【作者】 李晓；

【导师】 郑春美；

【作者基本信息】 武汉大学 ， 会计学， 2019， 博士

【摘要】 企业设计、实施内部控制是遵守法律、法规,确保财务报告真实、可靠,强化经营效率、效果的制度性安排。内部控制具有牵制与约束、防护与引导、监督与影响以及衡量与评价等基本职能,为促进企业实现运营目标提供有效保障。那么,在我国现阶段经济转型的战略机遇期,企业内部控制建设是否对运营绩效产生了显著的促进效应?对此,尚有待开展进一步的全面检验。社会发展的实践表明,企业开展社会责任活动是其生存与发展的基本要求。企业做出重大决策时应充分考虑利益相关者的正当权益,通过开展社会责任活动以满足利益相关各方的期望和诉求。与此同时,考虑到企业是科技创新的主体,探求驱动创新的因素是提升经济增长动力的关键。那么,现阶段企业社会责任实践是否对自身的创新活动产生了显著的积极效应?而且,《内部控制应用指引第4号――社会责任》亦将社会责任融入到了内部控制规范体系之中。那么,企业社会责任是否在内部控制与创新产出效率之间具有一定的作用机制?对此,尚有待开展进一步的深入检验。根据以上现实考虑,本文梳理内部控制与运营绩效、企业社会责任的相关文献;并进行理论分析,确定内部控制有效性、运营绩效及企业社会责任的估算指标。进而,从内部控制有效性视角开展相应的实证分析,以期促进企业内部控制体系的后续建设,为强化运营绩效提供经验证据和对策建议,有效提升企业治理水平并回馈利益相关各方的期望和诉求。通过本文的理论分析与实证检验,得出以下主要结论并提出了相应的对策建议。第一,本文在现有分析权益资本成本、债务资本成本影响因素相关文献的基础上,较为全面地阐明内部控制对融资成本的影响效应。研究表明,有效的内部控制有助于降低权益资本成本和债务资本成本,有利于以较低的融资成本获取运营资金。由此,本文建议监管部门对内部控制的运行状况进行监督检查,促使内部控制的改善成为“新常态”,降低投资者和债权人的风险感知度;提升内部控制的执行力,发挥内部控制的风险免疫功能,使其真正成为风险防范和提升融资效率的中坚力量。第二,在现有文献对内部控制与过度投资的关系进行演绎推理的基础上,本文从较为宽泛的视角,演绎推理内部控制对过度投资、投资不足的影响;在采用系统GMM方法估计Richardson(2006)动态面板模型的同时,参考辛清泉等(2007)的测度方法,更为深入细致地评价企业的投资效率状况。结果表明,有效的内部控制能够抑制不合理的决策导致的过度投资行为,而现阶段企业内部控制未能有效抑制投资不足现象。企业健全内部控制体系并确保其有效运行,抑制非效率投资仍应是实现长远发展的战略任务。基于此,建议监管部门为内部控制的有效实施提供必要的法制保障,克服非效率投资问题以促进经济结构转型升级;应通过内部控制建设激发组织活力,有效抑制企业的投资不足现象,促使内部控制体系真正成为强化投资效率的坚定力量。第三,本文在区分企业长期、短期财务绩效的基础上,深入分析内部控制对财务绩效的影响效应。研究阐明,有效的内部控制对短期财务绩效产生了显著的积极效应;有效的内部控制亦显著促进了长期财务绩效得以明显提升。由此,本文建议在企业内部落实内部控制问责制,保障内部控制相关政策和程序的有效落实,缓解利益相关各方的信息不对称问题;提升内部控制规范体系的法律地位,建构完善的内部控制规范体系,以更好地发挥其对财务绩效的积极增进效应。第四,鉴于企业是科技创新的主体,探求驱动创新的因素是提升经济增长动力的关键。本文在从权责发生制、现金流动制两个维度对企业社会责任进行评价的基础上,探求企业社会责任实践在内部控制与创新绩效之间可能的中介效应,以及在研发投入与创新绩效之间可能的调节作用。结果表明,强化内部控制的有效性显著增进企业的创新绩效以及对社会责任的承担水平;内部控制对创新产出效率的促进作用受制于产权性质,在国有企业中,内部控制对创新绩效未呈现出显著的积极影响;而在非国有企业中,企业承担社会责任在内部控制提升创新绩效过程中发挥出部分中介效应,但这一中介效应未体现在国有企业中;企业履行社会责任在研发投入转化为创新成果过程中具有积极的有调节效应,但这一效应主要体现在国有企业内部。基于此,本文建议确保内部控制的运行有效性,探索跨所有权企业间的科技合作,将技术研发行为纳入企业的社会责任战略,合作开展重大技术的突破性研发,进一步提升创新绩效以回馈利益相关各方的期望,保持企业与利益相关各方的紧密联系。更多还原

