【作者】 曲国霞； 张永生；

【Author】 Guoxia Qu;Yongsheng Zhang;School of Business,Weihai District Shandong University;

【机构】 山东大学威海校区商学院；

【摘要】 本文以2009-2010年沪深上市公司为研究对象,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。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。更多还原

【Abstract】 This paper reaching on the companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange during 2009 and 2010. and starting with the internal control and corporate governance structure to discuss the effective measures to reduce financial risk, analyzing the relationship of internal control, enterprise management and financial risk and to go deep in important factors based on the above background. 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.更多还原