业务招待费、内部控制与企业绩效——“八项规定”背景下中国A股市场的经验证据

Business entertainment expenses,internal control and enterprise performance:The empirical evidence of the Chinese A-share market under the background of an “eight-point”guideline

以中国A股855家上市公司为研究样本,以2011-2014年为时间窗口,分析样本公司业务招待费对企业绩效的影响,以及内部控制调节效应和八项规定对内部控制的替代效应。研究发现,业务招待费与企业绩效存在倒U型关系,即中等水平的业务招待费的正向激励效应最好;内部控制调节了业务招待费对企业绩效的影响;八项规定对内部控制存在较为显著的替代效应。

This paper analyzes the impact of business entertainment expenses on corporate performance, and adjustment effect of an ＂eight-point＂ guideline on the impaction. Using China＇ s A-share 855 listed companies in 2011 -2014 as research samples, this study finds that, business entertainment expenses have an inverted U-shaped relationship with corporate performance, the impaction of business entertainment expenses on corporate performance partly was replaced by internal control; Moderate levels of business entertainment expenses works best. There is a more significant substitution effect between eight regulations and internal control.