上市公司内部控制失灵现象研究
|
摘要
内部控制是一组责任与权利平衡配置的公司内部契约安排。由于契约的非完备性以及契约制订过程的非合意性,从而形成责任与权利的配置失衡,引发公司内部的利益冲突和行为的逆向选择,最终导致公司内部控制失灵。上市公司是公众性公司,具有广泛大众性、社会性,其运作好坏既关系到数以万计的股东权益,又影响微观主体的正常运行。审视我国上市公司走过的15年发展历程,一系列上市公司“内部人控制”、“掏空”、“大股东的流窜匪帮策略”等违规事件此起彼伏、接连不断。从内部治理的角度分析,存在上述问题的一个重要原因在于内部控制的失灵,上市公司内部控制的完善与否和执行情况正日益成为监管机构和投资者关注的焦点。然而目前对上司公司内部控制失灵的研究还基于表面上,比如把内部控制失灵归结于内部控制制度上设计的缺陷、公司内外部环境的缺陷、外部监督乏力等方面,而没有考虑到导致内部控制失灵的深层根源——内部治理中的人治因素。基于上述考虑,本文在对我国上市公司内部控制失灵表现进行总结的基础上,提出我国上市公司内部控制失灵的深层根源并提出改进措施。
本文从实际出发,以国际上先进的理论和经验为指导,坚持历史和逻辑相统一,采取从抽象到具体、理论联系实际的研究方法。笔者站在人治这样一个更高的角度来研究内部控制问题,从而得出以下主要结论:对内部控制的失灵我们应该更多的从人治的角度分析,而不应仅仅从制度本身出发,因为人在内部控制中处于主导地位。各种内部控制问题的爆发,最终都可以归结于人。因此我国上市公司内部控制失灵现象最终可以归结于“人治”这一个中国传统而古老的话题。
Internal control is a balanced distribution of responsibilities and rights of the internal contractual arrangements. As a non-completeness of the lease contract as well as the formulation of the non-consensual, and thus responsibility imbalance in the allocation of rights and trigger internal conflict of interests and behaviors of adverse selection, which eventually led the company out of control. Listed companies are public companies, with the wider public, the community, its operation is good or bad relations between the rights and interests of the tens of thousands of shareholders, but also affect the normal operation of micro-main. Look at listed companies in China through 15 years of development history, a series of listed companies of "internal control" and "hollowing out" and "the flow of major shareholders gangs strategy" violations come and go, and string. From the point of view of internal control, the above-mentioned problems is a major reason for the failure of internal control, listed companies or the improvement of internal control and implementation of the regulatory bodies are increasingly becoming the focus of attention and investors. However, the current boss of the company is out of control based on the study on the surface, such as the internal control failures attributed to the internal control system design flaws, the company's internal and external environment defects, such as lack of external oversight, and does not take into account lead to internal control the deep-seated causes of failure - internal governance factors in the rule of man. Based on the above considerations, the paper listed companies in China's internal control failures, summed up the performance on the basis of China's listed companies to internal control failures to the deep-seated causes and improvement measures.
In this paper, proceeding from reality to the international advanced theory and experience as guidance, adhere to the unity of history and logic, taken from the abstract to the concrete, link theory with practical research methods. I stand on the rule of man a higher angle to study the internal control problems, and to come to the following conclusions: the failure of internal controls should be more from the point of view of the rule of man, and should not only be starting from the system itself, because the people in the house Control of a dominant position. Of the outbreak of internal control issues, and ultimately can be attributed to people. Therefore China's Listed Companies internal control failures can be attributed to the end "the rule of man" a traditional Chinese and ancient topic.
