內(nèi)部控制缺陷、公司價(jià)值與債務(wù)資本成本研究
發(fā)布時(shí)間：2018-09-04 06:56
【摘要】：2008年1月,法國興業(yè)銀行因其內(nèi)部一名交易員違規(guī)買賣歐洲股指期貨損失了71.4億美元,這個(gè)數(shù)字遠(yuǎn)遠(yuǎn)超過了1995年的巴林銀行倒閉案。法國銀行委員在當(dāng)年7月以其存在嚴(yán)重內(nèi)部控制缺陷為由對(duì)該巨額交易欺詐案施行了約400萬歐元的處罰。國際金融研究公司高級(jí)分析師Axel Pierron認(rèn)為,“盡管銀行采取了詳盡的風(fēng)險(xiǎn)管理措施以規(guī)避風(fēng)險(xiǎn),但其內(nèi)部對(duì)風(fēng)險(xiǎn)控制流程較為熟悉的員工是有機(jī)會(huì)繞開這些程序以掩蓋已造成的損失的。”在該丑聞發(fā)生后,盡管該行董事會(huì)成員起草了一份長(zhǎng)達(dá)69頁的報(bào)告,反思了法興銀行內(nèi)部管理存在的問題,但其股票價(jià)格仍在復(fù)牌后暴跌6%以上,而其股價(jià)自2008年以來已累計(jì)下挫20%。可見,內(nèi)部控制缺陷將給企業(yè)帶來無可挽回的損失。內(nèi)部控制,對(duì)于保證會(huì)計(jì)信息的真實(shí)性和可靠性,保護(hù)投資者的合法權(quán)益和資本市場(chǎng)的有效運(yùn)營(yíng)起到重要作用。但同時(shí)特大舞弊案件的頻繁發(fā)生,使股東和其他利益相關(guān)者也意識(shí)到,存在缺陷的內(nèi)部控制制度,不僅不能最大限度的幫助企業(yè)規(guī)避有限理性和機(jī)會(huì)主義傾向,還可能會(huì)導(dǎo)致管理者麻痹大意,給企業(yè)帶來致命的打擊。自本世紀(jì)初我國政府已逐步展開內(nèi)部控制法律法規(guī)的制定工作。2001年6月,財(cái)政部首先頒布了《內(nèi)部會(huì)計(jì)控制規(guī)范——基本規(guī)范(試行)》,隨后由五部委又聯(lián)合發(fā)布了《企業(yè)內(nèi)部控制應(yīng)用指引》、《企業(yè)內(nèi)部控制評(píng)價(jià)指引》和《企業(yè)內(nèi)部控制審計(jì)指引》。目前,內(nèi)部控制在我國上市公司中已得到廣泛的應(yīng)用和發(fā)展,相比較COSO界定的內(nèi)部控制目標(biāo)而言,其又融合了我國的特色,如保障資產(chǎn)安全,促進(jìn)企業(yè)戰(zhàn)略目標(biāo)實(shí)現(xiàn)等。但同時(shí),其也面臨著諸多問題,如內(nèi)部控制信息披露缺少實(shí)質(zhì)內(nèi)容,內(nèi)部控制評(píng)價(jià)缺少標(biāo)準(zhǔn)與工具等,這些都會(huì)造成內(nèi)部控制缺陷。外部約束機(jī)制的不斷推出與內(nèi)部控制建設(shè)的尷尬現(xiàn)狀使我們認(rèn)識(shí)到理論體系的缺失和制度環(huán)境的不適應(yīng)會(huì)影響內(nèi)部控制作用的發(fā)揮,甚至?xí)l(fā)嚴(yán)重后果。鑒于此,本文對(duì)內(nèi)部控制缺陷及其影響進(jìn)行了研究。本文以內(nèi)部控制缺陷為主線,共分為七章。第一章導(dǎo)論主要描述了文章的研究背景、意義、內(nèi)容及方法,并對(duì)文章涉及的關(guān)鍵概念及其外延進(jìn)行了界定,提出了研究問題。第二章文獻(xiàn)綜述對(duì)內(nèi)部控制缺陷涉及的相關(guān)文獻(xiàn),從內(nèi)部控制缺陷的特征及其對(duì)上市公司市場(chǎng)價(jià)值與債務(wù)資本成本的影響角度進(jìn)行了綜述,進(jìn)一步深化了文章的研究?jī)?nèi)容。第三章為主要回顧了中美兩國內(nèi)部控制缺陷治理法律法規(guī)的修訂歷程,找出我國內(nèi)部控制缺陷治理制度仍需完善的地方,指出改進(jìn)方向。第四章主要對(duì)內(nèi)部控制缺陷的誘因進(jìn)行分析,以使上市公司能更有針對(duì)性的控制風(fēng)險(xiǎn),并能使審計(jì)師更有效率的對(duì)內(nèi)部控制進(jìn)行審計(jì),節(jié)約審計(jì)成本。第五章、第六章主要對(duì)內(nèi)部控制缺陷對(duì)市場(chǎng)價(jià)值及債務(wù)資本成本的影響進(jìn)行了實(shí)證檢驗(yàn),并將存在內(nèi)部控制缺陷的上市公司分為出具內(nèi)部控制自評(píng)報(bào)告組和未出具組,以檢測(cè)出具內(nèi)部控制自評(píng)報(bào)告是否會(huì)對(duì)上市公司市場(chǎng)價(jià)值及債務(wù)資本成本產(chǎn)生影響。進(jìn)一步的,這兩章還將出具內(nèi)部控制自評(píng)報(bào)告的公司按是否同時(shí)出具內(nèi)部控制審計(jì)報(bào)告分為兩個(gè)樣本組,以檢測(cè)出具審計(jì)報(bào)告是否會(huì)進(jìn)一步的減少內(nèi)部控制缺陷對(duì)企業(yè)市場(chǎng)價(jià)值及債務(wù)資本成本的影響。第七章是全文研究成果的總結(jié),提出不足及未來研究方向。本文的結(jié)論是,公司規(guī)模、公司治理結(jié)構(gòu)是否完善、關(guān)鍵財(cái)務(wù)比率是否失常、近期內(nèi)是否經(jīng)歷兼并重組、進(jìn)行事務(wù)所更換,是否有過多子公司、對(duì)外貿(mào)易是否頻繁等都會(huì)形成內(nèi)部控制缺陷的誘因。因此,應(yīng)建立良好的獨(dú)立董事制度和審計(jì)委員會(huì)制度,制定合理的激勵(lì)政策,并建立持續(xù)的知識(shí)評(píng)估機(jī)制,加強(qiáng)對(duì)其的后續(xù)教育。要關(guān)注企業(yè)財(cái)務(wù)數(shù)據(jù)所揭示的風(fēng)險(xiǎn),尤其是利潤(rùn)數(shù)據(jù)、資本結(jié)構(gòu)數(shù)據(jù)、償債能力數(shù)據(jù)及流動(dòng)資金比率等數(shù)據(jù)。重視兼并重組中的內(nèi)部控制風(fēng)險(xiǎn),鼓勵(lì)企業(yè)海外上市,減少無故更換事務(wù)所的頻率。內(nèi)部控制缺陷的存在會(huì)降低上市公司市場(chǎng)價(jià)值,增加其債務(wù)資本成本。對(duì)于存在內(nèi)部控制缺陷的公司來說,披露內(nèi)控自評(píng)報(bào)告和內(nèi)控審計(jì)報(bào)告對(duì)其市場(chǎng)價(jià)值的提升作用并不明顯,但可以顯著降低其債務(wù)資本成本。這是因?yàn)樾〔糠肿栽u(píng)報(bào)告和審計(jì)報(bào)告存在失真現(xiàn)象,而債權(quán)人比中小股東信息對(duì)稱程度高,其更容易辨別內(nèi)部控制信息的真?zhèn)?因此披露內(nèi)部控制信息更容易對(duì)債務(wù)成本產(chǎn)生影響。本文認(rèn)為應(yīng)進(jìn)一步規(guī)范內(nèi)部控制信息披露制度,要求強(qiáng)制披露內(nèi)部控制信息,建立責(zé)任追究機(jī)制,特別強(qiáng)調(diào)董事長(zhǎng)、總經(jīng)理和財(cái)務(wù)總監(jiān)的相應(yīng)責(zé)任,包括刑事責(zé)任和民事責(zé)任,加大違法違規(guī)成本。并積極建立注冊(cè)會(huì)計(jì)師信息系統(tǒng)及誠信檔案,以減少注冊(cè)會(huì)計(jì)師的違規(guī)行為。還應(yīng)盡快出臺(tái)《內(nèi)部控制工具指引》,并對(duì)內(nèi)部控制信息披露的具體內(nèi)容進(jìn)行詳細(xì)規(guī)范,培養(yǎng)內(nèi)部控制系統(tǒng)測(cè)評(píng)的專業(yè)人才,使我國的內(nèi)部控制評(píng)價(jià)信息更具真實(shí)性、規(guī)范性與決策參考性。
