公司治理对财务控制的影响——来自我国制造业上市公司的证据

Does Corporate Governance improve the Effectiveness of Financial Control?——Evidence from Chinese listed Companies in Manufacture Industry

本文以代理理论为指导,运用我国制造业上市公司调查数据和公开数据,考察了公司治理对财务控制的影响。实证研究发现,第一大股东持股比例、独立董事制度、董事会活跃程度等因素对财务控制效果有显著影响。改善财务控制需要从公司治理方面入手,包括建立健全约束大股东行为的相关机制,提高董事会独立性作为制衡大股东的重要措施,运用组合治理机制,实现对财务控制的再控制;多元化经营的公司要重视企业集团的内部治理,重视财务控制系统的更新与变革。

This study discusses the impact of the corporate governance on the financial control,using the investigated data and public data of the Chinese listed companies.We find that there are some factors which can influence the financial control,such as the structure of the shares,the independent directors,the meeting of board.It is useful to improve the financial control from the corporate governance aspect.Supervising the behaviour of controlling shareholder,advancing the board efficiency,improving the independent board are effective ways.We have to focus on the governance effectiveness of the board and pay attention to the internal governance,including the multi-operating companies.