本文關(guān)鍵詞：多元化、內(nèi)部控制與企業(yè)價(jià)值　出處：《中央財(cái)經(jīng)大學(xué)》2016年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 多元化 內(nèi)部控制 企業(yè)價(jià)值

【摘要】：企業(yè)想要增強(qiáng)核心競爭力和可持續(xù)發(fā)展能力,必須在對現(xiàn)實(shí)環(huán)境和未來趨勢進(jìn)行全面分析和合理預(yù)測的基礎(chǔ)上,籌劃并實(shí)施全局性的發(fā)展戰(zhàn)略,制定長遠(yuǎn)的發(fā)展目標(biāo)和科學(xué)的戰(zhàn)略規(guī)劃。近些年來,我國企業(yè)多元化經(jīng)營一直是一種較為普遍的現(xiàn)象,樣本企業(yè)數(shù)據(jù)分析結(jié)果顯示,當(dāng)前我國多元化企業(yè)的數(shù)量約占全部樣本企業(yè)數(shù)量的40%以上,其中絕大多數(shù)為非相關(guān)性多元化,約占多元化企業(yè)樣本數(shù)量的94%。多元化成為企業(yè)發(fā)展的重要戰(zhàn)略選擇之一。但是,多元化企業(yè)具有多個(gè)行業(yè)分部,會(huì)面臨更大的管理和控制領(lǐng)域的固有風(fēng)險(xiǎn),如操作風(fēng)險(xiǎn)和報(bào)告風(fēng)險(xiǎn)。隨著多元化企業(yè)生產(chǎn)和商業(yè)交易數(shù)量的增加、不同經(jīng)營或生產(chǎn)過程的增多、企業(yè)合并業(yè)務(wù)信息的增加、發(fā)現(xiàn)不當(dāng)交易行為的程序變多以及不同辦公室和產(chǎn)銷地點(diǎn)之間錯(cuò)誤傳達(dá)的增加,企業(yè)風(fēng)險(xiǎn)將會(huì)更大。如何通過有效途徑協(xié)助并監(jiān)督公司經(jīng)營行為,做出科學(xué)可行的多元化戰(zhàn)略決策,實(shí)現(xiàn)公司價(jià)值最大化,就成為公司理論和內(nèi)部控制所要關(guān)注的重要問題之一。現(xiàn)代公司的內(nèi)部控制,承擔(dān)了重要的管理職能,是公司為了有效利用資源、提升經(jīng)營管理水平、實(shí)現(xiàn)戰(zhàn)略目標(biāo)而采取的一種自發(fā)治理機(jī)制,也是企業(yè)進(jìn)行公司治理的一項(xiàng)重要手段。為實(shí)現(xiàn)公司價(jià)值最大化,建立并完善企業(yè)內(nèi)部控制也成為管理當(dāng)局的首要任務(wù)之一,隨著我國資本市場的日益發(fā)達(dá),內(nèi)部控制的建設(shè)將愈為重要。我國財(cái)政部等五部委在2008年和2010年聯(lián)合發(fā)布了企業(yè)內(nèi)部控制基本規(guī)范及其配套指引,對上市公司內(nèi)部控制的實(shí)施提出了明確規(guī)范的要求,財(cái)政部和證監(jiān)會(huì)辦公廳又于2012年聯(lián)合下發(fā)了《關(guān)于2012年主板上市公司分類分批實(shí)施企業(yè)內(nèi)部控制規(guī)范體系的通知》,對主板上市公司根據(jù)產(chǎn)權(quán)性質(zhì)、規(guī)模、收入水平等進(jìn)行分類、分年度漸進(jìn)推行實(shí)施內(nèi)部控制規(guī)范體系。從這一系列法律法規(guī)的陸續(xù)出臺中,可以看出我國相關(guān)政府監(jiān)管機(jī)構(gòu)對上市公司內(nèi)部控制建設(shè)工作推行的力度和決心。我國的內(nèi)部控制基本規(guī)范將“提升公司經(jīng)營效率和效果、實(shí)現(xiàn)公司發(fā)展戰(zhàn)略”作為內(nèi)部控制的主要目標(biāo),以實(shí)現(xiàn)公司價(jià)值最大化。那么,作為我國相關(guān)政府監(jiān)管部門強(qiáng)制推行的一項(xiàng)重要制度建設(shè)行為,內(nèi)部控制質(zhì)量的提升確實(shí)能夠增加公司價(jià)值嗎?內(nèi)部控制質(zhì)量與多元化戰(zhàn)略決策的關(guān)系究竟是怎樣的?內(nèi)部控制能否幫助多元化經(jīng)營實(shí)現(xiàn)企業(yè)價(jià)值?由于國有上市公司和非國有上市公司面臨的外部市場條件和受到的政府干預(yù)程度不同,內(nèi)部控制質(zhì)量對它們的多元化經(jīng)營的選擇和價(jià)值實(shí)現(xiàn)的影響會(huì)存在哪些不同?對上述問題目前尚較少有系統(tǒng)的研究。為此,本論文以中國a股非金融類上市公司為研究對象,利用2008年-2014年的樣本數(shù)據(jù),在相關(guān)理論的基礎(chǔ)上,實(shí)證檢驗(yàn)了內(nèi)部控制對多元化戰(zhàn)略實(shí)施以及對多元化經(jīng)營價(jià)值實(shí)現(xiàn)等方面的影響作用。本論文共分7章:第1章導(dǎo)論,主要介紹研究背景與意義,研究內(nèi)容、思路與方法,以及主要?jiǎng)?chuàng)新點(diǎn);第2章理論基礎(chǔ)與文獻(xiàn)綜述;第3章我國企業(yè)內(nèi)部控制制度背景與現(xiàn)狀分析;第4章內(nèi)部控制對多元化戰(zhàn)略選擇影響的實(shí)證檢驗(yàn);第5章多元化對企業(yè)價(jià)值影響的實(shí)證檢驗(yàn);第6章我國企業(yè)內(nèi)部控制質(zhì)量對于多元化經(jīng)營價(jià)值實(shí)現(xiàn)影響的實(shí)證檢驗(yàn);第7章研究結(jié)論與政策建議。通過理論分析與實(shí)證檢驗(yàn),論文發(fā)現(xiàn),在整體上,內(nèi)部控制作為一項(xiàng)重要的管理資源,為企業(yè)多元化戰(zhàn)略實(shí)施提供了有力的保障。良好的內(nèi)部控制體系通過產(chǎn)生高質(zhì)量的信息,使企業(yè)獲得較低的資本成本,有利于企業(yè)進(jìn)行有利的多元化戰(zhàn)略選擇。同時(shí)內(nèi)部控制機(jī)制可以遏制企業(yè)管理層由于自利行為而進(jìn)行低效的多元化擴(kuò)張,但總體上,內(nèi)部控制質(zhì)量與企業(yè)多元化程度正相關(guān),說明在內(nèi)部控制與多元化的關(guān)系上,資源基礎(chǔ)理論更占主導(dǎo)。即使事前可能是價(jià)值最大化的選擇,但事后未必高效。多元化經(jīng)營會(huì)受到各種影響,使企業(yè)多元化經(jīng)營的程度與超額價(jià)值負(fù)相關(guān),即本研究的樣本期間中多元化企業(yè)折價(jià)現(xiàn)象依然明顯存在。在隨后的檢驗(yàn)中也表明多元化折價(jià)具有一定的內(nèi)生性。而隨著內(nèi)部控制質(zhì)量的提高,企業(yè)價(jià)值將會(huì)變大。內(nèi)部控制對于企業(yè)多元化經(jīng)營價(jià)值創(chuàng)造具有顯著的提升作用。在不同最終控制人性質(zhì)的企業(yè)中,相比國有企業(yè),內(nèi)部控制對多元化的影響在非國有企業(yè)中更為明顯。非相關(guān)多元化對于企業(yè)價(jià)值的折損作用更大,而非國有企業(yè)進(jìn)行非相關(guān)多元化經(jīng)營時(shí),內(nèi)部控制對其實(shí)現(xiàn)價(jià)值具有顯著的提升作用。對于國有企業(yè),內(nèi)部控制對于其進(jìn)行相關(guān)多元化經(jīng)營的價(jià)值實(shí)現(xiàn)具有顯著的提升作用。本論文在多元化、內(nèi)部控制與企業(yè)價(jià)值的新框架下對內(nèi)部控制經(jīng)濟(jì)后果進(jìn)行了探討,其創(chuàng)新之處在于:一是從內(nèi)部控制的角度,對于多元化經(jīng)營戰(zhàn)略的可行性,以及多元化經(jīng)營與企業(yè)價(jià)值關(guān)系的影響上,提供了新的解釋依據(jù);二是從多元化經(jīng)營戰(zhàn)略的實(shí)施和價(jià)值實(shí)現(xiàn)角度,為內(nèi)部控制的經(jīng)濟(jì)后果方面提供了新的證據(jù)。為企業(yè)提高多元化戰(zhàn)略實(shí)施的可行性,提供了思路和建議,為相關(guān)監(jiān)管部門政策的制定提供了參考依據(jù),為投資者判斷企業(yè)投資價(jià)值提供了新的經(jīng)驗(yàn)證據(jù)�；谏鲜龅难芯拷Y(jié)論,本論文具有一定的理論意義和實(shí)踐價(jià)值。