| " Excess Perks " has always been a common problem for Chinese enterprises,especially State-owned enterprises.Therefore,Excess Perks is also a research topic of concern in the Chinese academic community.On May 22,2008,the Ministry of Finance,the National Audit Office,the China Securities Regulatory Commission and other departments issued the Basic Norms for Internal Control of Enterprises.On April 26,2010,five ministries,including the Ministry of Finance,the National Auditing Commission,and the Securities Regulatory Commission jointly issued the “Fundamentals of Internal Control” The Guidelines for Internal Control of Enterprises provide guidance for the establishment,implementation,and evaluation of internal control of enterprises,with a view to supervising the management through internal control,and monitoring unreasonable Excess Perks to protect the interests of stakeholders.State-owned enterprises and non-state-owned enterprises have large differences in regulatory mechanisms,leading to significant differences between “consumer spending” of state-owned and non-state-owned enterprises.On December 4,2012,the Politburo held a meeting to review and pass the Politburo of the Central Committee on improving work style and closeness.In connection with the "eight provisions" of the masses,we must firmly advance the strict and comprehensive administration of the party and resolutely oppose formalism,bureaucracy,hedonism,and extravagance.On January 19,2015,the SASAC convened a meeting of the central government on anti-corruption work.In 2015,the first round of central inspections was held in state-owned enterprises.Anti-corruption as a means of external governance of enterprises has played a very significant role in restraining the consumption of enterprises,especially senior managers of state-owned enterprises.The combination of internal control and anti-corruption internal and external governance can better realize the control and restriction of excess on-the-job consumption.This article refers to the research of most scholars and represents the “Excess Perks” of the company with the amount of money beyond the normal working expenditure expected by the executives determined by economic factors.At the same time,based on the data of listed companies in Shanghai and Shenzhen A shares from 2010 to 2016,12637 sample observations were obtained,and multiple linear regression was adopted to focus on the constraint issue of the internal control of listed companies for excess executive consumption of senior executives,according to the nature of property rights.The theoretical analysis and research on the concept of internal control and on-the-job consumption: First of all,the analysis of the correlation between internal control and management's Excess Perks shows that the higher the internal control quality,the more pronounced the inhibitory effect on excess on-the-job consumption;According to the nature of the property rights,the subsample regression and comparison study examine whether there are differences in the role of internal control under different property rights.Compared with state-owned enterprises,the effect of internal control over non-state-owned enterprises on excess job consumption is better.Finally,considering the impact of the “eight regulations” policy,this paper further divides the sample into the study.After the “eight provisions” are issued,the internal control of state-owned enterprises will have a stronger inhibitory effect on excess job consumption.The main contribution of this paper is,on the one hand,adding new research perspectives and considering its institutional policy background,namely the “eight provisions”.On the other hand,to provide new research ideas and explore differences in the role of internal and external governance over “excessive on-the-job consumption” when the nature of property rights is different. |
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