内部控制、公司违规与监管绩效改进——来自2007—2008年深市上市公司的经验证据被引量：75

Internal Control, Firm Violation and Supervision Performance Improvement

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摘要本文以2007—2008年深市A股上市公司违规行为作为研究对象,结合我国证券市场违规的体制性成因,检验内部控制缺陷与公司违规之间的相关性,正面考证了我国有限的执法资源约束条件下证券法律法规的执行效力。与已有的文献结论不同,本文的研究支持中国证券市场法律在执法资源紧张的境况下执行效力尚佳。具体体现为内部控制缺陷越多的上市公司,受到诉讼和违规处罚的可能性就越大。进一步的检验表明,公司实际控制人的差异决定了他们在受到违规惩戒时存在着监管部门处罚不一的事实。本文的研究发现为证券监管部门优化执法资源、提高监管惩戒实效以及投资者经济决策提供了必要的经验证据和改进路径。 This paper examines the relation between firm violation of law and internal control deficiencies（ICDs）,in an attempt to test legal effect of laws and regulations of securities under constrained resources.Using Shenzhen A-share firms ICDs data between 2007 and 2008,we present empirical evidence contrary to informed research.The result points to an important link between ICDs and firm violation of laws reported to capital market participants.To be concrete,the companies disclosing serious ICDs have a high possibility of violation of laws and rules.The study supports the Chinese laws and regulations of Securities have important legal effect.Further tests show that the difference in ultimate controllers of listed companies determines varying measures taken to force companies while they face with legal punishments.

作者单华军

机构地区清华大学经济管理学院

出处《中国工业经济》 CSSCI 北大核心 2010年第11期140-148,共9页 China Industrial Economics

关键词终极控制人内部控制公司违规监管绩效 ultimate controllers internal control firm violation supervision performance

分类号 F276.6 [经济管理—企业管理]

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