【作者】 张永生；

【导师】 曲国霞；

【作者基本信息】 山东大学 ， 企业管理， 2012， 硕士

【摘要】 近年来,我国资本市场发展迅速,已经在新兴资本市场中跃居为第一位。在资本市场高速发展的背后,许多上市公司的辉煌光环却不再鲜亮,陷入财务危机,遭到证监会的特别处理,甚至退出股市。随着2008年全球金融危机的爆发,诸多大型国际集团瞬间倒闭,使得财务风险的防范和控制问题再度成为人们关注的焦点。企业外部经营环境的变化和内部管理制度的缺陷都将导致企业财务风险的产生,但是具有主导作用的是企业内部控制和公司治理结构不完善等内部因素。改善内部控制和公司治理,是企业降低财务风险最直接、最有效的途径,对于促进企业长期发展具有重要意义。财务风险是指公司在所有财务活动的中,受到市场、通胀、利率、汇率等无法预料的因素的影响,使公司财务状况与预期目标发生偏离,从而导致公司遭受损失。加强财务风险管理能够为公司赢得竞争优势,提升公司的持续发展能力。内部控制是企业管理理论发展的重要产物,是提高企业管理效率、促进企业发展、建立现代企业制度的重要保证,建立内控制度对于防范舞弊和风险、提高资本盈利能力具有重要意义。公司治理结构是在委托代理的框架下规范公司各治理组织之间的责权利关系,形成一套包括股东会、董事会、监事会和经理层组成的组织框架和制度安排,形成权利制衡,这种组织结构能够妥善解决委托代理问题,是股份制企业管理制度的重要组成和管理模式。根据委托代理理论和产权理论等,可知内部控制、公司治理结构与财务风险之间存在内在的联系,内部控制缺陷以及公司治理不健全都会导致较高的财务风险。基于以上背景,本文以内部控制和公司治理结构为基点,探讨降低财务风险的有效措施,分析内部控制、公司治理结构与财务风险的关系,并对重要因素进行深入研究。本文以2009-2010年沪深上市公司为研究对象,结果显示,完善的内部控制制度,规范和约束公司的经营管理行为,是规避公司风险的有效措施；股权分散与制衡、适当规模的董事会和监事会、股权激励和薪酬激励政策等能够显著抑制公司的财务风险；控股股东性质等因素与财务风险之间没有显著关系。而在实证检验中,对公司治理具有重要意义的独立董事比例未能表现出其对财务风险的抑制效果,独立董事未能发挥其应有的监督作用,我国上市公司的公司治理结构仍不健全。通过本文研究,可以为公司管理层防范财务风险提供更有针对性的建议,完善内部控制制度的设立和有效运行,优化股权结构、增强股东间的相互制衡、强化股东参与公司治理的程度,实现公司内部机构和人员的有效配置,加强激励机制的实施等措施。更多还原

【Abstract】 In recent years, we witness the rapid development of the domestic capital market which has top the list of the emerging capital markets. With the quick development of the capital market, a number of listed companies were trapped in financial crisis, faced with special treatment by the SFC, or even forced to withdraw from the stock market. As the occurrence of the global financial crisis in2008, many large international groups went bankrupt overnight. As a result, financial risk prevention and control upgrades again into the focus of concerns. Both the change of external operational environment and the defects in internal management system, especially the defects in enterprise’ internal control and management structure, will lead to financial risks of the enterprise. Improving internal control and the enterprise management is the most direct and efficient approach to reduce financial risk for enterprises, which is significant to the development of the enterprise in the long run.Financial risk refers to the possibility of deviation between the enterprise’s financial status and planned target, which is affected by various unexpected factors beyond control. Internal control, a product of the development of the social economy, is an important guarantee to increase the efficiency of enterprise management, promote enterprise development, and build modern enterprise system. Corporate governance structure is the set of rules to regulate the relationship of shareholders and the management, with the primary function to define the relationship of the general meeting of shareholders, the board of directors and the management. The internal relation of internal control, corporate governance structure and financial risk can be known based on Principal-agent Theory, Property Right Theory and other theories. It is known that both the lack of internal control and the insufficiency in enterprise management will lead to higher financial risk.This paper starts with the internal control and corporate governance structure to discuss the effective measures to reduce financial risk, analyze the relationship of internal control, enterprise management and financial risk and to go deep in important factors based on the above background. This paper reached on the companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange during2009and2010. The research shows that the sound internal control system to regulate and restrict the enterprises’business management activities is an effective measure to protect the company from the risk; the policies of equity decentralization and restriction, the board of directors and the board of supervisors with appropriate scale, equity incentive and salary incentive etc. can significantly limit the financial risk significantly; and the nature of the controlling shareholders has no evident impact on the degree of financial risk. However, in cases study, the percentage of independent directors who are important to the company management does not show the restriction effect on financial risk, which indicates that independent directors does not play the expected roles and the management structure of domestic listed companies is still far away from the soundness.The objectives of this paper are to provide more targeting suggestions, improve the establishment and the execution of internal control system, optimize equity structure, enhance the checks and balances between shareholders, promote the participation of shareholders to company management, realize effective allocation to internal organizations and the personnel and to reinforce the implementation of incentive mechanism.更多还原