产权性质、制度环境与内部控制

内部控制是近年来国内外监管部门、实务界和学术界关注的热点与前沿问题。本文研究我国上市公司最终控制人的产权性质与地区制度环境对公司内部控制质量的影响。利用厦门大学内控课题组(2010)构建的2007-2009年我国上市公司内部控制指数,本文主要发现:首先,相比于中央政府控制的公司,地方政府控制的公司内部控制质量相对较差,而非政府控制的公司内部控制质量与中央政府控制的公司之间则没有明显差异;其次,上市公司所在地区的市场化程度越高或政府对经济的干预程度越低,公司的内部控制质量越高,尤其是对于地方政府控制和非政府控制的上市公司,并且,良好的外部制度环境有助于缩小地方政府控制和非政府控制公司的内部控制与中央政府控制公司之间的差距。本文的研究结果对相关主管部门及监管机构具有一定的政策启示意义。

State Ownership,the Institutional Environment,and Internal Control Quality:Evidence from Chinese Listed Firms

Internal control has recently become the focus of regulators,practitioners,and researchers.This paper examines how state ownership and the institutional environment affect internal control quality of Chinese listed firms.Using the internal control index(ICindex) developed by a research group from Xiamen University(2010) as our proxy for internal control quality,we find that:(1) compared with Chinese state-owned enterprises(SOEs) controlled by central government,SOEs controlled by local governments have inferior internal control quality while non-state-owned listed firms experience similar internal control quality;and(2) internal control quality improves with the development of the institutions in regions where the listed firms are located.This positive association is more salient for SOEs controlled by local governments and non-state-owned firms.Implications of the study are discussed.