公司治理、内部控制与管理层决策视域

Corporate Governance,Internal Control and Management Decision Horizon

本文以沪深两市主板上市公司为研究对象,选取公司投资期限结构这一独特的视角,按照"形成原因—作用机理—解决机制"的思路,深入分析导致管理层决策视域失当的内在原因,依据其内在形成机理寻求相应的应对措施,探索公司治理、内部控制能否有效抑制管理层决策视域失当。研究发现:内部控制和公司治理中的监督机制能够有效抑制管理层决策视域失当,促进管理层决策视域向最优水平调整;公司治理中的激励机制对管理层决策视域的作用不显著。本文研究不仅丰富了有关管理层决策效率以及公司治理和内部控制功能发挥的理论认识,而且对推动公司完善相关的公司治理和内部控制、有效提高管理层决策效率具有一定的现实参考价值。

Using A-share listed companies' data, from a special perspective of the term structure of the companies' investment, we analyse the inappropriately inherent mechanism of management decision horizon according to 'causes—formation mechanism—solution mechanism' and find the corresponding solution based on their intrinsic formation mechanism. This paper explores whether corporate governance and internal control can inhibit the misconduct of management decision horizon. The result indicates that corporate governance and internal control can restrain management decision horizon and adjust it to optimal level. Incentive mechanism of corporate governance has no significant influence on management decision horizon. This paper not only enriches the theoretical understanding of management decision efficiency, corporate governance and internal control, but also has practical reference value related to improving corporate governance, internal control and the efficiency of management decision.