,13(4):365-383.
[39]Hwang,P.Asset Specificity and the Fear of Exploitat ion[J].Jou rna l of Econom ic Behav ior a nd Organization,2006,60:423-438.
[40]Jin,L.,Myers,S.C.R2 around the World:New Theory and New Tests[J].Journal of Financial Economics,2006,79(2):257-292.
[41]Kaplan,S.E.,Ravenscroft,S.P.The Reputation Effects of Earnings Management in the Internal Labor Market[J].Business Ethics Quarterly,2004,14(3):453-478.
[42]Kletin,B.,Crawford,R.,Alchian,A.Vertical Integration,Appropriable Rents,and the Competitive Contracting Process[J].The Journal of Law and Economics,1978,21(2):297-326.
[43]Kong,X.Why are Social Network Transactions Important?Evidence Based on the Concentration of Key Suppliers and Customers in China[J].China Journal of Accounting Research,2011,(3):121-133.
[44]Lado,A.A.,Dant,R.R.,Tekleab,A.G.Trustopportunism Paradox,Rationalism,and Performance in Interfirm Relationships:Evidence from the Retail Industry[J].Strategic Management Journal,2008,29:401-423.
[45]Mc Millan,J.,Woodruff,C.Interfirm Relationships and Informal Credit in Vietnam[J].Quarterly Journal of Economics,1999,114(4):1285-1320.
[46]Milgrom,P.Good News and Bad News Representations Theorems and Applications[J].Bell Journal of Economics,1981,12:18-32.
[47]Moskowitz,M.Choosing Socially Responsible Stocks[J].Business and Society,1972,(1):71-75.
[48]Porter,M.E.How Competitive Forces Shape Strategy[M]//Competition and Strategy.MA:Harvard Business School,1991.
[49]Suutari,R.Understanding Industry Structure[J].CMA Management,2000,73:34-37.
[50]Williamson,O.E.The Economic Institutions of Capitalism[M].New York:Free Press,1985.
[2]程新生,谭有超,刘建梅.非财务信息、外部融资与投资效率——基于外部制度约束的研究[J].管理世界,2012,(7):137-150+188.
[3]方红星,张勇.供应商/客户关系型交易、盈余管理与审计师决策[J].会计研究,2016,(1):79-86.
[4]胡旭阳.中介机构的声誉与股票市场信息质量——对我国股票市场中介机构作用的实证研究[J].证券市场导报,2003,(2):58-61.
[5]李明辉,王学军.上市商业银行内部控制信息披露研究[J].金融研究,2004,(5):53-63.
[6]李增泉,叶青,贺卉.企业关联、信息透明度与股价特征[J].会计研究,2011,(1):44-51.
[7]林钟高,陈曦.社会信任、内部控制重大缺陷及其修复与财务风险[J].当代财经,2016,(6):118-129.
[8]林钟高,郑军,彭琳.关系型交易、盈余管理与盈余反应——基于主要供应商和客户视角的经验证据[J].审计与经济研究,2014,(2):47-57.
[9]刘凤委,张人骥,崔磊磊.地区市场化进程、市场分割与公司关联交易行为[J].财经研究,2007,(6):43-54.
[10]刘扬,刘彬星,邹亚男,肖翔.论企业社会责任、盈余管理与企业声誉[J].时代金融,2014,(32):196-197.
[11]陆正飞,杨德明.商业信用:替代性融资,还是买方市场?[J].管理世界,2011,(4):6-14.
[12]石军伟,胡立君,付海艳.企业社会责任、社会资本与组织竞争优势:一个战略互动视角——基于中国转型期经验的实证研究[J].中国工业经济,2009,(11):87-98.
[13]唐跃军.供应商、经销商议价能力与公司业绩——来自2005-2007年中国制造业上市公司的经验证据[J].中国工业经济,2009,(10):67-76.
[14]王少飞,周国良,何小杨,于旭辉.关系型投资与审计行为[J].财经研究,2010,(5):16-25.
[15]肖海莲,胡挺.大股东侵占、公司声誉与公司绩效——基于中国上市公司的经验证据[J].财贸研究,2007,(6):108-114.
[16]徐虹,林钟高,李倩.内部控制、关系型交易与非效率投资[J].南京审计学院学报,2014,11(5):75-85.
[17]徐虹,林钟高,王鑫.关系型交易、内部控制与盈余管理——基于应计与真实盈余管理的经验证据[J].会计与经济研究,2015,(3):57-77.
[18]杨兴龙,孙芳城,陈丽蓉.内部控制与免疫系统:基于功能分析法的思考[J].会计研究,2013,(3):65-71+96.
[19]杨有红,汪薇.2006年沪市公司内部控制信息披露研究[J].会计研究,2008,(3):35-42.
[20]张敏,马黎珺,张胜.供应商—客户关系与审计师选择[J].会计研究,2012,(12):81-86+95.
[21]Allen,F.,Babus,A.Networks in Finance[R].Working Paper,University of Pennsylvania,2008.
[22]Ashbaugh-Skaife,H.,Collins,D.W.,Kinney Jr,W.,La Fond,R.The Effect of SOX Internal Control Deficiencies and their Remediation on Accrual Quality[J].The Accounting Review,2008,83(1):217-250.
