内部控制质量、审计质量与现金持有的竞争效应

Internal Controls Quality,Audit Quality and the Competition Effects of Cash Holdings

以2011—2017年沪深两市上市公司为样本,利用中介效应方法研究了现金持有实现产品竞争效应的途径,同时基于内部控制质量和审计质量视角,研究了二者对现金持有竞争效应的影响。研究发现,内部控制和外部审计作为公司治理的两个方面,都能强化现金持有通过资本投资中介实现的产品竞争效应,提高公司的产品竞争能力。进一步研究发现,内部控制质量和审计质量在现金持有实现竞争效应的过程中既存在一定的互补关系,也存在一定的替代关系,并且这种替代关系在我国的民营企业中表现的更为显著。

Taking the listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2017 as samples,this paper examines the approaches to realize the competition effects of cash holdings by using the intermediary effect method.Meanwhile,based on the perspectives of the internal control quality and the audit quality,this paper studies the influence of the two on the competition effect of cash holdings.It is found that both internal control and external audit,as two aspects of corporate governance,can strengthen the product competition effects of cash holdings through a capital investment intermediation and improve the company's product competitiveness.Further studies show that there are certain complementary and substitution relations between the internal control quality and the audit quality during the process of realizing competition effects of cash holdings.The substitution relationship is more significant in China's private enterprises.