Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/60363
|
| Title: | 內部控制缺失與經營績效之關聯性研究
Internal Control Weaknesses and Firm Performance |
| Authors: | 林惠婷 |
| Contributors: | 林宛瑩
林惠婷 |
| Keywords: | 內部控制缺失
公司治理
經營績效
internal control weaknesses
cooperate governance
firm performance |
| Date: | 2010 |
| Issue Date: | 2013-09-05 14:29:38 (UTC+8) |
| Abstract: | 本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。
實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。
Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report.
The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance. |
| Reference: | 一、中文部分
Garittee, J. 2002. 亞洲公司治理：迷思或現實，內部稽核季刊，第39期，頁11-20。
方志宏，2007，內部控制缺失與財務績效相關性研究-以本國商業銀行為例，國立台北大學會計學系碩士論文。
李佩琳，2009，內部稽核主管特質對內部控制品質之影響，國立台北大學會計學系碩士論文。
吳當傑，2004，公司治理理論與實務，財團法人孫運璿學術基金會。
林宛瑩與許崇源，2008，台灣集團企業之控股型態及公司治理衡量指標之研究與建議，交大管理學報，第28卷第1期，頁269-312。
邱正仁、熊大中與高蘭芬，2002，股權質押與財務危機關聯性之研究，中華會計學刊，第3卷第1期，頁79-111。
高蘭芬與邱正仁，2002，董監事股權質押對會計盈餘與股票報酬相關性之影響，台大管理論叢，第13卷第1期，頁127-162。
馬秀如，1997，內部控制之過去與現在，會計研究月刊，第138期，頁25-40。
馬秀如，1998，內部控制－整體架構，財團法人中華民國會計研究發展基金會。
馬秀如，2002，控制至治理之途，主計月刊，第562期，頁63-75。
馬秀如，2005，內部控制之延伸－風險管理，會計研究月刊，第238期，頁19-30。
黃靖雅，2007，集團企業股權結構複雜度與經營效益關聯性之探討，國立政治大學會計學系碩士論文。
黃崇輝，2004，公司治理與經營績效關聯性之研究－以台南地區上市、上櫃及公開發行公司為實證，國立成功大學高階管理碩士在職專班。
黃誌緯，2009，內部控制有效性與企業績效及財務報導可靠性，國立成功大學會計學系碩士論文。
陳宜伶，2009，董事會之獨立、專業、參與對企業績效及風險之影響，國立政治大學會計學系博士論文。
葉旻其，2009，公司治理機制對企業績效與董監薪酬之影響，國立政治大學會計學系碩士論文。
張思國、陳脩文、鄭益成、黃曉惠，2009，公司治理因素與上市公司內部控制制度關聯性之研究(上) ，證交資料，第567期，頁6-25。
張思國、陳脩文、鄭益成、黃曉惠，2009，公司治理因素與上市公司內部控制制度關聯性之研究(中) ，證交資料，第568期，頁6-27。
張思國、陳脩文、鄭益成、黃曉惠，2009，公司治理因素與上市公司內部控制制度關聯性之研究(下) ，證交資料，第569期，頁20-51。
顏怡音，2003，從內部控制之觀點論公司治理，主計月刊，第576 期，頁49-59。
二、英文部分
Anderson, R. C., Mansi, S. A., and Reeb, D. M. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68 (2): 263–285.
Ashbaugh-Skaife, H., Collins, D., and Kinney, W. 2007. The discovery and reporting of internal control deficiencies prior to SOX-mandated audits. Journal of Accounting and Economics 44 (1–2), 166–192.
Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. LaFond. 2009. The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting Research 47 (1): 1–43.
Carey, P. and Nagarajan, R. 2008. Effectiveness of Internal Control over Financial Repoting and Financial Statement Restatements: The Role of Management. Working paper. Monash University Australia.
Chaganti, R., and Damanpour, F. 1991. Institutional ownership, capital structure, and firm performance. Strategic Management Journa 12 (7): 479–491
Chaganti, R. S., Mahajan, V. and Sharma, S. 1985. Corporate board size, composition and corporate failures in retailing industry. Journal of Management Studies 22 (4): 400–417.
Claessens, S., Djankov, S., and Lang, L. H. P. 2000. The separation of ownership and control in East Asian corporation. Journal of Financial Economics 58 (1): 81–112.
Claessens, S., Djankov, S., Fan, J., and Lang, L. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57 (6): 2741–2772.
Coase, R. 1937. The nature of the firm. Economica, New Series 4 (16): 386–405.
Coles, J., Daniel, N., and Naveen, L. 2008. Boards: Does one size fit all? Journal of Financial Economics 87 (2): 329–356.
Core, J., Guay, W. and Rusticus, T. 2006. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expections. Journal of Finance 61 (2): 655–687.
COSO，1994， Internal Control－Integrated Framework
Defond, M.L., and J. Jiambalvo. 1991. Incidence and circumstances of accounting errors. The Accounting Review 66: 643–655.
De Franco, G. D., Y. Guan, and H. Lu. 2005. The wealth change and redistribution effects of Sarbanes-Oxley internal control disclosures. Working paper, University of Toronto.
Donaldson, L., and J. H. Davis. 1994. Boards and company performance: research challenges the conventional wisdom. Corporate Governance: An International Review 2(3): 151–160.
Doyle, J.T., Ge, W., and McVay, S.E. 2007a. Determinants of weaknesses in internal control over financial reporting. Journal of Accounting and Economics 44 (1–2), 193–223.
Doyle, J., W. Ge and S. McVay. 2007b. Accruals Quality and Internal Control over Financial Reporting. The Accounting Review 82 (5): 1141–1170.
Eisenberg, T., Sundgren, S., and Wells, M. T. 1998. Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48 (1): 35–54.
