基于缺陷修复视角的企业内部控制风险免疫能力强化机制研究

On the basis of the unique prospective of disclosed internal control deficiencies and their remediation, by using large sample method of empirically study, this project for the first time planes to investigate on the risk immune mechanism of internal control, strengthening ability and its value effects, and mainly focuses on the following aspects: (1) by bringing the foundation of disciplines and internal logic of “ immune system”, reveals the basic logical mechanism of risk immune system of internal control, and tries to open the “black box” of the relationship between internal control and firm risk; (2) analyzes the impact path of previously disclosed internal control deficiencies and their remediation(boost immune functions) on firm risk, and empirical tests macro institutional aspects, external governance mechanisms and special firms’ characteristics play a role and their mechanism of action in the relationship between previously disclosed internal control deficiencies and their remediation and firm risk; (3) tests the micro functional pathway and the basic value involves a dynamic process of corporate governance and compliance cost on previously disclosed internal control deficiencies and their remediation, further, explores strengthening the immune system functions of internal control how to reshape the stakeholders’ risk assessments, and which reflects the efficiency of resource allocation. Answering the above questions, this project contributes to further revealing the mechanism of risk immune function of internal control, enriching the theoretical value by providing a new prospective to study theory of internal control, and extending the realistic significance by reinforcing function of risk immune system of internal control, and enforcing the perceived risk of the stakeholders and further optimizing resource distribution, as well as helps to provides empirical evidence and decision-making reference for the practical circle and regulators about how more to evaluate comprehensively the implementation effects of internal control policies.

本项目通过大样本实证研究方法，首次以缺陷披露及其修复这一独特的视角检验了内部控制风险免疫机理、能力强化及其价值效应，重点研究以下内容：①引入“免疫系统论”学科基础和内在逻辑，揭示内部控制免疫系统的逻辑机理，打开内部控制与企业风险关系这个“黑箱”；②分析内部控制缺陷及其修复（免疫功能强化）对企业风险的影响路径，检验宏观环境因素、外部治理机制和微观企业特征在上述影响路径中所扮演的角色及其作用机理；③检验公司治理与合规成本在内部控制缺陷及其修复动态过程中的作用路径及其基本价值效应，并从外部利益相关者视角重点挖掘和检验内部控制“免疫系统”功能强化如何重塑了其对企业风险的感知及其资源配置效率改进。本项目对于揭示内控风险免疫机理、拓展内控研究视野具有理论价值，对于强化内控风险免疫能力、提升利益相关者的风险感知进而优化资源配置具有现实意义，同时对于政府内控制度制定与执行也有重要的借鉴与促进作用。

本项目以内部控制缺陷及其修复作为内部控制风险免疫能力强化的核心，通过引入“免疫系统论”学科基础和内在逻辑，探索和追踪检验内部控制对企业风险的防控机理，引入制度环境的差异特征和内外部治理机制的互动关系，考察内部控制“免疫系统”功能是否以及如何受到哪些力量的影响及其作用机制，进一步分析和检验哪些重要的公司治理机制特征在内部控制缺陷及其修复动态过程中构成传导机制，最后从企业利益相关者风险感知及其所反映的资源配置效率，考察内部控制缺陷修复、从而提升和强化内部控制风险免疫能力的价值效应。研究以下内容：①内部控制风险免疫体系的逻辑机理；②基于制度缺陷及其修复视角的内部控制风险免疫机理与效应实证检验；③内部控制风险免疫能力强化的衍生价值效应实证检验；④基于年报文本信息视角的风险提示信息的决策价值研究。获得以下重要研究成果：①借鉴生物学及其免疫理论，深刻揭示了内部控制风险免疫体系的逻辑机理；②通过内部控制缺陷及其修复的动态检验，提供了内部控制风险免疫机理与效应的实证证据，检验了内部控制缺陷及其修复对治理效率的影响（包括企业的治理效率、企业的经营风险、以及企业的投融资决策风险）；③提供了内部控制风险免疫能力强化有关衍生价值效应的增量证据，为内部控制的价值创造和利益相关者视角奠立了思想基础；④挖掘年报披露的“管理层分析”的文本信息价值，比较丰富和系统地揭示了非结构化信息的决策价值，填补了内部控制与风险提示信息相关性研究的文献缺憾。出版学术专著3部，发表学术论文62篇（其中CSSCI38篇，外文3篇），毕业研究生49人，获得省社科成果二等奖1项，举办或参加学术会议19次，产学研合作课题4项。本项目的研究对于揭示内部控制风险免疫机理、拓展内部控制研究新视野具有理论价值；对于强化内部控制风险免疫能力、提升利益相关者的风险感知进而优化资源配置具有现实意义；同时对于政府内部控制制度制定与持续改进也有重要的借鉴与促进作用。