网络出版日期: 2017-03-23
基金资助
国家自然科学基金项目“中国上市公司内部控制水平与溢价研究”（项目号：71372047）；北京市哲学社会科学规划项目“北京市上市公司内部控制水平评价”（项目号：13JGB010）
Internal Control and Corporate Performance: Industry Clustering Analysis and An Empirical Test Based on Chinese Listed Companies
基于2008—2014年我国A股主板和中小板上市公司12625个观察值，按照总体样本与行业样本分别检验内部控制与企业绩效的关系，结果表明:内部控制与总体上市公司以及三大行业上市公司的绩效均呈显著正相关，但内部控制对企业绩效的影响存在行业差异，即在技术密集型和劳动密集型行业中的影响显著强于资本密集型行业。因此，政策制订部门可扩大内部控制规范体系实施范围，逐步推动中小板、创业板上市公司与非上市大中型企业提前实施内部控制规范体系，并重点督导资本密集型行业内部控制的建立健全和实施情况，同时，资本密集型企业管理层应针对本企业特征建立相匹配的内部控制体系。
黄小琳 , 陈关亭 . 上市公司内部控制与绩效——基于行业聚类的分析[J]. 华东师范大学学报(哲学社会科学版), 2017 , 49(2) : 173 -180 . DOI: 10.16382/j.cnki.1000-5579.2017.02.018
Based on the 12625 observations of the listed companies in China, this paper examines the relationship between internal control and corporate performance in accordance with the overall samples and industry samples. We find that there is a positive correlation between internal control and corporate performance in the overall listed companies and various industries samples. However, the impact of internal control on corporate performance is different in various industries: the impact is significantly stronger in the technology-intensive and labor-intensive industry than in the capital-intensive industry. Therefore, we suggest that policy makers should expand the scope of implementation of internal control standards, gradually promote the implementation of internal control standard in the SME board, GEM listed companies and large and medium-sized unlisted enterprises, and develop internal control guidelines for related industries when it is necessary. In addition, we suggest that the capital-intensive corporate management should establish an adaptive internal control system according to the characteristics of the internal control in order to improve corporate performance.
Key words： internal control; industry cluster; firm performance; listed company
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