公司治理与企业价值研究.docVIP

摘 要 面对经济新常态，企业要实现稳健、持续的发展，除了技术的革新、产品的创新及设备的改造升级等“硬实力”外，还需要公司治理、内部控制等“软实力”的有力支撑，通过治理公司组织构架、理顺股权结构，建章立制，精细化管理，激发员工主观能动性，通过建立健全企业内部控制制度，规范企业行为，有效识别、控制风险，保障资产安全，让完善的内部控制制度与执行有力的公司治理机制成为不断提高企业价值的强力引擎。本文首先采用文献综合法归纳、整理国内外关于内部控制、公司治理与企业价值关系的现有研究成果；在此基础上，采用规范分析法分析三者之间的内在作用机理以及相关性；然后提出相关性假设，并选取在“新三板”挂牌的69家企业作为研究样本，采用实证分析法对部控制、公司治理与企业价值三者之间的相关性进行实证分析。研究发现，内部控制、公司治理与企业价值之间均具有正相关关系，即有效的内部控制和公司治理有助于提升企业价值；进一步研究发现，对于成长型企业，不论是公司治理还是内部控制，单个因素对企业价值的作用并不明显，但两者共同作用于企业价值的效果比较显著，即两者在提升企业价值方面具有互补性。根据研究结论，建议处于成长期的企业在进行公司治理、建立健全内部控制制度方面不可孤立进行，必须重视两者之间的有效融合，使之相辅相成、相互促进，共同促进企业发展和价值提升。 关键词：内部控制；公司治理；企业价值 Research in Internal control, corporate governance and corporate value Abstract: In the face of economic new normal, enterprise want to obtain steady and continuous development, besides of hard power like “technical revolution”, “product innovation” and “equipment upgrade”, some soft power such as corporate governance and internal control are also necessary. Depend on company organization structure management, straightening owner’s equity structure, fine management, risk control, and stimulating the employees subjective initiative, a perfect internal control system and a strong corporate governance mechanism will boost development of corporate value. At first, this paper systemizes and summarizes domestic and foreign reference materials about internal control, corporate governance and corporate value relation, and then find out their internal mechanism and correlation. Secondly, the paper will give an assumption by using of Empirical analysis from selection of 69 companies in the NEEQ as the research sample, which will try to find out correlation of internal control, corporate governance, and corporate value. Finally, the paper will prove that the internal control, corporate governance and corporate value those have a positive correlation relationship. Furthermore, the paper finds out that corporate governance or internal control in growth companies is not important factor to improve cor