[23]Baker,M.,Stein,J.C.,Wurgler,J.When Does the Market Matter?Stock Prices and the Investment of Equity-Dependent Firms[J].The Quarterly Journal of Economics,2003,118:969-1005.
[24]Ball,R.,Kothari,S.P.,Robin,A.The Effect of International Institutional Factors on Properties of Accounting Earnings[J].Journal of Accounting and Economics,2000,29(1):1-51.
[25]Botosan,C.A.Disclosure Level and the Cost of Equity Capital[J].The Accounting Review,1997,72(3):323-349.
[26]Chan,K.C.,Farrell,B.,Lee,P.Earnings Management of Firms Report ing Material Internal Cont rol Weaknesses under Section 404 of the Sarbanes-Oxley Act[J].Auditing:A Journal of Practice&Theory,2008,(27):161-179.
[27]Chen,C.J.,Li,Z.,Su,Xi.,Yao,Y.Relationshipspecific Investment and Accounting Conservatism:Effect of Customers and Suppliers[R].Working Paper,City University of Hong Kong,2008.
[28]Dou,Y.,Hope,O.,Thomas,W.B.Relationshipspecificity,Contract Enforceability,and Income Smoothing[J].The Accounting Review,2013,88(5):1629-1656.
[29]Doyle,J.T.,Ge,W.,Mc Vay,S.Determinant of Weakness in Internal Control over Financial Reporting[J].Journal of Accounting Economics,2007a,44(1-2):193-223.
[30]Doyle,J.T.,Ge,W.,Mc Vay,S.Accruals Quality and Internal Control over Financial Reporting[J].The Accounting Review,2007b,82(5):1141-1170.
[31]Dyer,J.H.,Singh,H.The Relational View:Cooperative Strategy and Sources of Interorganizational Competitive Advantage[J].Academy of Management Review,1998,23(4):660-679.
[32]Fan,J.P.,Jian,M.,Yeh,Y.H.Family Firm Succession:The Roles of Specialized Assets and Transfer Costs[R].Working Paper,2007.
[33]Fomburn,C.J.,Rindova,V.Who’s Tops and Who Decides?The Social Construction of Corporate Reputations[R].Working Paper,New York University,1996.
[34]Francis,J.,Huang,A.H.,Rajgopal,S.,Zang,A.Y.CEO Reputation and Earnings Quality[J].Contemporary Accounting Research,2008a,25(1):109-147.
[35]Francis,J.,Nanda,D.,Olsson,P.Voluntary Disclosure,Earnings Quality,and Cost of Capital[J].Journal of Accounting Research,2008b,46(1):53-99.
[36]Graham,J.R.,Harvey,C.R.,Rajgopal,S.The Economic Implications of Corporate Financial Reporting[J].Journal of Accounting and Economics,2005,40(1-3):3-73.
[37]Grossman,S.J.,Hart,O.D.Takeover Bids,the FreeRider Problem,and the Theory of the Corporation[J].The Bell Journal of Economics,1980,11(1):42-64.
[38]Healy,P.M.,Wahlen,J.M.A Review of the Management Literature and Its Implications for Standard Setting[J].Accounting Horizons,1999,13(4):365-383.
[39]Hwang,P.Asset Specificity and the Fear of Exploitat ion[J].Jou rna l of Econom ic Behav ior a nd Organization,2006,60:423-438.
[40]Jin,L.,Myers,S.C.R2 around the World:New Theory and New Tests[J].Journal of Financial Economics,2006,79(2):257-292.
[41]Kaplan,S.E.,Ravenscroft,S.P.The Reputation Effects of Earnings Management in the Internal Labor Market[J].Business Ethics Quarterly,2004,14(3):453-478.
[42]Kletin,B.,Crawford,R.,Alchian,A.Vertical Integration,Appropriable Rents,and the Competitive Contracting Process[J].The Journal of Law and Economics,1978,21(2):297-326.
[43]Kong,X.Why are Social Network Transactions Important?Evidence Based on the Concentration of Key Suppliers and Customers in China[J].China Journal of Accounting Research,2011,(3):121-133.
[44]Lado,A.A.,Dant,R.R.,Tekleab,A.G.Trustopportunism Paradox,Rationalism,and Performance in Interfirm Relationships:Evidence from the Retail Industry[J].Strategic Management Journal,2008,29:401-423.
[45]Mc Millan,J.,Woodruff,C.Interfirm Relationships and Informal Credit in Vietnam[J].Quarterly Journal of Economics,1999,114(4):1285-1320.
[46]Milgrom,P.Good News and Bad News Representations Theorems and Applications[J].Bell Journal of Economics,1981,12:18-32.
[47]Moskowitz,M.Choosing Socially Responsible Stocks[J].Business and Society,1972,(1):71-75.
[48]Porter,M.E.How Competitive Forces Shape Strategy[M]//Competition and Strategy.MA:Harvard Business School,1991.
[49]Suutari,R.Understanding Industry Structure[J].CMA Management,2000,73:34-37.
[50]Williamson,O.E.The Economic Institutions of Capitalism[M].New York:Free Press,1985.