本文从实际出发,以国际上先进的理论和经验为指导,坚持历史和逻辑相统一,采取从抽象到具体、理论联系实际的研究方法。笔者站在人治这样一个更高的角度来研究内部控制问题,从而得出以下主要结论:对内部控制的失灵我们应该更多的从人治的角度分析,而不应仅仅从制度本身出发,因为人在内部控制中处于主导地位。各种内部控制问题的爆发,最终都可以归结于人。因此我国上市公司内部控制失灵现象最终可以归结于“人治”这一个中国传统而古老的话题。
Internal control is a balanced distribution of responsibilities and rights of the internal contractual arrangements. As a non-completeness of the lease contract as well as the formulation of the non-consensual, and thus responsibility imbalance in the allocation of rights and trigger internal conflict of interests and behaviors of adverse selection, which eventually led the company out of control. Listed companies are public companies, with the wider public, the community, its operation is good or bad relations between the rights and interests of the tens of thousands of shareholders, but also affect the normal operation of micro-main. Look at listed companies in China through 15 years of development history, a series of listed companies of "internal control" and "hollowing out" and "the flow of major shareholders gangs strategy" violations come and go, and string. From the point of view of internal control, the above-mentioned problems is a major reason for the failure of internal control, listed companies or the improvement of internal control and implementation of the regulatory bodies are increasingly becoming the focus of attention and investors. However, the current boss of the company is out of control based on the study on the surface, such as the internal control failures attributed to the internal control system design flaws, the company's internal and external environment defects, such as lack of external oversight, and does not take into account lead to internal control the deep-seated causes of failure - internal governance factors in the rule of man. Based on the above considerations, the paper listed companies in China's internal control failures, summed up the performance on the basis of China's listed companies to internal control failures to the deep-seated causes and improvement measures.
In this paper, proceeding from reality to the international advanced theory and experience as guidance, adhere to the unity of history and logic, taken from the abstract to the concrete, link theory with practical research methods. I stand on the rule of man a higher angle to study the internal control problems, and to come to the following conclusions: the failure of internal controls should be more from the point of view of the rule of man, and should not only be starting from the system itself, because the people in the house Control of a dominant position. Of the outbreak of internal control issues, and ultimately can be attributed to people. Therefore China's Listed Companies internal control failures can be attributed to the end "the rule of man" a traditional Chinese and ancient topic.
引文
[1]Beasley M S.An Empirical Analysis of the Relation between the Board of director Composition and Financial Statement Fraud[J].The Accounting Review.1996,(1):pp443-465
[2]青木昌彦.对内部人控制的控制:转轨经济中公司治理的若干问题[J].改革.1994,(10)
