An Empirical Study Of The Effect Of Internal Control On The Value Of The Enterprise

Enterprise is the pillar of social economy,preventing financial fraud is the core of enterprise financial management.Besides external supervision,the internalcontrol of enterprises is also a very important link to prevent financial fraud.However,the endless financial fraud,illegal disclosure and other cases exposed many defects in the internal control of enterprises.For example,the United States Enron incident,WorldCom and other fraud cases.The occurrence of financial fraud seriously affects the value of the enterprise,harms the interests of shareholders and investors,and the effectiveness of the internal control of the enterprise is also questioned by the society.More and more enterprises because of accounting information distortion,internal management confusion leads to bankruptcy.Our country is especially heavy According to the internal control of enterprises,in 2008,five ministries and ministries,including the Ministry of Finance and other ministries and commissions,jointly promulgated the basic norms for Internal Control of Enterprises in the light of the special economic development of China.As of January 1,2011,companies listed at the same time at home and abroad will be the first to take effect.China's internal control information gradually from voluntary disclosure to mandatory disclosure stage.After the issue of the basic norms of internal control,the academic community began to explore the effectiveness of internal control and its impact on the value of enterprises.Under this background,this paper combines the existing internal control to the price of the enterprise.This paper attempts to analyze the effect of control objective-oriented internal control effectiveness on enterprise value.Firstly,this paper introduces the background and significance of the research,and systematically combs the foreign and domestic literatures about the effect of internal control effectiveness on the value of enterprises.Secondly,the related theories of internal control and enterprise value are summarized,based on the principal-agent theory,risk management theory,value management theory,The theory of information asymmetry and the five objectives of internal control analyze the relationship between the effectiveness of internal control and enterprise value.Finally,starting from the five objectives of internal control,five hypotheses are put forward.The variables of compliance objective,asset security target,reporting objective,management objective and strategic objective are selected as explanatory variables.The internal control goal of quantity is five goals.Tobin Q value is chosen as the explained variable to measure the value of enterprise,and the mathematical model is constructed.Through CSMAR Guotaian Security Database,Shanghai StockExchange website and Shenzhen Stock Exchange website,we selected the data of A-shares listed companies on the main board of Shanghai and Shenzhen Stock Exchange in 2017,screened out 2263 sample data,and analyzed the data by using Excel and SPSS software.Through descriptive statistics,correlation analysis,regression analysis and other econometric methods,it is concluded that there is a negative correlation between the illegal behavior of enterprises and the value of enterprises.There is a positive phase between asset security and enterprise value There is a positive correlation between the real and reliable of the financial report information and the value of the enterprise,and there is a positive correlation between the efficiency and the effect of the enterprise and the value of the enterprise,and there is a positive correlation between the enterprise's development strategic objectives and the enterprise value.Based on the internal control objective,relevant suggestions are put forward.