公司治理、内部控制与混改国企协调发展——基于利益相关者理论的视角

The Relationship between Corporate Governance, Internal Control and Coordinated Development of Stateowned Enterprises:A Research from the Perspective of Stakeholder Theory

基于利益相关者理论,将公司治理和内部控制整合在一个理论框架,并以我国2009-2018年A股持续上市的163家国有控股公司为样本,实证研究了公司治理、内部控制以风险管理水平为中介对混改国企协调发展的实现机制。研究发现,公司治理通过提高风险管理水平促进了混改国企的协调发展,但内部控制对混改国企风险管理水平尚未起到应有的促进作用,进而影响了混改国企的协调发展。研究结论可为公司治理、内部控制的不断建设指明具体方向,为混改国企的协调发展提供实践管理框架。

Based on stakeholder theory, this paper integrates corporate governance and internal control into a theoretical framework, and empirically studies the realization mechanism of corporate governance and internal control to the coordinated development of state-owned enterprises through the intermediary of risk management level,using 163 state-owned companies that have been listed continuously in 2009-2018 as samples. It is found that corporate governance promotes the coordinated development of state-owned enterprises through improving the risk management level, but internal control has not yet played its role in promoting the risk management level, which further affects the coordinated development of state-owned enterprises. These conclusions can point out the specific direction for the continuous construction of corporate governance and internal control, and provide a practical management framework for the coordinated development of state-owned enterprises.