【作者】 王玮；

【导师】 余长林；

【作者基本信息】 厦门大学 ， 金融学， 2022， 硕士

【摘要】 随着我国经济的不断发展和进步,证券公司在我国已经取得了较为成熟稳定的发展,我国的金融行业逐渐与现阶段经济的发展状况相互适应。但是,由于我国针对证券行业的相关法律法规和政策制度还不够完善,证券公司的内部控制尚缺乏完善的管理体系。在此背景下,本文选取证券公司为研究对象,分析内部控制对经营绩效的影响关系及影响路径,一定程度上丰富了关于内部控制对证券公司经营绩效影响的理论研究,同时对证券公司通过完善内部控制来提高自身可持续发展能力提供了些许指导意义。本文选取85家证券公司2012—2021年期间的有关数据为研究对象进行定量分析,采用文献研究法对国内外关于内部控制和公司绩效关系的研究成果进行梳理,发现现阶段研究中存在的不足,引出本文的研究内容。基于信息不对称理论、委托代理理论和信号传递理论以及学者的相关文献研究提出本文研究变量间的假设,从内部控制五要素角度确定了衡量内部控制有效性的综合指标,选取总资产收益率为被解释变量经营绩效的衡量指标,选取管理费用率为中介变量代理成本的衡量指标,选取公司规模、资产负债率、股权集中度、成长能力、董事会规模为控制变量,构建了固定年份和个体的固定效应模型进行实证分析,分析了内部控制与证券公司绩效的影响关系、代理成本的中介作用,以及上市和非上市证券公司、国有和非国有证券公司、大型和小型证券公司的异质性影响。最后,通过实证分析结果得出本文的研究结论:第一,内部控制对证券公司经营绩效有显著的正向影响;第二,代理成本在内部控制对公司经营绩效的影响中起到中介作用;第三,上市证券公司内部控制有效性对于其经营绩效带来的积极影响要大于非上市证券公司,国有证券公司内部控制有效性对于其经营绩效带来的积极影响要大于非国有证券公司,大型证券公司内部控制有效性对于其经营绩效带来的积极影响要大于小型证券公司。更多还原

【Abstract】 As our country economy develops continuously and progresses,securities companies have achieved a more mature and stable development in China,and China’s financial industry has gradually adapted to the current stage of economic development.However,as China’s relevant laws,regulations and policies for the securities industry are not yet perfect,the internal control of securities companies still lacks a perfect management system.In this context,this paper selects securities companies as the research object,analyzes the impact relationship and impact path of internal control on operating performance,enriches the theoretical research on the impact of internal control on operating performance of securities companies to a certain extent,and has some guiding significance for securities companies to improve their sustainable development ability by improving internal control.This paper selects the relevant data of 85 securities companies from 2012 to 2021 as the research object for quantitative analysis,adopts the literature research method to sort out the domestic and foreign research results on the relationship between internal control and corporate performance,finds the existing deficiencies in the current research,and leads to the research content of this paper.Based on the theory of information asymmetry,principal-agent theory,signal transmission theory and scholars’relevant literature research,the hypothesis among the variables studied in this paper is put forward.From the perspective of the five elements of internal control,the comprehensive index to measure the effectiveness of internal control is determined,and the return on total assets is selected as the measurement index of the operating performance of the explained variable.The rate of management expense was selected as the measurement index of agency cost,and the company size,asset-liability ratio,equity concentration,growth ability and board size were selected as the control variables.The fixed effect model of fixed years and individuals was constructed for empirical analysis,and the influence relationship between internal control and the performance of securities companies and the intermediary role of agency cost were analyzed.And the heterogeneity of listed and non-listed securities companies,stateowned and non-state-owned securities companies,large and small securities companies.Finally,through the empirical analysis,the following conclusions are drawn:first,internal control has a significant positive impact on the operating performance of securities companies;Secondly,agency cost plays an intermediary role in the influence of internal control on corporate performance;Thirdly,the effectiveness of internal control of listed securities companies has a greater positive impact on their business performance than that of non-listed securities companies,the effectiveness of internal control of state-owned securities companies has a greater positive impact on their business performance than that of non-state-owned securities companies,and the effectiveness of internal control of large securities companies has a greater positive impact on their business performance than that of small securities companies.更多还原