管理者能力、内部控制质量与财务风险

Managerial Ability, Internal Control Quality and Financial Risk

基于2010-2019年沪深A股上市公司的样本数据,探究管理者能力对企业财务风险的影响。研究发现,企业的管理者能力越高,对应的财务风险就越小。进一步发现管理者能力通过提升企业的内部控制质量的方式降低企业的财务风险。通过区分管理者权力大小,检验了二者在低管理者权力组与高管理者权力组之间的区别,发现管理者权力越大,管理者能力对财务风险的抑制作用越明显;通过分产权回归,检验了二者在国有企业与非国有企业之间的区别,发现在非国有企业中管理者能力对企业财务风险的抑制作用更显著。

Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019,the impact of the managerial ability on the enterprise financial risk is explored.The study finds that the higher the managerial ability of an enterprise,the smaller the corresponding financial risk.It is further discovered that the managerial ability can reduce the financial risk of the enterprise by improving the quality of the enterprise’s internal control.By the grouping regression of managerial power,the difference between the low managerial power group and the high managerial power group is tested,and the results show that the greater the managerial power,the more obvious the inhibitory effect of the managerial ability on the financial risk;by the grouping regression of property rights,the difference between state-owned enterprises and non-state-owned enterprises is also tested,and the results indicate that in non-state-owned enterprises,the negative correlation between the managerial ability and the enterprise financial risk is more significant.