基于内部控制缺陷暴露视角的公司治理效应变化研究

A Study of Changes of Corporate Governance Effect from the Perspective of Internal Control Defects Exposure

内部控制缺陷暴露后上市公司的治理效应是否有变化,股权结构、董事会结构是否有所改善,高管薪酬是否受到影响?以深市2007年和2008年内部控制缺陷暴露的上市公司为样本,运用配对样本T检验法考察缺陷暴露前后共5年公司治理效应的变化,研究结果表明,内部控制缺陷暴露后董事会规模显著变小,高管薪酬显著增加。进一步通过线性回归验证内部控制缺陷暴露程度与董事会规模的变化负相关但并不显著,内部控制缺陷暴露程度与高管薪酬的变化显著正相关。

When the internal control deficiencies are exposed, are there any changes in the gover- nance effects of the listed companies. Any improvements on the ownership structure and the board structure？ Any influences on the executive compensation？ Taking the listed companies with exposed internal control defects in Shenzhen Stock Exchange during 2007-2008 as samples, this paper employs the paired sample T test method to inspect the changes of corporate governance effect 5 years before and after the exposure. The research result shows that after the exposure of the internal control defects, the board size has become significantly streamlined, and the executive compensation has been increased significantly. Further verification with linear regression reveals that the degree of the internal control defects exposure is negatively correlated with the changes of board size but not significant, and this degree is positively correlated with the changes of executive compensation significantly.