研究內(nèi)部控制質(zhì)量對于多元化決策的影響,對內(nèi)部控制經(jīng)濟(jì)后果的文獻(xiàn)具有一定的貢獻(xiàn),對于多元化動(dòng)因的理解提供了新的視角;研究內(nèi)部控制質(zhì)量對于多元化經(jīng)營價(jià)值實(shí)現(xiàn)影響的內(nèi)在機(jī)理和結(jié)果,對于內(nèi)部控制實(shí)現(xiàn)經(jīng)營效率和效果目標(biāo)、發(fā)展戰(zhàn)略目標(biāo)等方面提供了新的經(jīng)驗(yàn)證據(jù)。對于全面認(rèn)識內(nèi)部控制在企業(yè)多元化戰(zhàn)略決策和經(jīng)營過程中的作用,從理論和實(shí)證上給出了一定的新啟示;對于企業(yè)加強(qiáng)內(nèi)部控制建設(shè)具有指導(dǎo)意義,在當(dāng)前新的商業(yè)和運(yùn)營環(huán)境下,本文的研究立足我國《企業(yè)內(nèi)部控制基本規(guī)范》,吸收COSO(2013版)最新內(nèi)部控制框架的新思維、新變化,為我國企業(yè)多元化經(jīng)營的內(nèi)部控制建設(shè)提供了啟示;重新認(rèn)識加強(qiáng)內(nèi)部控制系統(tǒng)對于企業(yè)多元化經(jīng)營的重要影響,對于我國企業(yè)構(gòu)建現(xiàn)代科學(xué)管理制度、健康持續(xù)發(fā)展提供了可行的思路;基于內(nèi)部控制角度,探討了企業(yè)多元化經(jīng)營對于企業(yè)價(jià)值的影響機(jī)理,為我國企業(yè)進(jìn)行多元化經(jīng)營決策提供了參考,激勵(lì)企業(yè)根據(jù)實(shí)際情況完善內(nèi)部控制,為企業(yè)做大做強(qiáng)、健康發(fā)展提供堅(jiān)實(shí)的保障,并為監(jiān)管部門的政策制定提供了依據(jù)。我國2008年《企業(yè)內(nèi)部控制基本規(guī)范》發(fā)布后,監(jiān)管部門積極推行了內(nèi)部控制制度在企業(yè)中的規(guī)范建設(shè),表明其對內(nèi)部控制制度建設(shè)的決心。內(nèi)部控制制度的完善對于多元化企業(yè)經(jīng)營的價(jià)值實(shí)現(xiàn)具有重要的意義,有必要對多元化企業(yè)集團(tuán)內(nèi)部的資本配置以及分部之間的資金往來、交易等活動(dòng)的內(nèi)部控制應(yīng)用指引方面盡快補(bǔ)充和完善。本論文從多元化視角對內(nèi)部控制的重要性提供的證據(jù)為相關(guān)部門制定更為有效的政策提供了依據(jù)。
[Abstract]:The enterprise wants to enhance the core competitiveness and sustainable development, must be based on comprehensive analysis and reasonable prediction on the real environment and future trends, planning and implementation of the development strategy of global, strategic planning and long-term development goals of science. In recent years, our country enterprise diversification has been a common phenomenon and the sample enterprise data analysis showed that the current number of diversified enterprises in China accounted for more than the number of all the 40% sample enterprises, most of them are non related diversification, accounting for number of diversified enterprise sample 94%. diversification has become an important strategy of enterprise development. However, diversified enterprises with multiple industry segments, will face the inherent the risk management and control of the larger, such as operating risk and report risk. As the number of diversified enterprise production and business transactions The increase of increase of different management or production process, increase the business enterprise merger information, found that the improper trading behavior of the program increased the miscommunication between multiple and different offices and sales locations, enterprise risk will be greater. The effective way to assist and supervise the company's business practices, making diversification strategy feasible. Maximize the value of the company, has become one of the important issues in corporate theory and internal control are concerned. The internal control of modern company, to undertake an important function of management, is the company in order to make effective use of resources, enhance the management level, a self governance mechanism to achieve strategic objectives, and is one of important tools of enterprise for the corporate governance. In order to achieve the maximization of corporate value, establish and perfect the enterprise internal control has become one of the primary task of the authorities, with me China's capital market has developed, the construction of internal control will be more and more important. China's Ministry of Finance and other five ministries in 2008 and 2010 jointly issued the basic norms of internal control and supporting guidelines, put forward specific requirements for the implementation of the internal control of listed companies, the Ministry of Finance and the office of the Commission in 2012 jointly issued "on 2012 listed on the classification of partial implementation of enterprise internal control standard system of notification", companies listed on the main board according to the nature of property rights, scale, classification