内部控制对公司价值的影响——基于关联交易的中介效应检验

Effect of Internal Control on Corporate Value:Research on Intermediary Effect Based on Related Party Transactions

以2010—2017年沪深两市上市公司为样本,基于关联交易视角,采用中介效应检验方法,从对外关联担保、对外提供资金和非公允关联购销3个角度,系统考察内部控制对公司价值的影响及影响机理。研究结果表明:健全的内部控制能显著提升公司价值,良好的内部控制能够抑制对外关联担保,进而提高公司价值,内部控制对外提供资金和非公允关联购销对公司价值没有显著影响;内部控制主要通过抑制关联担保提升公司价值;内部控制对公司价值的影响不随监管强度、市场化程度和产权性质的变化而变化;内部控制对关联担保的抑制作用,仅在内部控制建设监管较严时、市场化程度较高的地区存在。

Taking the listed companies in Shanghai and Shenzhen Stock Exchange from 2010 to 2017 as a sample for related-party transactions,the paper examines the effect of internal control on corporate value and its mechanism from the perspectives of external related guarantees,external funding and unfair related purchases and sales,using intermediary effect test.The results show that sound internal control can significantly increase the value of the companyby inhibiting external related guarantees,but external funding and unfair related purchase and sale have no significant impact on corporate value.Impact of internal control on the value of the company does not vary with the change of regulation intensity,marketization degree and property ownership,and its inhibitory effect on affiliated guarantees only exists in some areas where internal control is under strict supervision and marketization degree is high.