内部控制监管、内部控制缺陷及修复与董事会治理

Internal Control Regulatory,Internal Control Deficiencies and Their Remediation,and Board Governance

基于2007-2015年沪深A股上市公司为研究样本,首次从政府监管外生压力与企业内部控制缺陷自我修复的动态改进双重视角,考察在不同的制度背景下,内部控制缺陷及修复与董事会治理的关系。研究发现,企业内部控制缺陷显著降低董事会治理水平,缺陷修复之后,董事会治理水平得以提升,尤其是在政府监管增强的环境下提升效果更为明显。研究表明,在我国转轨经济环境下,董事会治理水平的提升和作用的发挥,既需要强有力的政府管制作用,也需要企业自觉提高监管意识,持续修复控制缺陷,保持内部控制制度的有效性,内外兼修共同提高公司的董事会治理水平。

With the samples of listed firms on Shanghai and Shenzhen A shares from 2007 to 2015, this study is the first to take the dual perspective by considering both the external pressure from government supervision and the dynamic improvement from the self- remediation of firm＇s intemal control deficiencies. It aims to examine the effect of the internal control deficiencies and their remediationon board governance in different institutional contexts. We find that the internal control deficiencies can reduce the level of board governance. After the deficiencies are remediated, the level of board governance can be improved, especially in the environment of strong government supervision. The results show that the governance level improving and the role playing of the board in the transitional economic environment in China require both strong government regulation and the firm＇s awareness of corporate governance to constantly remedy the control deficiencies and maintain the continuous effectiveness of the internal control system, and jointly improve the level of board governance, both internally and externally.