【摘要】 以公司高管变更作为研究的切入点,本文考察了企业内部控制的经济后果。以2007年至2013年的上市公司作为研究样本,本文实证研究发现,公司的内部控制质量越高,公司高管变更与公司业绩的负相关性越强,即公司高管因业绩较差而发生变更的可能性越大。进一步的研究发现,公司内部控制质量对公司高管变更与业绩的负相关性关系的影响在非国有控股公司以及产品市场竞争不太激烈的公司样本中表现得更为显著。此外,公司内部控制质量越好,公司高管发生变更当年,公司业绩的下降越少。本文的研究结果表明,内部控制质量的改善有助于公司高管变更这一公司治理机制作用的有效发挥。更多还原

【Abstract】 Taking listed companies from 2007 to 2013 as samples,this paper examines the economic consequences of internal control from the perspective of management turnover.We find that the better the quality of internal control,the higher of negative relationship between corporate top management turnover and corporate performance.Further studies show that the effect of internal control quality on negative relationship between corporate top management turnover and corporate performance is more effective in non-stateowned enterprises and industries where product market competition is relatively less intensive.The results show that the improvement of internal control benefits for the function of management turnover,which is an important self-regulation mechanism in corporate governance.更多还原