内部控制能够促进企业创新绩效的提高吗?
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摘要
大力发展创新、提升企业创新绩效已经成为企业战略目标的一部分。内部控制是现代企业极为重要的内部治理机制,也是企业战略目标实现的重要保障。本文以2012-2016年沪深两市A股上市公司的数据为样本,对企业内部控制质量是否会对企业创新绩效产生显著的影响进行了实证研究,并基于现代产权理论分析了不同产权性质的企业创新绩效存在差异的原因。研究结果表明:企业内部控制质量对其创新绩效具有显著的促进作用;非国有企业的创新绩效高于国有企业;进一步,产权性质作为调节变量影响着内部控制对企业创新绩效的促进作用,相对于国有企业,非国有企业内部控制质量对创新绩效的促进作用更为显著。本文的研究一定程度上丰富了内部控制的经济后果和创新绩效影响因素的相关研究,为不同产权性质的企业通过建立和完善内部控制、促进创新绩效的提升提供决策支持。
As the primary force of driving development,innovation has always been highly valued by the government and the people. Innovation is a dynamic process,which can not only bring vitality to the enterprise and improve its competitiveness,but also bring risks and uncertainties to its production and operation. Because of the duality of this process,plus the risk preference,opportunism,agency problems and information asymmetry,the innovative resources of the enterprise cannot be fully utilized and thus have a certain impact on its innovation performance.Internal control is the sum of a series of management activities and a dynamic management activity itself which constantly evolves. Recent years have witnessed the breakthroughs that China has achieved in its research on internal control,specifically in the fields of accounting,auditing and corporate strategic management. As a vital internal governance mechanism in modern enterprises,internal control has been generally acknowledged to play an important role in protecting the healthy operation of companies and the stable development of capital market. Internal control can reduce the inefficiency caused by information asymmetry and principal-agent problems in the enterprise's R&D activities,and improve the level and efficiency of innovation investment.Developing innovation and improving innovation performance have been part of the enterprise's strategic goals. Internal control is a vital internal governance mechanism for modern enterprises,and is also essential to the realization of their strategic goals.Therefore,issues of allowing internal control to function effectively,increasing the enterprise's R&D investment and innovation ability,improving its innovation performance and maximizing its value,thus promoting the national economic growth,have been common concerns among scholars. Innovation is part of the enterprise's strategic goals,and internal control is essential to the realization of those goals and closely related to the enterprise' s innovation performance. The current research has rarely covered such topics as how the quality of internal control impacts the enterprise's innovation performance and the extent of this impact.Hence,we propose the following three hypotheses: H1: By controlling other factors,internal control has a positive effect on the enterprise's innovation performance; H2: By controlling other factors,the innovation performances of non-state-owned enterprises are better than those of state-owned enterprises; and H3: Internal control plays a more important role in promoting the innovation performances of non-state-owned enterprises than those of state-owned enterprises.Based on the sample data of listed companies on the A-share Main Board of Shanghai and Shenzhen Stock Exchanges from2012 to 2016,this paper conducts an empirical study on whether the quality of the enterprise's internal control has a significant impact on its innovation performance,and further analyzes whether internal control quality of enterprises of different property rights has different amount of influence on the enterprise's innovation performance,and analyzes the reasons for those differences based on the theory of modern property rights. We choose R&D investment as the dependent variable to measure the enterprise's innovation performance,internal control index issued by Shenzhen Di Bo Risk Management Limited Company as the independent variable,virtual variable 1,0 as state-owned enterprises and non-state-owned enterprises respectively,and asset return rate( ROA),firm age( FIRMAGE),shareholder ownership ratio( SHAREHOLD),enterprise size( SIZE),executive compensation( SALARY) as control variables. We make regression analysis respectively between internal control and innovation performance,property right nature and innovation performance. Besides,we use property right nature as adjustment variable to explore whether property right nature has an impact on internal control and performance. Referring to other scholars' research,we make descriptive statistics for both total sample variables and group samples of state-owned enterprises and non-state-owned enterprises.We find that the quality of internal control has a significantly positive impact on the enterprise's innovation performance; the innovation performances of non-state-owned enterprises are better than those of state-owned enterprises; furthermore,the nature of property rights,as an adjustment variable,affects the role of internal control in promoting the enterprise's innovation performance. Compared with state-owned enterprises,the quality of internal control of non-state-owned enterprises promotes innovation performance more significantly.In order to prove the accuracy of the conclusions,we classify all the samples based on their industries,and select manufacturing industry,the most representative sample,to explore the relationship between internal control and the enterprise's innovation performance and the role of property rights in adjusting the two,and we draw the same conclusions. As the nation's leaders of innovation driving development,manufacturing enterprises should increase their investment in innovation,enhance their independent innovation capabilities,make full use of the preferential policies introduced by the government,and increase the level of internal control. From the perspective of internal control,this paper provides solutions for different ownership enterprises to efficient R&D investment,overall improvement of China's innovation capabilities and the enterprise's innovation performance.According to empirical analysis and research conclusions,we give the following suggestions:( 1) Improve the internal control mechanism and allow internal control to play its part in the enterprise's innovation performance as well as its survival and development.( 2) Expand the scope of compulsory implementation of internal control,especially in non-state-owned enterprises so as to improve their innovation performances.( 3) Promote the reform of state-owned enterprises,reduce agency costs and owner vacancy,and improve the property rights system of modern enterprises,so that state-owned enterprises and non-state-owned enterprises can develop together.This research enriches the studies on the economic consequences of internal control and the factors affecting innovation performance,and makes up the deficiency of research about the impact of internal control on innovationperformance. At the same time,it provides decision-making basis for enterprises of different property rights to implement and promote internal control comprehensively,and decision-making references for them to explore innovation performance from the perspective of internal control. The results of this research have important theoretical significance and practical guidance value.
