杨道广1,王金妹1,陈丽蓉2.内部控制能提升企业多元化价值吗?——来自我国非国有上市公司的经验证据[J].审计与经济研究,2019,(4):
内部控制能提升企业多元化价值吗?——来自我国非国有上市公司的经验证据
  
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中文关键词:  内部控制  多元化战略  企业价值  会计信息质量  公司治理  盈余管理
英文关键词:internal control  diversification corporate value  accounting information quality  corporate governance  earnings management
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作者单位
杨道广1,王金妹1,陈丽蓉2 1.对外经济贸易大学 国际商学院北京1000292.西南政法大学 中国法治企业研究院重庆401120 
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中文摘要:
      党的十九大报告明确指出,我国经济已由高速增长阶段转向高质量发展阶段。对企业而言,就必须从“求全、求大”向“增值、增效”转变。多元化是我国企业实现扩张和跨越式发展的主要途径之一,但在很多情况下也是“粗放型发展”的缩影。作为一种有效的内部监督与风险管理机制,内部控制能否提升企业多元化价值呢?以2007—2015年我国A股非国有上市公司为样本,对此进行实证检验。研究发现:内部控制质量越高,企业多元化价值越大,证实了内部控制对多元化战略选择和执行的优化作用;进一步,内部控制对多元化价值的提升效应集中体现在内部环境、控制活动和信息与沟通这三大要素中;在控制内生性问题以及进行其他一系列稳健性检验后,主要结论依然稳健;此外,补充性检验的结果证实,内部控制对国有企业的多元化价值不存在显著影响。
英文摘要:
      The 19th National Congress of the Communist Party of China (hereafter, NCCPC) states that our economy has switched from the stage of high-speed to the stage of high-quality development. As the main participants of market economy, firms should change their conception of “To be bigger and comprehensive is better” into “Increasing value and efficiency”. Diversification is one of the ways of achieving in expansion and great-leap-forward development for firms, however, it’s sometimes labeled as “extensive development”. As an effective mechanism of internal monitoring and risk management, can internal control enhance the value of corporate diversification? Empirical evidence sampling from Non-SOEs listed in A-shares from 2007 to 2015 shows that the higher the quality of internal control is, the greater the value of corporate diversification will be, which confirms the optimizing role of internal control in selecting and implementing diversification strategy, and this effect is concentrated in the three major elements of internal control, Internal Environment,Control Activities and Information & Communication. After controlling the endogenous issues and conducting a series of robustness tests, our conclusion remains. Further, we don’t find there are such significant results in SOEs.
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