【Abstract】 Internal control is an institutional arrangement for enterprises to abide by laws and regulations,ensure the authenticity and reliability of financial reports,and strengthen the efficiency and effectiveness of operations.Internal control has such basic functions as containment and restraint,protection and guidance,supervision and influence,as well as measurement and evaluation,providing an effective guarantee for enterprises to achieve business objectives.Then,in the strategic opportunity period of China’s current economic transformation,whether the construction of internal control has brought the promoting effect significantly on the operational performance of enterprises? In view of this reality,the further comprehensive tests are needed.The practice of social development shows that the activities of social responsibilit y is the basic requirement for the survival and development of enterprises.When making the important decisions,enterprises should ful y consider the legitimate rights and interests of stakeholders,and meet the expectations and requirements of stakeholders through the activities of social responsibility.At the same time,the author considers that enterprises are the main body of scientific and technological innovation,and the exploration of factors driving innovation is the key to improve the power of economic growth.Then,does the practice of corporate social responsibility(CSR)have a significant positive effect on the innovation activities? Moreover,in the “No.4 of Guidelines for the Application of Internal Control: Social Responsibility,” CSR is also integrated into the standard system of internal control.Then,does CSR have a certain mechanism between the internal control of enterprises and the efficiency of innovat io n output? In view of this reality,the further tests are needed deeply.Based on the above practical considerations,this paper reviews the relevant literatures on internal control,operational performance and corporate social responsibility.In addition,the theoretical analyses are carried out to determine the estimated indicators of the effectiveness of internal control,operational performance and CSR.Then,the corresponding empirical analyses are carried out from the perspective of the effectiveness of internal control.This paper aims to promote the follow-up construction of internal control,provide empirical evidences and countermeasures for strengthening the operation performance,so as to effectively improve the level of corporate governance and feedback the expectations and appeals of stakeholders.Through the theoretical analyses and empirical tests,this study draws the following main conclusions and puts forward the corresponding suggestions.Firstly,based on the existing literatures on the factors affecting the cost of equity capital or the cost of debt capital,the author comprehensively ilustrates the impact of internal control on the cost of financing.The research shows that the effective internal control is helpful to reduce the costs of equity capital and debt capital,and to obtain the working capital with lower financing cost.Therefore,the author suggests that the regulatory authorities should supervise and inspect the operation of internal control to make the improvement of internal control a “New Normality,” so as to reduce the risk perception of investors and creditors.Enterprises should enhance the execution of internal control,give play to the “risk immunity” function of internal control,and make it become the core force to prevent risks and improve financing efficiency.Secondly,on the basis of deductive reasoning on the relationship between internal control and over-investment in the existing literatures,the author deductively infers the impact of internal control on over-investment and under-investment from a broader perspective.While estimating Richardson’s(2006)dynamic Panel Model with the systematic GMM method,the author refers to the measurement method of Xin et al.(2007),and evaluates the investment efficiency of enterprises in a more in-depth and detailed way.The results show that the effective internal control can restrain the overinvestment caused by the irrational decision,but the internal control fails to restrain the under-investment effectively at the present stage.It is still a strategic task for enterprises to improve the internal control system,ensure its effective operation and curb the nonefficiency investment.Therefore,it is suggested that the regulatory authorities should provide the necessary legal guarantee for the effective implementation of internal control,so as to overcome the non-efficiency investment and promote the transformation and upgrading of economic structure.Enterprises should stimulate the organizational vitality through the construction of internal control,effectively curb the phenomenon of under-investment in enterprises,and promote the internal control system to become a firm force to strengthen the efficiency of investment.Thirdly,on the basis of distinguishing the long-term and short-term financial performances of enterprises,the author makes an in-depth analysis of the impact of internal control on the financial performance.The results show that the effective internal control has a positive and significant effect on the short-term financial performance of enterprises.And the effective internal control significantly improves the long-term financial performance as wel.Therefore,the author suggests that the accountability system of internal control should be implemented within enterprises.Enterprises should ensure the effective implementation of relevant policies and procedures to alleviate the information asymmetry of stakeholders.The legal status of the internal control standard system should be improved,and a perfect internal control standard system should be constructed to better exert its positive effect on financial performance.Fourthly,the author considers that enterprises are the main body of scientific and technological innovation,and the exploration of factors driving innovation is the key to improve the power of economic growth.Based on the evaluation of CSR from the two dimensions of Accrual basis and Cash Flow basis,the dissertation explores the possible mediating effect of CSR practice between internal control and innovation performance,and the possible regulating effect between R&D investment and innovation performance.The results show that strengthening the effectiveness of internal control can significantly improve the performance of innovation,and the level CSR undertaken by enterprises.However,the positive effect of internal control on innovation output is subject to the property nature of enterprises.In the state-owned enterprises,the internal control has no significant and positive impact on the innovation performance.At the same time,in the non-state-owned enterprises,the practice of undertaking CSR plays a mediating effect in the process of internal control improving innovation partly,but this mediating effect is not reflected in the state-owned enterprises.In addition,the fulfillment of CSR has a regulatory effect positively in the process of transforming R&D investment into innovation achievements,but this effect is mainly reflected in the state-owned enterprises.Therefore,the author suggests that the operational effectiveness of internal control should be ensured.And the regulatory authorities shall promote the scientific and technological cooperation among cross-ownership enterprises,so as to carry out the breakthrough research and development of major technologies.Enterprises should incorporate the R&D of technologies into their CSR strategies,further improve innovation performance to feed back the expectations of stakeholders,and maintain the close links between enterprises and stakeholders.更多还原