内部控制质量和董事会的董事会背部
Lei Huang1, Chunmei Tang1, Manman Li2
1School of Management, Xihua University, Chengdu, China.
Evaluation review
|November 29, 2024
概括
高质量的内部控制减少了上市公司董事会的背部痕. 这种企业治理的改善降低了代理成本和股价崩盘风险,有利于市场稳定.
科学领域:
- 公司治理 公司治理
- 金融市场 金融市场
- 企业管理 企业管理
背景情况:
- 在现代企业中,所有权和运营的分离可能会导致CEO和董事会之间的冲突.
- 这些冲突可能会对上市公司的短期业绩和长期发展产生负面影响.
- 董事会背书,一种勾结形式,加剧了这些治理问题.
研究的目的:
- 实证地检查内部控制质量对董事会会议室背后划痕的影响.
- 调查内部控制质量如何影响机构成本和分析师注意力.
- 确定内部控制质量是否能减轻股价崩盘的风险.
主要方法:
- 利用了上海和深A股上市公司 (2013-2022) 的数据.
- 采用经验分析来评估内部控制质量与董事会会议室背后划痕之间的关系.
- 研究了管理权力和市场竞争的调节效应.
主要成果:
- 内部控制质量显著减轻了董事会会议室的背部划痕.
- 这种缓解是通过降低代理成本和增加分析师注意力来实现的.
- 这种效应在管理能力较弱,市场竞争较强的公司中更为明显.
- 改善的内部控制措施降低了公司股价暴跌的风险.
结论:
- 高质量的内部控制对于制董事会会议室的背后划痕至关重要.
- 加强内部控制可以提高公司治理的效率.
- 这导致了机构成本的降低,分析师审查的增加,以及更大的市场稳定性.
- 调查结果为上市公司和利益相关者提供了宝贵的见解,以改善治理.
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