内部控制对现金流风险影响的实证研究——来自沪深A股上市公司的经验证据

Influence of internal control on cash flow risk and mechanism——Based on the data of Shanghai and Shenzhen A shares of listing Corporation

本文基于2010-2014年沪深A股上市公司数据,结合我国企业产权性质与制度背景,从微观层面探讨内部控制对现金流风险的影响与作用机制。研究发现,企业的内部控制质量与现金流风险显著负相关,内部控制质量越高,企业面临的现金流风险越小;其原因在于高质量的内部控制不仅能够提高企业经营效率、增强风险防范能力,还能减少管理层侵占和大股东掏空等机会主义行为的发生。此外,产权性质会显著影响到内部控制与现金流风险的关系,在同等条件下,与国有企业相比,在非国有企业中内部控制对现金流风险的影响更大。最后,本文就内部控制与现金流风险问题,提出了相关的建议。

Based on the data of Shanghai and Shenzhen A shares of listing Corporation during 2010- 2014, combining with the nature of property right and institutional background of enterprise property in China, this paper explore the influence of internal control on cash flow risk and mechanism from the micro level. We find that internal control and cash flow risk have a significant negative correlation, high level of internal control can effectively reduce cash flow risk in that the high level of internal control could lower the probability of a behavior, which is the opportunism such as the embezzlement by managers. Besides, this study find that the property rights can affect significantly the relation between internal control and cash flow risk and this influence is more remarkable in the non-state industrial enterprises compared with the state-owned enterprise. These conclusions provide a new perspective and the empirical evidences to understanding of the mechanism that how the internal control influences cash flow risk. In the end, this study further put forward relevant suggestions about the internal control and cash flow risk.