As the primary force of driving development,innovation has always been highly valued by the government and the people. Innovation is a dynamic process,which can not only bring vitality to the enterprise and improve its competitiveness,but also bring risks and uncertainties to its production and operation. Because of the duality of this process,plus the risk preference,opportunism,agency problems and information asymmetry,the innovative resources of the enterprise cannot be fully utilized and thus have a certain impact on its innovation performance.Internal control is the sum of a series of management activities and a dynamic management activity itself which constantly evolves. Recent years have witnessed the breakthroughs that China has achieved in its research on internal control,specifically in the fields of accounting,auditing and corporate strategic management. As a vital internal governance mechanism in modern enterprises,internal control has been generally acknowledged to play an important role in protecting the healthy operation of companies and the stable development of capital market. Internal control can reduce the inefficiency caused by information asymmetry and principal-agent problems in the enterprise's R&D activities,and improve the level and efficiency of innovation investment.Developing innovation and improving innovation performance have been part of the enterprise's strategic goals. Internal control is a vital internal governance mechanism for modern enterprises,and is also essential to the realization of their strategic goals.Therefore,issues of allowing internal control to function effectively,increasing the enterprise's R&D investment and innovation ability,improving its innovation performance and maximizing its value,thus promoting the national economic growth,have been common concerns among scholars. Innovation is part of the enterprise's strategic goals,and internal control is essential to the realization of those goals and closely related to the enterprise' s innovation performance. The current research has rarely covered such topics as how the quality of internal control impacts the enterprise's innovation performance and the extent of this impact.Hence,we propose the following three hypotheses: H1: By controlling other factors,internal control has a positive effect on the enterprise's innovation performance; H2: By controlling other factors,the innovation performances of non-state-owned enterprises are better than those of state-owned enterprises; and H3: Internal control plays a more important role in promoting the innovation performances of non-state-owned enterprises than those of state-owned enterprises.Based on the sample data of listed companies on the A-share Main Board of Shanghai and Shenzhen Stock Exchanges from2012 to 2016,this paper conducts an empirical study on whether the quality of the enterprise's internal control has a significant impact on its innovation performance,and further analyzes whether internal control quality of enterprises of different property rights has different amount of influence on the enterprise's innovation performance,and analyzes the reasons for those differences based on the theory of modern property rights. We choose R&D investment as the dependent variable to measure the enterprise's innovation performance,internal control index issued by Shenzhen Di Bo Risk Management Limited Company as the independent variable,virtual variable 1,0 as state-owned enterprises and non-state-owned enterprises respectively,and asset return rate( ROA),firm age( FIRMAGE),shareholder ownership ratio( SHAREHOLD),enterprise size( SIZE),executive compensation( SALARY) as control variables. We make regression analysis respectively between internal control and innovation performance,property right nature and innovation performance. Besides,we use property right nature as adjustment variable to explore whether property right nature has an impact on internal control and performance. Referring to other scholars' research,we make descriptive statistics for both total sample variables and group samples of state-owned enterprises and non-state-owned enterprises.We find that the quality of internal control has a significantly positive impact on the enterprise's innovation performance; the innovation performances of non-state-owned enterprises are better than those of state-owned enterprises; furthermore,the nature of property rights,as an adjustment variable,affects the role of internal control in promoting the enterprise's innovation performance. Compared with state-owned enterprises,the quality of internal control of non-state-owned enterprises promotes innovation performance more significantly.In order to prove the accuracy of the conclusions,we classify all the samples based on their industries,and select manufacturing industry,the most representative sample,to explore the relationship between internal control and the enterprise's innovation performance and the role of property rights in adjusting the two,and we draw the same conclusions. As the nation's leaders of innovation driving development,manufacturing enterprises should increase their investment in innovation,enhance their independent innovation capabilities,make full use of the preferential policies introduced by the government,and increase the level of internal control. From the perspective of internal control,this paper provides solutions for different ownership enterprises to efficient R&D investment,overall improvement of China's innovation capabilities and the enterprise's innovation performance.According to empirical analysis and research conclusions,we give the following suggestions:( 1) Improve the internal control mechanism and allow internal control to play its part in the enterprise's innovation performance as well as its survival and development.( 2) Expand the scope of compulsory implementation of internal control,especially in non-state-owned enterprises so as to improve their innovation performances.( 3) Promote the reform of state-owned enterprises,reduce agency costs and owner vacancy,and improve the property rights system of modern enterprises,so that state-owned enterprises and non-state-owned enterprises can develop together.This research enriches the studies on the economic consequences of internal control and the factors affecting innovation performance,and makes up the deficiency of research about the impact of internal control on innovationperformance. At the same time,it provides decision-making basis for enterprises of different property rights to implement and promote internal control comprehensively,and decision-making references for them to explore innovation performance from the perspective of internal control. The results of this research have important theoretical significance and practical guidance value.