of income level, the annual incremental implementation of the implementation of internal control system. From this a series of laws and regulations have been introduced, we can see that the relevant government regulators of listed company in China the construction of internal control implementation efforts and determination. The basic norms of internal control in China "will enhance the company's operating efficiency and effectiveness, To achieve the company's development strategy "as the main target of the internal control, to maximize the value of the company. So, an important system construction as China's relevant government regulators to impose, enhance the quality of internal control can increase the value of the company? What the relationship between internal control quality and diversification strategy decision is what? Internal control can help to realize the business value of diversification? Because of the conditions facing state-owned listed companies and non state-owned listed companies outside the market and the extent of government intervention is different, affecting the quality of internal control and their diversification choice and value realization are different? The problem is less systematic research. Therefore, this paper Chinese a non-financial listed companies as the research object, using the 2008 -2014 years in related sample data. On the basis of empirical test of the internal control implementation of diversification strategy and its influence on the diversification of value realization and so on. This paper is divided into 7 chapters: the first chapter is introduction, mainly introduces the research background and significance, research contents, ideas and methods, as well as the main innovation point; the second chapter the theoretical basis and literature review; the third chapter of our country enterprise internal control system analysis of the background and current situation of internal control; the fourth chapter empirical test of the effect of diversification strategy; the fifth chapter empirical diversification effect on firm value; the sixth chapter of China's internal control quality for the empirical test of diversification value realization effect; the seventh chapter is the research conclusions and policy recommendations. Through theoretical analysis and empirical analysis, this paper found that, on the whole, the internal control as an important management resources, provides a powerful guarantee for the implementation of diversification strategy. Good internal control system by generating high quality information to enable enterprises to obtain a lower cost of capital is conducive to enterprise diversification strategy. The diversification and expansion and favorable internal control mechanism to curb corporate management because of self-interest and inefficient, but overall, positive correlation between internal control quality and degree of diversification. In the relationship between internal control and diversification, resource based theory is more dominant. Even in advance may be to maximize the value of choice, but it may not be efficient. Diversification will be affected by various influence, make the enterprise diversification is negatively correlated with the excess value still exists diversification discount phenomenon that the sample of this study during the period. In the subsequent test also shows that the diversification discount is endogenous. And with the improvement of quality of internal control and enterprise value The value will be larger. The internal control has a significant role in promoting the diversification of value creation. In the different nature of the ultimate controller of the enterprise, compared to state-owned enterprises, the impact of internal control on diversification in non state-owned enterprises is more obvious. The non related diversification for greater loss of