内部控制、企业投资与公司期权价值!
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摘要
借鉴实物期权理论,本文考察了内部控制质量对企业投资决策和期权价值的影响。研究发现,良好的公司内部控制有助于公司高管层更好地把握投资机会,提高公司投资支出与投资机会的敏感性;良好的公司内部控制可以提高公司的投资效率,减少非效率投资尤其是过度投资。此外,给定净资产的前提下,如果公司的盈利能力较好,公司的内部控制会增加公司价值与净利润之间的凸增关系即增长期权价值;但是,给定净利润的前提下,如果公司的盈利能力较差,内部控制并不会增加公司价值与净资产之间的凸增关系即清算期权价值。本文的研究有助于更好地理解内部控制对公司价值影响的路径与作用机理,对于有关内部控制强制执行的争议也有重要的启示意义。
This paper investigates the effect of internal control quality on corporate investment decision-making and corporate option value.The empirical results show that good internal controls can increase the sensitivity between corporate investment and corporate growth opportunity,and improves enterprises’investment efficiency.Further,good internal controls can increase the equity value of growth options,but it cannot increase the equity value of put options.
This paper investigates the effect of internal control quality on corporate investment decision-making and corporate option value.The empirical results show that good internal controls can increase the sensitivity between corporate investment and corporate growth opportunity,and improves enterprises’investment efficiency.Further,good internal controls can increase the equity value of growth options,but it cannot increase the equity value of put options.
引文
陈汉文,周中胜.2014.内部控制质量与企业债务融资成本.南开管理评论,3:103~111
靳庆鲁,孔祥,侯青川.2012.货币政策、民营企业投资效率与公司期权价值.经济研究,5:96~106
靳庆鲁,薛爽,离春生.2010.市场化进程影响公司的增长与清算价值吗.经济学季刊,4:1485~1504
李万福,林斌,宋璐.2011.内部控制在公司投资中的角色:效率促进还是抑制?管理世界,2:81~99
周守华,胡为民,林斌,刘春丽.2013.2012年中国上市公司内部控制研究.会计研究,7:3~12
Ashbaugh-Skaife,H.,D.W.Collins,W.R.Kinney,and R.La Fond.2009.The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity.Journal of Accounting Research,47(1):1~43
Benish,M.D.,M.Billings,and L.Hodder.2008.Internal Control Weaknesses and Information Uncertainty.The Accounting Review,83(3):665~703
Cheng,M.,D.Dhaliwai,and Y.Zhang.2013.Does Investment Efficiency Improve after the Disclosure of Material Weaknesses in Internal Control over Financial Reporting.Journal of Accounting and Economics,56(1):1~18
Costello,A.M.,and R.Wittenberg-Moerman 2011.The Impact of Financial Reporting Quality on Debt Contracting:Evidence from Internal Control Weakness Reports.Journal of Accounting Research,49(1):97~136
Dhaliwal,D.,C.Hogan,R.Trezevant,and M.Wilkins.2011.Internal Control Disclosure,Monitoring,and the Cost of Debt.The Accounting Review,86(4):1131~1156
Rose,J.M.,C.S.Norman,and A.M.Rose.2010.Perceptions of Investment Risk Associated with Material Control Weakness Pervasiveness and Disclosure Detail.Accounting Review,85(5):1787~1807
靳庆鲁,孔祥,侯青川.2012.货币政策、民营企业投资效率与公司期权价值.经济研究,5:96~106
靳庆鲁,薛爽,离春生.2010.市场化进程影响公司的增长与清算价值吗.经济学季刊,4:1485~1504
李万福,林斌,宋璐.2011.内部控制在公司投资中的角色:效率促进还是抑制?管理世界,2:81~99
周守华,胡为民,林斌,刘春丽.2013.2012年中国上市公司内部控制研究.会计研究,7:3~12
Ashbaugh-Skaife,H.,D.W.Collins,W.R.Kinney,and R.La Fond.2009.The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity.Journal of Accounting Research,47(1):1~43
Benish,M.D.,M.Billings,and L.Hodder.2008.Internal Control Weaknesses and Information Uncertainty.The Accounting Review,83(3):665~703
Cheng,M.,D.Dhaliwai,and Y.Zhang.2013.Does Investment Efficiency Improve after the Disclosure of Material Weaknesses in Internal Control over Financial Reporting.Journal of Accounting and Economics,56(1):1~18
Costello,A.M.,and R.Wittenberg-Moerman 2011.The Impact of Financial Reporting Quality on Debt Contracting:Evidence from Internal Control Weakness Reports.Journal of Accounting Research,49(1):97~136
Dhaliwal,D.,C.Hogan,R.Trezevant,and M.Wilkins.2011.Internal Control Disclosure,Monitoring,and the Cost of Debt.The Accounting Review,86(4):1131~1156
Rose,J.M.,C.S.Norman,and A.M.Rose.2010.Perceptions of Investment Risk Associated with Material Control Weakness Pervasiveness and Disclosure Detail.Accounting Review,85(5):1787~1807