高管腐败落马与公司内部控制缺陷修复

Study on the Executives Corruption Fall and Restoration of the Corporations’ Internal Control Defects

内部控制是现代公司极为重要的一套治理机制,对于降低公司内部各层级代理成本和防治高管贪污腐败具有特别重要的作用,高管因腐败落马暴露出公司内部控制存在极大问题。以中国沪深两市2011-2017年高管腐败落马的数据为样本,研究政府反腐败,高管腐败落马能否促进公司及时修复内部控制的缺陷;政府大力反腐败,对腐败高管绳之以法,可以促进公司及时修复内部控制的缺陷;作为嵌入公司治理结构保护中小股东利益的独立董事能在高管落马后及时促进公司修复内部控制缺陷;机构投资者能在一定程度上促进公司及时修复内部控制缺陷。本研究结论对于理解政府反腐败的经济意义和完善公司治理结构具有重要启示。

The internal control is a very important set of governance mechanism of the modern companies, it plays a particularly important role in reducing agency costs at all levels within the corporations and preventing corruption in executives. The executives fall has exposed the internal control defects due to corruption. Taking the data of the corruption of executives in Shanghai and Shenzhen stock markets from 2011 to 2017 as a sample, we can study the government's anti-corruption, whether the corruption of executives can promote the company's timely repair of internal control defects, and find that the government is vigorously fighting corruption and the executives of corruption. The law can promote these companies to repair the defects of internal control in a timely manner, and also find that the independent director system embedded in the corporate governance structure to protect the interests of these small and medium shareholders can promptly promote the company's internal control defects after the fall of the executives, the institutional investors can promote the corporate to repair the defects of internal control promptly. The conclusions of this study have some important implications for understanding the economic significance of the government anti-corruption and improving corporate governance structure.