终极控制人性质、内部控制缺陷与企业风险

以2008~2014年上市公司为研究对象，考察转型经济环境下终极控制人性质如何影响内部控制缺陷及其修复与企业风险之间的关系。研究发现，内部控制缺陷越大，企业风险越高，但缺陷修复能显著降低企业风险；进一步研究发现，国有企业比民营企业的风险程度显著更小，但相对央企而言，地方国有企业更容易出现风险，尤其在治理环境差的地区，地方国企的风险程度显著更高。研究表明，不同的终极控制人性质导致了企业内部控制缺陷对企业风险的不同影响，这既为深化国有企业改革提供经验证据，也进一步昭示强化企业内部控制风险免疫功能的重要性与紧迫性。

Nature of Ultimate Controller, Deficiencies in Internal Control and Business Risks

Base on the A-share quoted companies in China from 2008 to 2014,this paper tries to study how the ultimate controlling environment affects the relationship between the deficien-cies in internal control and the business risks at the transition economic environment.Results show that the greater deficiencies in internal control;the higher the degree of business risks.But the bug fixes can significantly reduce business risks;further after the introduction of the ultimate controller attributes and hierarchies found in relation to private enterprises,state-owned enterpri-ses have the degree of risk of internal control weaknesses significantly smaller,but compared to central government-owned enterprises,local government-owned enterprises are more prone to risks,especially in high level areas of poor environmental management and risk propensity,the significantly higher level of risk of local state-owned enterprises.Studies have shown that in the transition economic environment,the different nature of ultimate controller leads to internal con-trol deficiencies,has a different impact on business risk,and provides empirical evidence on transforming to government functions,deepening the reform of state-owned enterprises into mixed ownership,and the state-owned enterprises to create a truly independent body to withstand market risks.But this study also further remind people of the importance and urgency to strengthen internal control building,make the internal control effective and really play the role that the internal control can be made immune to risks.