本文選題：財務風險　切入點：內(nèi)部控制　出處：《山東大學》2012年碩士論文　論文類型：學位論文

【摘要】：近年來,我國資本市場發(fā)展迅速,已經(jīng)在新興資本市場中躍居為第一位。在資本市場高速發(fā)展的背后,許多上市公司的輝煌光環(huán)卻不再鮮亮,陷入財務危機,遭到證監(jiān)會的特別處理,甚至退出股市。隨著2008年全球金融危機的爆發(fā),諸多大型國際集團瞬間倒閉,使得財務風險的防范和控制問題再度成為人們關注的焦點。企業(yè)外部經(jīng)營環(huán)境的變化和內(nèi)部管理制度的缺陷都將導致企業(yè)財務風險的產(chǎn)生,但是具有主導作用的是企業(yè)內(nèi)部控制和公司治理結構不完善等內(nèi)部因素。改善內(nèi)部控制和公司治理,是企業(yè)降低財務風險最直接、最有效的途徑,對于促進企業(yè)長期發(fā)展具有重要意義。 財務風險是指公司在所有財務活動的中,受到市場、通脹、利率、匯率等無法預料的因素的影響,使公司財務狀況與預期目標發(fā)生偏離,從而導致公司遭受損失。加強財務風險管理能夠為公司贏得競爭優(yōu)勢,提升公司的持續(xù)發(fā)展能力。內(nèi)部控制是企業(yè)管理理論發(fā)展的重要產(chǎn)物,是提高企業(yè)管理效率、促進企業(yè)發(fā)展、建立現(xiàn)代企業(yè)制度的重要保證,建立內(nèi)控制度對于防范舞弊和風險、提高資本盈利能力具有重要意義。公司治理結構是在委托代理的框架下規(guī)范公司各治理組織之間的責權利關系,形成一套包括股東會、董事會、監(jiān)事會和經(jīng)理層組成的組織框架和制度安排,形成權利制衡,這種組織結構能夠妥善解決委托代理問題,是股份制企業(yè)管理制度的重要組成和管理模式。根據(jù)委托代理理論和產(chǎn)權理論等,可知內(nèi)部控制、公司治理結構與財務風險之間存在內(nèi)在的聯(lián)系,內(nèi)部控制缺陷以及公司治理不健全都會導致較高的財務風險。 基于以上背景,本文以內(nèi)部控制和公司治理結構為基點,探討降低財務風險的有效措施,分析內(nèi)部控制、公司治理結構與財務風險的關系,并對重要因素進行深入研究。本文以2009-2010年滬深上市公司為研究對象,結果顯示,完善的內(nèi)部控制制度,規(guī)范和約束公司的經(jīng)營管理行為,是規(guī)避公司風險的有效措施；股權分散與制衡、適當規(guī)模的董事會和監(jiān)事會、股權激勵和薪酬激勵政策等能夠顯著抑制公司的財務風險；控股股東性質(zhì)等因素與財務風險之間沒有顯著關系。而在實證檢驗中,對公司治理具有重要意義的獨立董事比例未能表現(xiàn)出其對財務風險的抑制效果,獨立董事未能發(fā)揮其應有的監(jiān)督作用,我國上市公司的公司治理結構仍不健全。 通過本文研究,可以為公司管理層防范財務風險提供更有針對性的建議,完善內(nèi)部控制制度的設立和有效運行,優(yōu)化股權結構、增強股東間的相互制衡、強化股東參與公司治理的程度,實現(xiàn)公司內(nèi)部機構和人員的有效配置,加強激勵機制的實施等措施。
[Abstract]:In recent years, rapid development of China's capital market, has been in the emerging capital market in the first place. Behind the rapid development of the capital market, many listed companies are no longer bright brilliance, in the financial crisis, the Commission was special treatment, or even withdraw from the stock market in 2008. With the outbreak of the global financial crisis, many a large international group makes instant collapse, preventing and controlling financial risk once again become the focus of attention. The defect changes the external operating environment of enterprises and the internal management system will lead to enterprise financial risk, but has a leading role is the internal factors of the corporate governance structure and internal control of companies is not perfect. The improvement of internal control is the enterprise and corporate governance, reduce financial risk is the most direct, the most effective way, to promote the development of enterprises of great significance.
Financial risk refers to the company in all financial activities, by the market, inflation, interest rates, exchange rates and other unforeseen factors, the company's financial condition and the target deviate, which led to the company suffered losses. Strengthening financial risk management for the company to win the competitive advantage, enhance the ability of sustainable development within the company. Control is an important product of the development of the theory of enterprise management, improve enterprise management efficiency and promote enterprise development, an important guarantee for the establishment of modern enterprise system, establish the internal control system to prevent fraud and risk, is important high capital profitability. Corporate governance structure is to regulate the relationship between corporate governance rights and responsibilities of each organization in the principal-agent under the framework, including the formation of a shareholders' meeting, board of directors, supervisors and managers organizational framework and institutional arrangements, the formation of the right balance, this kind of organization The structure can properly solve the principal-agent problem, and is an important component of the joint-stock enterprise management mode and management system. According to the principal-agent theory and property rights theory, the internal control, there is an intrinsic link between corporate governance structure and financial risk, internal control deficiencies and inadequate corporate governance will lead to higher financial risk.
Based on the above background, this paper takes the internal control and corporate governance structure as the starting point, to explore the effective measures to reduce financial risk analysis, internal control, the relationship between corporate governance structure and financial risk, and in-depth study of the important factors. In this paper, 2009-2010 years in Shanghai and Shenzhen listed companies as the research object, the results show that sound internal control system. Management behavior norms and constraints, are effective measures to avoid risk of the company; equity decentralization and balance, the appropriate size of the board of directors and board of supervisors, equity incentive and salary incentive policies can significantly inhibit the company's financial risk; there is no significant relationship between the factors of the nature of the controlling shareholders and financial risk. In the empirical test that is of great significance to the corporate governance of the proportion of independent directors failed to show its inhibitory effect on financial risk, independent directors failed to play its due With some supervision, the corporate governance structure of Listed Companies in China is still not sound.
Through this study, can provide more targeted recommendations for management to prevent financial risks, the establishment of a sound internal control system and effective operation, optimizing the ownership structure, enhance mutual checks and balances between shareholders, strengthening shareholder participation in corporate governance, to achieve effective allocation of internal institutions and personnel, strengthen the implementation of incentive mechanism measures.

【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F275;F276.6;F224

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