引文
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[2]许瑜,冯均科,李若昕. CEO激励、媒体关注与内部控制有效性的关系研究[J].审计与经济研究,2017,32(2):35-45.Xu Yu,Feng Junke,Li Ruoxin. The relationship between CEO incentives,media coverage and the effectiveness of internal control[J]. Journal of Audit&Economics,2017,32(2):35-45.
[3]李万福,林斌,宋璐.内部控制在公司投资中的角色:效率促进还是抑制?[J].管理世界,2011(2):81-99+188.Li Wanfu,Lin Bin,SongLu. The role played by the internal control in companies'investment:Is it a promotion of efficiency or a repression thereof?[J]. Management World,2011(2):81-99+188.
[4]周鑫,戴文涛.中国上市公司内部控制经营目标指数研究——基于沪市上市公司的实证分析[J].审计与经济研究,2014(4):81-88.Zhou Xin,Dai Wentao. Operation goal index of internal control of China listed companies:Based on empiracl analysis of listed companies of Shanghai stock exchange[J]. Journal of Audit&Economics,2014(4):81-88.
[5] Doyle J,Ge W,Mcvay S. Determinants of weaknesses in internal control over financial reporting[J]. Journal of Accounting&Economics,2007,44(1):193-223.
[6]刘启亮,罗乐,张雅曼,等.高管集权、内部控制与会计信息质量[J].南开管理评论,2013,16(1):15-23.Liu Qiliang,Luo Le,Zhang Yaman. Concentration of managerial power,internal control and accounting information quality[J]. Nankai Business Review,2013,16(1):15-23.
[7]李瑛玫,楚有为,杨忠海.内部控制、中期审计与年报审计延迟[J].审计与经济研究,2016(2):52-60.Li Yingmei,Chu Youwei,Yang Zhonghai. Internal control,interim audit and audit delay of annual report[J]. Journal of Audit&Economics,2016(2):52-60.
[8] David B. Organizedlabor,audit quality,and internal control.[J]. Advances in Accounting,2017(36):11-26.
[9] Maureen F,Melvin A,Diane J,PCAOBinspections:An analysis of entity-level and application-level control audit deficiencies[J]. International Journal of Accounting Information Systems,2018.
[10]陈钰芬,陈劲.开放式创新促进创新绩效的机理研究[J].科研管理,2009,30(4):01-09.Chen Yufen,Chen Jin. A study on the mechanism of open innovation promoting innovative performance[J]. Science Research Management,2009,30(4):01-09.
[11]张振刚,陈志明,李云健.开放式创新、吸收能力与创新绩效关系研究[J].科研管理,2015,36(3):49-56.Zhang Zhengang,Chen Zhiming,Li Yunjian. A study on the relationship between open innovation,absorptive capacity and firm's innovation performance[J]. Science Research Management,2015,36(3):49-56.
[12]彭红霞.企业特征、人力资源系统与创新绩效的关系——对“长三角”地区企业问卷调查结果的实证研究[J].审计与经济研究,2008(5):106-110.Peng Hongxia. Relationship between enterprise characteristics,human resources system and enterprise innovation performance—An empirical study of the enterprises in yangtze delta[J]. Journal of Audit&Economics,2008(5):106-110.
[13]孙丽华.战略人力资源管理、企业文化对创新绩效的影响[J].国际商务(对外经济贸易大学学报),2016(6):137-147.Sun Lihua. Study on the relationship between strategic human resources management and innovation performance—The mediator of corporate culture[J]. International Business,2016(6):137-147.
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