[Abstract]:In January 2008, Societe Generale lost $7.14 billion in illegal trading of European stock index futures by one of its internal traders, far more than the 1995 bankruptcy of the Bank of Bahrain. In July, the French banking Commissioner imposed a 4 million deal fraud on the grounds of serious internal control deficiencies. Axel Pierron, senior analyst at International Finance Research, said: "Although banks have taken detailed risk management measures to avoid risks, employees familiar with risk control processes within banks have the opportunity to circumvent these procedures to cover up the losses they have caused." A 69-page report reflects on the problems in the internal management of Faxing Bank, but its stock price has plunged by more than 6% since its resumption and its share price has fallen by 20% since 2008. Reliability plays an important role in protecting the legitimate rights and interests of investors and the effective operation of the capital market. But at the same time, the frequent occurrence of major fraud cases makes shareholders and other stakeholders aware that the defective internal control system can not only help enterprises to avoid limited rationality and opportunism, but also possibly. Since the beginning of this century, the Chinese government has gradually begun to formulate laws and regulations on internal control. In June 2001, the Ministry of Finance first promulgated the Internal Accounting Control Standards - Basic Standards (Trial Implementation). Then, five ministries and commissions jointly issued the Application of Internal Control in Enterprises. At present, internal control has been widely used and developed in Listed Companies in China. Compared with the internal control objectives defined by COSO, it also integrates the characteristics of China, such as ensuring asset security and promoting the realization of enterprise strategic objectives. There are also many problems, such as the lack of substance in the disclosure of internal control information, the lack of standards and tools in the evaluation of internal control, which will lead to internal control defects. In view of this, this paper studies the defects of internal control and their influence. This paper is divided into seven chapters with the defects of internal control as the main line. Chapter 1 is an introduction which mainly describes the research background, significance, content and methods of the article, and carries on the key concepts involved in the article and its extension. The second chapter reviews the related literature on internal control deficiencies, summarizes the characteristics of internal control deficiencies and their impact on the market value of listed companies and the cost of debt capital, and further deepens the research content of the article. The third chapter mainly reviews the internal control in China and the United States. The fourth chapter mainly analyzes the causes of internal control defects, so as to make listed companies more targeted risk control, and to enable auditors to audit internal control more efficiently. Chapter 5 and Chapter 6 empirically examine the impact of internal control deficiencies on market value and debt capital cost, and divide listed companies with internal control deficiencies into two groups: issuing internal control self-assessment report group and not issuing report group, in order to test whether issuing internal control self-assessment report will make listed companies listed. Furthermore, the two chapters divide the companies that issue the internal control self-evaluation report into two groups according to whether they issue the internal control audit report at the same time to test whether the audit report will further reduce the impact of internal control defects on the market value and the cost of debt capital. Chapter 7 is a summary of the research results of this paper, and points out the shortcomings and future research directions. The conclusion of this paper is that the size of the company, whether the corporate governance structure is perfect, whether the key financial ratios are abnormal, whether it has undergone mergers and reorganizations in the near future, whether there are too many subsidiaries, whether foreign trade is frequent and so on will form the internal. Therefore, we should establish a good independent director system and audit committee system, formulate a reasonable incentive policy, establish a continuous knowledge evaluation mechanism, and strengthen the follow-up education. We should pay attention to the risks revealed by enterprise financial data, especially profit data, capital structure data, solvency data and flow. Value internal control risks in mergers and reorganizations, encourage