经营环境不确定性、内部控制质量与国有上市公司的价值创造效果
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摘要
当前国内外政治经济形势和市场环境愈加复杂,不确定经营环境中管理着庞大国有资产的国有上市公司应对不确定性并创造价值的能力事关国民经济的可持续发展。以截止2010年底在沪深交易所主板上市的国有上市公司为样本,跟踪2014至2016年内控质量的价值创造效果,并以不确定经营环境为研究情境展开实证检验。结果显示,内控规范体系实施后,国有上市公司建设的良好内控能够提升其价值创造效果;然而,在不确定经营环境中,现有的内控系统尚不具有价值创造效应。研究表明,国有上市公司的内控质量尚不乐观,有必要针对不确定经营环境改进风险识别与评估机制和突发事件应对机制等内控机制,以期提高应对不确定性的动态能力和价值创造核心能力。
引文
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[8] Engel E,Hayes R M,Wang X. The Sarbanes–Oxley Act and firms’going-private decisions[J]. Journal of Accounting and Economics,2007,44(12):116-145.
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[16]林钟高,徐虹,李倩.内部控制、关系网络与企业价值[J].财经问题研究,2014(1):88-96.
[17]阮磊,刘玉廷,王艺霖.上市公司内部控制价值溢出效应研究[J].统计与决策,2016(8):186-188.
[18]杨清香,廖甜甜.内部控制、技术创新与价值创造能力的关系研究[J].管理学报,2017(8):1190-1198.
[19]林钟高,郑军.基于契约视角的企业内部控制研究[J].会计研究,2007(10):53-61.
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[21]贺远琼,陈昀.不确定环境中高管团队规模与企业绩效关系的实证研究—基于中国制造业上市公司的证据[J].科学学与科学技术管理,2009(2):123-128.
[22]崔志娟,刘源.上市公司内部控制报告的可靠性评价—基于2008-2010年沪市公司年报重述的分析[J].南开管理评论,2013(1):64-69.
[23]王惠芳.内部控制缺陷认定:现状,困境及基本框架重构[J].会计研究,2011(8):61-67.
[24]方心童,高诚昊.我国城市商业银行价值创造能力研究—基于经济增加值(EVA)绩效考核视角[J].财经问题研究,2015(2):52-58.
[25]阮素梅,杨善林.上市公司价值创造能力:所有制与控制权的配合效应[J].江淮论坛,2013(5):41-48.
[26]Henry T F,Shon J J,Weiss R E. Does executive compensation incentivize managers to create effective internal control systems?[J]. Research in Accounting Regulation,2011,23:46-59.
(1)篇幅考虑,未报告模型(1)的稳健性检验结果。
[2] Hammersley J,Myers L,Shakespeare C.Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under Section 302 of the Sarbanes–Oxley Act of 2002[J]. Review of Accounting Studies,2008,13(1):141-165.
[3]Ashbaugh-Skaife H,Collins D,Kinney W R,et al. The effect of SOX internal control deficiencies on firm risk and cost of equity capital[J]. Journal of Accounting Research,2009,47:1-43.
[4]Beneish D,Billings M,Hodder L. Internal control weaknesses and information uncertainty[J].The Accounting Review,2008,83(3):665-703.
[5]Altamuro J,BEATTY A. How does internal control regulation affect financial reporting?[J]. Journal of Accounting and Economics,2010,49(12):58-74.
[6] Cheng M,Dhaliwal D,Zhang Y. Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting[J]. Journal of Accounting and Economics,2013,56:1-18.
[7]Zhang I. Economic consequences of the Sarbanes-Oxley Act of 2002[J]. Journal of Accounting and Economics,2007,44:75-122.
[8] Engel E,Hayes R M,Wang X. The Sarbanes–Oxley Act and firms’going-private decisions[J]. Journal of Accounting and Economics,2007,44(12):116-145.
[9]Cohend D,Dey A,Lys T. Real and accrual based earnings management in the pre-and post-Sarbanes–Oxley periods[J]. The Accounting Review,2008,83(3):757-787.
[10] Lenard M J,Petruskaetruska K A,Alam P,et al. Internal control weaknesses and evidence of real activities manipulation[J]. Advances in Accounting,incorporating Advances in International Accounting,2016,33:47-58.
[11]Dowdell T D,Kim J C,Klamm B K,et al.Internal control reporting and market liquidity[J].Research in Accounting Regulation,2013,25:30-40.
[12]林钟高,郑军,王书珍.内部控制与企业价值研究—来自沪深两市A股的经验分析[J].财经研究,2007(4):132-143.
[13]肖华,张国清.内部控制质量、盈余持续性与公司价值[J].会计研究,2013(5):73-80.
[14]池国华,杨金.高质量内部控制能够改善公司价值创造效果吗?—基于沪市A股上市公司的实证研究[J].财经问题研究,2013(8):94-101.
[15]杨松令,解晰,张伟央.央企控股上市公司内部控制质量与企业价值关系研究[J].经济管理,2014(7):90-98.
[16]林钟高,徐虹,李倩.内部控制、关系网络与企业价值[J].财经问题研究,2014(1):88-96.
[17]阮磊,刘玉廷,王艺霖.上市公司内部控制价值溢出效应研究[J].统计与决策,2016(8):186-188.
[18]杨清香,廖甜甜.内部控制、技术创新与价值创造能力的关系研究[J].管理学报,2017(8):1190-1198.
[19]林钟高,郑军.基于契约视角的企业内部控制研究[J].会计研究,2007(10):53-61.
[20]王月辉,王利,缪祺.环境不确定性对动态营销能力及其绩效的影响—基于450个企业样本的实证研究[J].系统工程,2015(4):57-65.
[21]贺远琼,陈昀.不确定环境中高管团队规模与企业绩效关系的实证研究—基于中国制造业上市公司的证据[J].科学学与科学技术管理,2009(2):123-128.
[22]崔志娟,刘源.上市公司内部控制报告的可靠性评价—基于2008-2010年沪市公司年报重述的分析[J].南开管理评论,2013(1):64-69.
[23]王惠芳.内部控制缺陷认定:现状,困境及基本框架重构[J].会计研究,2011(8):61-67.
[24]方心童,高诚昊.我国城市商业银行价值创造能力研究—基于经济增加值(EVA)绩效考核视角[J].财经问题研究,2015(2):52-58.
[25]阮素梅,杨善林.上市公司价值创造能力:所有制与控制权的配合效应[J].江淮论坛,2013(5):41-48.
[26]Henry T F,Shon J J,Weiss R E. Does executive compensation incentivize managers to create effective internal control systems?[J]. Research in Accounting Regulation,2011,23:46-59.
(1)篇幅考虑,未报告模型(1)的稳健性检验结果。