审计研究
審計研究
심계연구
Audit Research
2014年
3期
43~50
,共null页
内部控制 并购 整合能力 业绩
內部控製 併購 整閤能力 業績
내부공제 병구 정합능력 업적
internal control; merger and acquisition; integration ability; performance
内部控制在合理保证财务报告可靠性方面的作用已为大量经验证据所证实，但鲜有文献实证检验内部控制在企业具体经营活动中所发挥的作用。本文围绕企业并购活动，以2008--2009年已完成交易且上市公司为收购方的并购事件为样本，进行实证检验，结果发现：收购方的内部控制质量越高，并购完成当年及其后3年内破产风险增大的幅度越小、并购业绩也越好。这说明，高质量的内部控制有助于增强企业并购后的整合能力，从而提高并购业绩。该研究丰富和拓展了与内部控制和企业并购相关的文献，对于企业并购活动与内部控制实务有一定的启示意义。
內部控製在閤理保證財務報告可靠性方麵的作用已為大量經驗證據所證實，但鮮有文獻實證檢驗內部控製在企業具體經營活動中所髮揮的作用。本文圍繞企業併購活動，以2008--2009年已完成交易且上市公司為收購方的併購事件為樣本，進行實證檢驗，結果髮現：收購方的內部控製質量越高，併購完成噹年及其後3年內破產風險增大的幅度越小、併購業績也越好。這說明，高質量的內部控製有助于增彊企業併購後的整閤能力，從而提高併購業績。該研究豐富和拓展瞭與內部控製和企業併購相關的文獻，對于企業併購活動與內部控製實務有一定的啟示意義。
내부공제재합리보증재무보고가고성방면적작용이위대량경험증거소증실，단선유문헌실증검험내부공제재기업구체경영활동중소발휘적작용。본문위요기업병구활동，이2008--2009년이완성교역차상시공사위수구방적병구사건위양본，진행실증검험，결과발현：수구방적내부공제질량월고，병구완성당년급기후3년내파산풍험증대적폭도월소、병구업적야월호。저설명，고질량적내부공제유조우증강기업병구후적정합능력，종이제고병구업적。해연구봉부화탁전료여내부공제화기업병구상관적문헌，대우기업병구활동여내부공제실무유일정적계시의의。
The role of internal control on reasonably assuring the reliability of financial report has been verified by extensive empirical evidences, however few literatures explores the role of internal control on detail firms＇ opera- tional activities. Therefore, taking merger and acquisition （M＆A） activity as example, with sample of M＆A events which listed firms are buyers and have been finished in 2008 and 2009, we find that buyer＇ s internal control quali- ty is negatively associated with increasing of bankruptcy risk in right and subsequent 3 years when M＆A has been completed ; consistent with this, the higher firm＇ s internal control quality is, the better M＆A performance will be. These findings indicate that higher quality internal control can improve firm＇ s integration ability and performance after M＆A. This study enriches and broadens literatures on internal control and M＆A, and has certain implication for firms＇ internal control practice.
