董事会特征与内部控制目标的实现——来自中国上市公司的经验证据

Characteristics of Board of Directors and Internal Control Efficiency: Empirical Evidence from Listed Companies in China

以2009～2011年中国A股上市公司为研究样本,实证研究了董事会特征与内部控制各目标之间的关系。研究发现,董事会特征与财务报告可靠性、经营效率效果以及法律遵循性之间的相关关系与假设并不完全契合。独立董事比例和审计委员会的设置与内部控制目标的实现显著正相关,在各指标间无差异。董事会会议频率对内部控制目标的实现作用不显著。董事长与CEO两职合一一定程度上能够提高企业的经营效益,但与财务报告可靠性、法律法规遵循性却呈负相关关系。

Based on the date of Chinese A-share listed companies from 2009 to 2011, empirical research on the relationship between the characteristics of board of directors and internal control has been done. Our research found that the hypothesis on the relationship between the character- istics of board and financial reporting reliability, operational efficiency and legitimacy are not all accepted. The proportion of the independent directors and the audit committee settings have a significant positive correlation with the internal control efficiency. The frequency of board meet- ing has no significant effect on the internal control efficiency. When two hats chairman and CEO are wearing by one person, operational efficiency will be increased, but financial report reli- ability and the legitimacy will be reduced.