Research On The Influence Of Internal Control Quality And Earnings Persistence On Enterprise Value

The ultimate goal of the enterprise is to maximize the value of the enterprise,and the premise of realizing the value maximization is to continue operation.In order to ensure the steady and sustainable development of the enterprise,the establishment and improvement of the internal control system has become one of the managers' primary concerns.In order to establish China's internal control system,in 2008,the five ministries and commissions of the state promulgated the "basic norms of enterprise internal control",followed by the "internal control supporting guidelines" in 2010.In order to steadily promote the construction of the standard system of internal control of listed companies,the ministry of finance and the CSRC jointly promulgated the "notice on the implementation of the standard system of internal control of listed companies on the main board in batches in 2012" in 2012.The policy orientation is very obvious,which shows the strength and determination of the Chinese government to carry out the internal control system.This paper first reviews the relevant literature at home and abroad,on the basis of in-depth research.Then,it analyzes the internal control quality and enterprise value,earnings sustainability and enterprise value,as well as the internal mechanism of earnings sustainability regulating the influence of internal control quality and enterprise value.Then,the research hypothesis was proposed,and the a-share listed companies on the Shanghai and shenzhen stock exchanges from 2008 to 2018 were selected as the research objects to build A model,and descriptive statistical analysis,correlation analysis,multiple regression analysis and robustness test were carried out on the model.The results show that:(1)the better the quality of internal control is,the higher the enterprise value is;(2)the persistence of earnings;(3)the better the persistence of earnings is,the higher the enterprise value is;(4)the persistence of earnings,as a regulating variable,can positively regulate the relationship between internal control and enterprise value;(5)compared with state-owned enterprises,the persistence of earnings in non-state-owned enterprises can be regulated The effect is more significant.Finally,on the basis of the conclusion,it puts forward feasible suggestions and points out the shortcomings of the article.The innovation of this paper is mainly reflected in three aspects.First,the research perspective.This paper studies the moderating effect of earnings sustainability from the perspective of whether the influence of internal control on enterprise value will produce different effects due to different earnings sustainability.Second,time span.All a-share listed companies from 2008 to 2018 were selected from the samples.Compared with the previous research,the research results are more convincing.Third,comparative classification.In this paper,enterprises are divided into state-owned enterprises and non-state-owned enterprises according to the nature of property rights,and the effects of surplus sustainability in different enterprises are compared.