企业生命周期视角下的内部控制与公司绩效

Internal Control and Corporate Performance Based on Enterprise Life Cycle

内部控制的经济后果一直都是实务界和学术界关注的焦点。以2008~2012年沪深两市非金融类上市公司数据为依据,从企业发展的动态角度探讨在生命周期的不同阶段内部控制质量对公司绩效的影响。研究结果表明:成熟期的公司内部控制质量最高,衰退期的公司内部控制质量最低;在企业生命周期的不同阶段,内部控制质量对公司绩效的影响存在差异,成长期内部控制质量对公司绩效影响不显著,成熟期和衰退期内部控制质量与公司绩效表现出显著正相关,从相关系数来看,衰退阶段的公司内部控制质量对绩效的影响较大。

The economic consequences of internal control have always been the hot spots of the academic circles and business world.The paper tests the impact of internal control quality on corporate performance from the perspective of dynamic development at different stages in the life cycle,based on the data of 2008-2012 from Shanghai and Shenzhen non-financial listed companies.The results show that:company's internal control quality in maturity stage is the highest,and in recession stage in the lowest;in maturity stage and recession stage,internal control quality and corporate performance shows a significant positive correlation,but in growing stage,the relationship is not significant.From the aspect of correlation coefficient,the impact of internal control quality on corporate performance is bigger in the recession stage.