The Emprical Analysis On Internal Control And Corporate Value In Listed Companies

Since the enactment of Sarbanes Oxlev later, internal control becomes the focus of attention once again. The research abroad for internal control had relatively perfect theory system, However, the contribution of internal control in our country started later than other developed counties. In April 26,2010 releasing enterprise internal control basic standard and related guidelines, marks domestic standard system which is further improved. Most of enterprises establish and perfect the internal controls that are still under in the policy to enforce, lack of internal control construction initiative. Lead to enterprise internal control management confusion, the distortion of accounting information, and have side effect in the long-term development of the enterprise Therefore, this Paper tries to do some research to find out the impact of internal control on the value of corporation.At present, Enterprise value maximization has become the company's objective, and the goal of internal control is goal's materialization which is enterprise value maximization. Internal control activities are also the materialization of the enterprise management activities' value. This article takes it as an opportunity, to research the internal control to enterprise value influence; The Point of view needs theoretical Support. This Paper introduces the basic theory of internal control and enterprise value, Including both concept, the whole development of internal control and the cognizance of the enterprise value. Then basing on the principal agent theory and value management theory in order to analyze the relationship between internal control and enterprise value, only this can provide theoretical basis of enhance enterprise value. On the basis of theoretical analysis, this Paper applies the empirical research method to study the correlation between internal control and corporate value .Funding the related data of A-share listed 08 and 09companies in Shenzhen Stock Exchange as research sample, the Principle Component Analysis is used to form a factor, which measures the operation efficiency of internal control comprehensively. Together with auditor opinion and corporate adherence to related regulation, the three factors aroused to forma correlation analysis and regression analysis to find out their correlations with the corporate value respectively. Finally, based on the empirical analysis, reached the research conclusions and recommendations.