companies to list overseas and reduce the frequency of unwarranted change of firms. The existence of internal control flaws will reduce the market value of listed companies and increase the cost of debt capital. For companies with internal control flaws, disclosure of internal control self-assessment reports and internal control review. The effect of accounting report on the market value is not obvious, but it can significantly reduce the cost of debt capital. This is because a small number of self-evaluation reports and audit reports are distorted, and creditors are more symmetrical than minority shareholders, so it is easier to identify the authenticity of internal control information, so it is easier to disclose internal control information. This paper argues that the disclosure system of internal control information should be further standardized, that the disclosure of internal control information should be mandatory, and that the accountability mechanism should be established, with special emphasis on the corresponding responsibilities of the chairman, the general manager and the financial director, including criminal liability and civil liability, and that the cost of violation of the law should be increased. In order to reduce the irregularities of CPAs, teachers'information system and honesty archives should also be promulgated as soon as possible, and the specific contents of the disclosure of internal control information should be standardized in detail, so as to cultivate professional personnel for the evaluation of internal control system, so as to make the evaluation information of internal control more authentic, standardized and decision-making reference. Examination.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275
，
本文編號(hào)：2221340
[Abstract]:In January 2008, Societe Generale lost $7.14 billion in illegal trading of European stock index futures by one of its internal traders, far more than the 1995 bankruptcy of the Bank of Bahrain. In July, the French banking Commissioner imposed a 4 million deal fraud on the grounds of serious internal control deficiencies. Axel Pierron, senior analyst at International Finance Research, said: "Although banks have taken detailed risk management measures to avoid risks, employees familiar with risk control processes within banks have the opportunity to circumvent these procedures to cover up the losses they have caused." A 69-page report reflects on the problems in the internal management of Faxing Bank, but its stock price has plunged by more than 6% since its resumption and its share price has fallen by 20% since 2008. Reliability plays an important role in protecting the legitimate rights and interests of investors and the effective operation of the capital market. But at the same time, the frequent occurrence of major fraud cases makes shareholders and other stakeholders aware that the defective internal control system can not only help enterprises to avoid limited rationality and opportunism, but also possibly. Since the beginning of this century, the Chinese government has gradually begun to formulate laws and regulations on internal control. In June 2001, the Ministry of Finance first promulgated the Internal Accounting Control Standards - Basic Standards (Trial Implementation). Then, five ministries and commissions jointly issued the Application of Internal Control in Enterprises. At present, internal control has been widely used and developed in Listed Companies in China. Compared with the internal control objectives defined by COSO, it also integrates the characteristics of China, such as ensuring asset security and promoting the realization of enterprise strategic objectives. There are also many problems, such as the lack of substance in the disclosure of internal control information, the lack of standards and tools in the evaluation of internal control, which will lead to internal control defects. In view of this, this paper studies the defects of internal control and their influence. This paper is divided into seven chapters with the defects of internal control as the main line. Chapter 1 is an introduction which mainly describes the research