[3]吴有昌.国有企业“内部人控制”问题的成因和对策[J].改革.1995,(4)
[4]费方城.控制“内部人控制”——国企改革中的治理机制研究[J].经济研究.1996,(6)
[5]张承耀.“内部人控制”问题与中国企业改革[J].改革.1995,(3)
[6]卢吕崇.公司治理机构及新老三会关心论[J].经济研究.1998,(4)
[7]于林.我国上市公司治理结构的症结分析[J].经济师.2007,(1)
[8]徐建雄.加强内部控制优化公司治理结构[J].湖南税务高等专科学校学报.2006,(1)
[9]芮明杰,杜锦根.人本管理.管理前沿书系[M].浙江:浙江人民出版社.2002:pp85-102
[10]章融.上市公司与投资者信息不对称分析[J].经济学家.2003,(5)
[11][美]威斯通(Weston J.F.).兼并、重组与公司控制[M].北京:经济科学出版社.1998
[12]马丁娜.中国上市公司内部控制失效分析[D].河北大学硕士毕业论文.2005
[13]刘明辉,张宜霞.内部控制的经济学思考[J].会计研究.2002,(3)
[14]青木昌彦.转轨经济中的公司治理结构[M].北京:中国经济出版社.1995:pp18
[15]张维迎.企业理论与中国企业改革[M].北京:北京大学出版社.1999:pp186-190
[16]李维安.现代公司治理研究[M].北京:中国人民大学出版社.2002:pp378
[17]马丁娜.中国上市公司内部控制失效分析[D].河北大学硕士毕业论文.2005
[18]潘秀丽.对内部控制若干问题的研究[J].会计研究.2001,(6)
[19]刘晓云.上市公司内部控制的研究[A].全国优秀博士、硕士学位论文全文数据库.2003
[20]吴水澎,陈汉文,邵贤弟.论改进我国企业内部控制[J].会计研究.2000,(9)
[21]李明辉.论内部公司治理与内部控制[J].广西会计.2002,(12)
[22]Beck,Thorsten,Demirguc-kunt,Asli,and Ross Levine.A New Database on Financial Development and Structure[J].World Bank.1999
[23]Beck,Thorsten,Demirguc-kunt,Asli,and Vojislav Maksimovic.Financial Pattern surround the World:The Role of Institutions[J].World Bank Working Paper.2002
[24]青木昌彦,钱颖一.转轨经济中的公司治理结构:内部控制和银行的作用[M].中国经济出版社.1995:127
[25]王保树.股份公司组织机构的法的实态考察与立法课题[J].法学研究.1998,(2)
[26]江平.法人制度论[M].中国政法大学出版社.1994:pp334
[27]孟德斯鸠.论法的精神[M].上册.商务印书馆.1961:pp154
[28]中华人民共和国公司法[S].第45条第4款.第113条第2款
[29]中华人民共和国公司法[S].第50条.第119条
[30]中华人民共和国公司法[S].第69条
[31]中华人民共和国公司法[S].第120条
[32]中华人民共和国公司法[S].第113条.第114条
[33]中华人民共和国公司法[S].第106条.第107条
[34]樊英.监事会应尽快进入角色[N].上海证券报.1994年8月17日
[35]樊英.从总经理责成监事谈起[N].上海证券报.1993年8月12日
[36]王棣华.试论财务文化[J].广西会计.2000,(6)
[37]石本仁.公司治理与中国会计改革[M].广州:广东人民出版社.2000
[38]王棣华.中国文化与中国式企业财务管理[J].特区财会.1997,(5)
[39]罗飞,王竹泉.论国家作为出资者对国有企业的财务管理[J].会计研究.2001,(4)
[40]朱荣恩.建立和完善内部控制的思考[J].会计研究.2001,(1)
[41]刘志远.企业财务战略[M].第1版.大连:东北财经大学出版社.1997:pp25-37
[42]李增泉,孙铮,王志伟.“掏空”与所有权安排——来自我国上市公司大股尔资金占用的经验证据[J].会计研究.2004,(12):pp3-13
[43]夏立军,方轶强.政府控制、治理环境与公司价值——来自中国证券市场的经验证据[J].经济研究.2005,(5):pp51-62
[44]徐显明.论“法治”的构成要件[J].法学研究.1996,(3)
[45]Bakeretal Stockholder.Manager Conflicts and Firm Value[J].Financial Analysts Journal.1998:pp14-30
[46]P.Himmelberg,R.Glenn and Darius.Understanding the Determinants of Managerial Ownership and Performance [J]. Journal of Financial Economics. 1999(53):pp353-384
[47]J. Denis, Atulya. Ownership and Board Structures In Publicly Traded Corporations[J].Journal of Financial Economics . 1999(52): ppl87-223
[48]Hermanson. An Analysis of the Demand for Reporting on Internal Control[J]. Accounting Horizons. 2000, (9)
[49]Joseph Grundfest. Subordination of American capital[J]. Journal of Financial Economics. 1990, (7)
[50]Gugler K. Corporate Governance and Economical Performance [M]. Oxford University Press. 2001
[51]Sroughton N, Josef Z. IPO-Mechanism, Monitor and Ownership Structure [J]. Journal of Financial Economics. 1998, (4)
[52]Aghion P, Bolton P. An Incomplete Contracts Approach to Financial Contracting[J].Review of Economic Studies. 1992(59): pp473-494
[53]Yang X , Ng Y-K. Theory of the Firm and Structure of Residual Rights[J]. Journal of Economic Behavior and Organization. 1995(26): pp107-128
[2]青木昌彦.对内部人控制的控制:转轨经济中公司治理的若干问题[J].改革.1994,(10)
