违规公司接受处罚后的内控有效性改善研究

Study on the Improvement of Internal Control Effectiveness of Illegal Companies after Regulatory Penalties

迄今为止,没有文献将上市公司违规处罚与内部控制改善联系在一起进行研究。本文认为,违法违规问题滋生的内因在于公司内控制度有效性的缺失。我们以2007至2009年的所有违规上市公司为研究对象,追踪三年考察其后续的内控有效性改善。研究发现,违规公司受到处罚后,面向报告目标与合规性目标的内控有效性水平有所改善,但改善不具有持续性;面向资产安全性、战略目标与经营目标的内控有效性水平在处罚前后无显著变化。研究结论表明,对上市公司违规行为的监管处罚执行力有限,在处罚前后隐性的内控制度"土壤"没有变化,显性的内控制度"土壤"在处罚前后变化也不具有持续性。研究结论有助于细化落实建设法治中国的具体措施,支持加强投资者保护的法律论观点。

The effectiveness of regulatory penalties on listed companies that break the rules is been discussed by nur research from the perspective of internal control effectiveness. As is shown by our results, the internal control effectiveness of reporting and compliance of list- ed companies has been improved after penalized while internal control effectiveness of strategic and operations and safety of assets of listed companies did not vary significantly. Furthermore, our results suggest that internal control effectiveness of reporting of listed companies deteriorated significantly from t＋2 to t＋3 period. This means that the improvement of internal control effectiveness of illegal companies is not stable while showing a short-term memory feature. Our further study shows that we should protect the interests of investors by the legislation in effect.