CAJ | 학술논문

本文以2012年沪深两市223家央企控股上市公司为研究对象，探讨内部控制质量对企业价值的影响。首先，分析了我国央企控股上市公司的分布情况以及影响地位，表明央企控股上市公司的内部控制问题的重要性，并总结了央企控股上市公司内部控制的特征；其次，结合央企规章制度，本文构建了央企控股上市公司内部控制质量评价指数ICI，评价内容涵盖了COSO内部控制框架中的内部环境、风险评估、控制活动、信息与沟通以及监督五要素，并具体划分了24个子指标；最后，根据央企经营业绩考核办法，本文选取经济增加值（EVA）作为企业价值的评价指标，通过回归分析，发现我国央企控股上市公司的内部控制质量对企业价值具有高度显著的正向促进作用。
본문이2012년호심량시223가앙기공고상시공사위연구대상，탐토내부공제질량대기업개치적영향。수선，분석료아국앙기공고상시공사적분포정황이급영향지위，표명앙기공고상시공사적내부공제문제적중요성，병총결료앙기공고상시공사내부공제적특정；기차，결합앙기규장제도，본문구건료앙기공고상시공사내부공제질량평개지수ICI，평개내용함개료COSO내부공제광가중적내부배경、풍험평고、공제활동、신식여구통이급감독오요소，병구체화분료24개자지표；최후，근거앙기경영업적고핵판법，본문선취경제증가치（EVA）작위기업개치적평개지표，통과회귀분석，발현아국앙기공고상시공사적내부공제질량대기업개치구유고도현저적정향촉진작용。
The core objective of corporate governance is to achieve the maximization of corporate value, while the internal control has played an irreplaceable role in enterprise management. Internal control ensures business ob jectives achieved and operating efficiency improved, it also contributes to reduce agency costs, reduce fraud and such other behaviors like misconduct or waste of resources. In the aftermath of the postboom financial scandals in the U. S. , Congress revised significantly federal securities laws and ratified the SarbanesOxley Act in 2002 （SOX）. After the bankrupt of Enron, the importance of internal control has been around, as well as China. The Ministry of Finance with the other four ministries and commissions issued the ＂basic norms of internal control＂ and ＂internal control guidelines＂ which are imposed at the main board of listed corporations of Shanghai Stock Exchange and Shenzhen Stock Exchange since January 1 st, 2012. The development of internal control practices also contrib utes to the development of theoretical research. In recent years, the research on internal control quality assessment and its economic consequences has become a hot topic. Compared with the overseas study, domestic study started relatively late, in addition, a great deal of researchers mainly followed their research models. However, China owns a very different characteristic from those developed countries, as a consequence, the microenvironment of enterpri ses know from foreign countries by reason of economic structure and historical changes. The central enterprises is a typical example on account of its tremendous size and enormous economic contribution. Moreover, the convention supervision organization and ultimate controller of central enterprises have a significant difference with other listed companies, since most of the operating acts controlled by SASAC （ Stateowned Assets Supervision and Administra tion Commission of the State Council）. Therefore, there are a mass of policies and requires to supervise the central enterprises. For this reason, the internal control problem is particularly prominently and notably. That leads us to make a question about the exactly internal control quality of the central enterprises？ Does the increase of internal control quality can improve the central enterprises value？ These problems are the main point of this essay. This essay takes 223 listed companies held by central enterprises as the research object. We are trying to dis cover the effect of internal control quality towards corporate value. Firstly, we will analyze the distribution and sta tus of these companies, and stresses the importance of internal control. Combined with the rules and regulations of central enterprises, we will create a new index ICI （Internal Control Index） , to evaluate the quality of internal control. It includes the five basic elements of COSO Internal Control Framework, that is, internal environment, risk assessment, control activities, information and communication, supervision. Furthermore, we will divide the five elements into 24 subindexes. Finally, based on the performance evaluation methods of central enterprises, we will choose EVA （ Economic Value Added） as the index for evaluating the corporate value. By using the method of re gression analysis, we discovered the existence of significant positive correlation between listed companies held by central enterprises and corporate value. In addition, this essay argues that central enterprises hold more economic and political resources than common listed company, they also have more social responsibility which makes the in ternal control of central enterprises important than common ones. However, there are still many shortcomings in this essay, such as the index system of internal control cannot contain all of the indexes, and the lack of a relatively fair quantitative method of weight which need further study and exploration.