Ge, W., McVay, S. 2005. The disclosure of material weakness in internal control after the Sarbanes-Oxley Act. Accounting Horizons 19 (3): 137–158
George, R., M. R. Kabir, and S. Douma. 2004. Business groups and profit redistribution: a boon or bane for firms. Discussion Paper 124, Tilburg University, Center for Economic Research.
Gompers, P., Ishii, J. and Metrick, A. 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118 (1): 107-155.
Goh, B. W. 2009. Audit committees, boards of directors, and remediation of material weaknesses in internal control. Contemporary Accounting Research 26 (2): 549–579.
Gordon, L. and Pound, J. 1993. Information, ownership structure, and shareholder voting: evidence from shareholder-sponsored corporate governance proposal. Journal of Finance 48 (2): 697–718.
Gunduz, L., and E. Tatoglu. 2003. A comparison of the financial characteristics of
group affiliated and independent firms in Turkey. European Business Review 15: 48–54.
Guillén M. F. 1997. Business groups in economic development. Academy ofManagement Best Paper Proceedings (57th Annual Meeting) : 170–174.
Hammersley, J., L. Myers, and C. Shakespeare. 2008. Market reactions to the disclosure of internal control weakness and to the characteristics of those weaknesses under Section 302 of the Sarbanes Oxley Act of 2002. Review of Accounting Studies 13 (1): 141–165.
Hogan, C., and M. Wilkins. 2008. Evidence on the audit risk model: Do auditors increase audit fees in the presence of internal control deficiencies? Contemporary Accounting Research 25 (1): 219–242.
Hoitash, U., R. Hoitash, and J. Bedard. 2009. Corporate governance and internal control over financial reporting: a comparison of regulatory regimes. The Accounting Review 84 (3): 839–867.
Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48 (3): 831–880
Jensen, M. C. and Meckling, W. H. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305–360.
Jensen, M. C. and Ruback, R. S. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11 (1): 5–50.
Johnstone, Karla; Li, Chan; Rupley, Kathleen Hertz. 2011. Changes in Corporate Governance Associated with the Revelation of Internal Control Material Weaknesses and Their Subsequent Remediation. Contemporary Accounting Research 28 (1): 331–383.
Kesner, I. F. 1987. Directors stock ownership and organization performance: An investigation of fortune 500 companies. Journal of Management 13 (3): 499–507.
Khanna, T., and K. Palepu. 2000. Is group affiailation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance 55: 867–891.
Kinny,W.,McDaniel,L., 1989, Characteristics of firms correcting previously reported quarterly earnicg. Journal of Accounting and Economics 2: 71–93.
Kinney, W. 2000. Research opportunities in internal control quality and quality assurance. Auditing: A Journal of Practice & Theory 19 (Winter): 83–90.
Krishnan, J., 2005. Audit committee quality and internal control: An empirical analysis. The Accounting Review 80 (2): 649–675.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. W. 2002. Investor protection and corporate valuation. Journal of Finance 57 (3): 1147–1170
Larcker, D., S. Richardson, and I. Tuna. 2007. Corporate governance, accounting outcomes, and organizational performance. The Accounting Review 82 (4): 963–1008.
Li, C., L. Sun, and M. Ettredge. 2010. Financial executive quality, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics 50 (1): 93–110.
Li, C. and Wang, Q. 2006. SOX 4O4 Assessments and Financial Reporting Errors. Working paper. University of Kansas.
Mei Feng, Chan Li, Sarah McVay. 2009. Internal control and management guidance. Journal of Accounting and Economics 48: 190–209
Oviatt, B. M. 1988. Agency and transaction cost perspectives on the manager-shareholder relationship, incentives for congruent interests. Academy of Management Review 13 (2): 214–225.
Patton, A., and J. C. Baker. 1987. Why won’t directors rock the boat? Harvard Business Review: 10–18.
Public Company Accounting Oversight Board (PCAOB). 2004. Auditing Standard No. 2. An audit of internal control over financial reporting performed in conjunction with an audit of financial statements. Washington, DC: PCAOB.
PricewaterhouseCoppers, 2004. Integrity driven performance.PWC.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20 (2): 237–264.
Raghunandan, K., and D. Rama. 2006. SOX 404 material weakness disclosures and audit fees. Auditing: A Journal of Practice and Theory 25 (1): 99–114.
Shleifer, A., and Vishny, R. 1997. A survey of corporate governance. Journal of Finance 52 (2): 737–783.
Stulz, R. 1988. Managerial control of voting rights. Journal of Financial Economics 20 (1): 25–59.
Wong, K. A., and T. C. Yek. 1991. Shareholdings of board of directors and corporate performance from Singapore. Pacific Basin Capital Markets Research 2: 211–225.
Williamson, O. E. 1985. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting, New York: Free Press.
Wang, D. 2006. Founding family ownership and earnings quality. Journal of Accounting Research 44 (3): 619–656.
Xie, B., W. Davidson, and P. DaDalt. 2003. Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance 9: 295–316.
Xu, L. and A. Tang. 2008. Institutional Ownership, Internal Control Material Weakness and Firm Performance. Working paper, Morgan State University.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-211.
Yeh, Y. H., Lee, T. S., and Woidtke, T. 2001. Family control and corporate governance: Evidence for Taiwan. International Review of Finance 2 (1): 21-48.
Zhang, Y, J. Zhou, and N. Zhou. 2007. Audit committee quality, auditor independence, and intemal control weaknesses. Journal of Accounting and Public Policy 26 (3): 300-327. |
| Description: | 碩士
國立政治大學
會計研究所
98353026
99 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0983530261 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 026101.pdf | 1367Kb | Adobe PDF2 | 1946 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