function of enterprise value, non - related diversification of state-owned enterprises, the internal control has significantly improved function to achieve its value. For the state-owned enterprise, the internal control for the value of related diversification to achieve a significantly improved role. In this paper a new framework of diversification, internal control and enterprise value under the economic consequences of internal control are discussed and its innovation lies in: one is from the perspective of internal control, the feasibility of the strategy of diversification, diversification and corporate value relationship Effect, provides a new interpretation on the basis of the realization of the two; from the perspective of the implementation and the value of diversification strategy, provide new evidence for the economic consequences of internal control. In order to improve the feasibility of diversification strategy, provide ideas and suggestions, provide references for policy related supervision departments. Provides new empirical evidence for investors to judge the value of the enterprise investment. Based on the above conclusion, this paper has a certain theoretical significance and practical value. The impact of internal control quality for diversification, has a certain contribution to the internal control of the economic consequences of the literature, provides a new perspective for the understanding of diversification; the quality of internal control for the internal mechanism and the diversification of value realization of the internal control, business efficiency and effectiveness goals, development strategy A little target provides new empirical evidence for a comprehensive understanding of internal control in the enterprise diversification strategy and operational process, gives some inspiration from the theoretical and empirical analysis; for enterprises to strengthen the construction of internal control has guiding significance in business and operation environment of the new, this study based on the our "basic norms of internal control", the absorption of COSO (2013 Edition) new changes in the new thinking, new internal control framework, provides the inspiration for the diversification of the construction of internal control in Chinese enterprises; re understanding and strengthening internal control system for the important influence of diversification, to the construction of modern scientific management system in the enterprise, provide a viable idea healthy and sustainable development; based on the perspective of internal control, discusses the mechanism of enterprise diversification affect the value of the enterprise, for our country enterprise Provide a reference for decision of diversification, encourage enterprises to improve internal control according to the actual situation, for enterprises bigger and stronger, to provide a solid guarantee for the healthy development, and provide a basis for the regulatory policies. China's 2008 "basic norms of internal control" after the release, standardize the construction supervision departments to actively implement the internal control system in the enterprise, show its determination to the construction of internal control system. The internal control system to perfect the diversified business value realization is of great significance, there are financial transactions between the diversified enterprise group internal capital allocation and the division of the necessary application guidelines for internal control of transactions and other activities as soon as possible provides supplement and perfect. On the basis of more effective policy is provided in this thesis on the importance of internal control from the perspective of diversification of evidence for the relevant departments.

【學(xué)位授予單位】：中央財(cái)經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F275;F832.51
，

本文編號：1390221