background, significance, content and methods of the article, and carries on the key concepts involved in the article and its extension. The second chapter reviews the related literature on internal control deficiencies, summarizes the characteristics of internal control deficiencies and their impact on the market value of listed companies and the cost of debt capital, and further deepens the research content of the article. The third chapter mainly reviews the internal control in China and the United States. The fourth chapter mainly analyzes the causes of internal control defects, so as to make listed companies more targeted risk control, and to enable auditors to audit internal control more efficiently. Chapter 5 and Chapter 6 empirically examine the impact of internal control deficiencies on market value and debt capital cost, and divide listed companies with internal control deficiencies into two groups: issuing internal control self-assessment report group and not issuing report group, in order to test whether issuing internal control self-assessment report will make listed companies listed. Furthermore, the two chapters divide the companies that issue the internal control self-evaluation report into two groups according to whether they issue the internal control audit report at the same time to test whether the audit report will further reduce the impact of internal control defects on the market value and the cost of debt capital. Chapter 7 is a summary of the research results of this paper, and points out the shortcomings and future research directions. The conclusion of this paper is that the size of the company, whether the corporate governance structure is perfect, whether the key financial ratios are abnormal, whether it has undergone mergers and reorganizations in the near future, whether there are too many subsidiaries, whether foreign trade is frequent and so on will form the internal. Therefore, we should establish a good independent director system and audit committee system, formulate a reasonable incentive policy, establish a continuous knowledge evaluation mechanism, and strengthen the follow-up education. We should pay attention to the risks revealed by enterprise financial data, especially profit data, capital structure data, solvency data and flow. Value internal control risks in mergers and reorganizations, encourage companies to list overseas and reduce the frequency of unwarranted change of firms. The existence of internal control flaws will reduce the market value of listed companies and increase the cost of debt capital. For companies with internal control flaws, disclosure of internal control self-assessment reports and internal control review. The effect of accounting report on the market value is not obvious, but it can significantly reduce the cost of debt capital. This is because a small number of self-evaluation reports and audit reports are distorted, and creditors are more symmetrical than minority shareholders, so it is easier to identify the authenticity of internal control information, so it is easier to disclose internal control information. This paper argues that the disclosure system of internal control information should be further standardized, that the disclosure of internal control information should be mandatory, and that the accountability mechanism should be established, with special emphasis on the corresponding responsibilities of the chairman, the general manager and the financial director, including criminal liability and civil liability, and that the cost of violation of the law should be increased. In order to reduce the irregularities of CPAs, teachers'information system and honesty archives should also be promulgated as soon as possible, and the specific contents of the disclosure of internal control information should be standardized in detail, so as to cultivate professional personnel for the evaluation of internal control system, so as to make the evaluation information of internal control more authentic, standardized and decision-making reference. Examination.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275
，
本文編號(hào)：2221340
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