[3]吴有昌.国有企业“内部人控制”问题的成因和对策[J].改革.1995,(4)
[4]费方城.控制“内部人控制”——国企改革中的治理机制研究[J].经济研究.1996,(6)
[5]张承耀.“内部人控制”问题与中国企业改革[J].改革.1995,(3)
[6]卢吕崇.公司治理机构及新老三会关心论[J].经济研究.1998,(4)
[7]于林.我国上市公司治理结构的症结分析[J].经济师.2007,(1)
[8]徐建雄.加强内部控制优化公司治理结构[J].湖南税务高等专科学校学报.2006,(1)
[9]芮明杰,杜锦根.人本管理.管理前沿书系[M].浙江:浙江人民出版社.2002:pp85-102
[10]章融.上市公司与投资者信息不对称分析[J].经济学家.2003,(5)
[11][美]威斯通(Weston J.F.).兼并、重组与公司控制[M].北京:经济科学出版社.1998
[12]马丁娜.中国上市公司内部控制失效分析[D].河北大学硕士毕业论文.2005
[13]刘明辉,张宜霞.内部控制的经济学思考[J].会计研究.2002,(3)
[14]青木昌彦.转轨经济中的公司治理结构[M].北京:中国经济出版社.1995:pp18
[15]张维迎.企业理论与中国企业改革[M].北京:北京大学出版社.1999:pp186-190
[16]李维安.现代公司治理研究[M].北京:中国人民大学出版社.2002:pp378
[17]马丁娜.中国上市公司内部控制失效分析[D].河北大学硕士毕业论文.2005
[18]潘秀丽.对内部控制若干问题的研究[J].会计研究.2001,(6)
[19]刘晓云.上市公司内部控制的研究[A].全国优秀博士、硕士学位论文全文数据库.2003
[20]吴水澎,陈汉文,邵贤弟.论改进我国企业内部控制[J].会计研究.2000,(9)
[21]李明辉.论内部公司治理与内部控制[J].广西会计.2002,(12)
[22]Beck,Thorsten,Demirguc-kunt,Asli,and Ross Levine.A New Database on Financial Development and Structure[J].World Bank.1999
[23]Beck,Thorsten,Demirguc-kunt,Asli,and Vojislav Maksimovic.Financial Pattern surround the World:The Role of Institutions[J].World Bank Working Paper.2002
[24]青木昌彦,钱颖一.转轨经济中的公司治理结构:内部控制和银行的作用[M].中国经济出版社.1995:127
[25]王保树.股份公司组织机构的法的实态考察与立法课题[J].法学研究.1998,(2)
[26]江平.法人制度论[M].中国政法大学出版社.1994:pp334
[27]孟德斯鸠.论法的精神[M].上册.商务印书馆.1961:pp154
[28]中华人民共和国公司法[S].第45条第4款.第113条第2款
[29]中华人民共和国公司法[S].第50条.第119条
[30]中华人民共和国公司法[S].第69条
[31]中华人民共和国公司法[S].第120条
[32]中华人民共和国公司法[S].第113条.第114条
[33]中华人民共和国公司法[S].第106条.第107条
[34]樊英.监事会应尽快进入角色[N].上海证券报.1994年8月17日
[35]樊英.从总经理责成监事谈起[N].上海证券报.1993年8月12日
[36]王棣华.试论财务文化[J].广西会计.2000,(6)
[37]石本仁.公司治理与中国会计改革[M].广州:广东人民出版社.2000
[38]王棣华.中国文化与中国式企业财务管理[J].特区财会.1997,(5)
[39]罗飞,王竹泉.论国家作为出资者对国有企业的财务管理[J].会计研究.2001,(4)
[40]朱荣恩.建立和完善内部控制的思考[J].会计研究.2001,(1)
[41]刘志远.企业财务战略[M].第1版.大连:东北财经大学出版社.1997:pp25-37
[42]李增泉,孙铮,王志伟.“掏空”与所有权安排——来自我国上市公司大股尔资金占用的经验证据[J].会计研究.2004,(12):pp3-13
[43]夏立军,方轶强.政府控制、治理环境与公司价值——来自中国证券市场的经验证据[J].经济研究.2005,(5):pp51-62
[44]徐显明.论“法治”的构成要件[J].法学研究.1996,(3)
[45]Bakeretal Stockholder.Manager Conflicts and Firm Value[J].Financial Analysts Journal.1998:pp14-30
[46]P.Himmelberg,R.Glenn and Darius.Understanding the Determinants of Managerial Ownership and Performance [J]. Journal of Financial Economics. 1999(53):pp353-384
[47]J. Denis, Atulya. Ownership and Board Structures In Publicly Traded Corporations[J].Journal of Financial Economics . 1999(52): ppl87-223
[48]Hermanson. An Analysis of the Demand for Reporting on Internal Control[J]. Accounting Horizons. 2000, (9)
[49]Joseph Grundfest. Subordination of American capital[J]. Journal of Financial Economics. 1990, (7)
[50]Gugler K. Corporate Governance and Economical Performance [M]. Oxford University Press. 2001
[51]Sroughton N, Josef Z. IPO-Mechanism, Monitor and Ownership Structure [J]. Journal of Financial Economics. 1998, (4)
[52]Aghion P, Bolton P. An Incomplete Contracts Approach to Financial Contracting[J].Review of Economic Studies. 1992(59): pp473-494
[53]Yang X , Ng Y-K. Theory of the Firm and Structure of Residual Rights[J]. Journal of Economic Behavior and Organization. 1995(26): pp107-128