CAJ | 학술논문

文章以沪深A股市场2009-2012年上市公司作为研究样本,从不同产权制度视角研究管理层权力与内部控制有效性之间的关系.研究发现,管理层权力与内部控制的关系受到产权性质的影响.其中,在中国地方国有上市公司中,管理层权力与内部控制质量正相关;而中央政府控制的国有上市公司中,管理层权力对内部控制并无显著影响.这说明,由于地方分权及地方政府之间激烈的“政治锦标赛”,一方面促使地方政府将更多剩余控制权让渡给管理层,另一方面有利于激发管理层的“企业家精神”,有利于企业内部控制制度建设.研究同时发现,对于家族控股直接上市的民营企业,由于创业者与管理者身份的合一及最终控制人的企业家本质属性,管理层权力与内部控制质量正相关;而对于以兼并重组方式上市的民营企业,管理层权力对内部控制质量并无显著影响.
문장이호심A고시장2009-2012년상시공사작위연구양본,종불동산권제도시각연구관리층권력여내부공제유효성지간적관계.연구발현,관리층권력여내부공제적관계수도산권성질적영향.기중,재중국지방국유상시공사중,관리층권력여내부공제질량정상관;이중앙정부공제적국유상시공사중,관리층권력대내부공제병무현저영향.저설명,유우지방분권급지방정부지간격렬적“정치금표새”,일방면촉사지방정부장경다잉여공제권양도급관리층,령일방면유리우격발관리층적“기업가정신”,유리우기업내부공제제도건설.연구동시발현,대우가족공고직접상시적민영기업,유우창업자여관리자신빈적합일급최종공제인적기업가본질속성,관리층권력여내부공제질량정상관;이대우이겸병중조방식상시적민영기업,관리층권력대내부공제질량병무현저영향.
This paper studies the relationship between management power and internal control effectiveness from the perspective of ownership system using the data of Chinese firms listed in Shanghai and Shenzben A Stock market from 2009 to 2012. We find that management power is positively significantly related to internal control effectiveness for local state-owned firms. For central state-owned-firms, there is no strong correlation. This means that the fierce political competition between local governments results in that state governments give more residual control rights to management and this also motivates the entrepreneurship of management, which is good for the construction of enterprise internal control. We also find that management power and internal control quality has positive correlation for family firms. That is because the manager is also entrepreneur and the ultimate controller has the essential attributes of the entrepreneur. However, we fail to find close relationship between management power and internal control quality private enterprises listing by merging and restructuring.