摘 要
中小企业作为国民经济的重要组成部分，在推动经济增长、促进就业等方面发挥着不可替代的作用，但其内部控制缺陷对财务绩效的影响不容忽视。本研究旨在探讨中小企业内部控制缺陷与财务绩效之间的关系，基于信号传递理论和代理理论，选取2015 - 2020年沪深A股上市的中小企业为样本，运用因子分析法构建内部控制缺陷评价指标体系，以托宾Q值、净资产收益率等衡量财务绩效，采用多元线性回归模型进行实证检验。结果表明，内部控制缺陷程度与财务绩效呈显著负相关关系，其中信息传递缺陷和内部监督缺陷对财务绩效的负面影响更为明显。进一步研究发现，不同产权性质下二者关系存在差异，非国有企业内部控制缺陷对财务绩效的负面影响更大。创新点在于聚焦中小企业这一特殊群体，从内部控制缺陷的多维度视角深入剖析其对财务绩效的影响机制，并且考虑了产权性质的调节作用，为完善中小企业内部控制体系提供理论依据，有助于提高中小企业的财务绩效，增强市场竞争力。
关键词：内部控制缺陷 财务绩效 中小企业
Abstract
Small and medium-sized enterprises (SMEs), as a vital component of the national economy, play an irreplaceable role in promoting economic growth and employment. However, the impact of internal control deficiencies on financial performance cannot be overlooked. This study aims to investigate the relationship between internal control deficiencies and financial performance in SMEs. Based on signaling theory and agency theory, this research selects SMEs listed on the Shanghai and Shenzhen A-share markets from 2015 to 2020 as samples. Factor analysis is employed to construct an evaluation index system for internal control deficiencies, while Tobin’s Q and return on equity are used to measure financial performance. A multiple linear regression model is utilized for empirical testing. The results indicate a significantly negative correlation between the degree of internal control deficiencies and financial performance, with information transmission deficiencies and internal supervision deficiencies exerting more pronounced negative impacts on financial performance. Further analysis reveals that the relationship varies under different property rights natures, with non-state-owned enterprises experiencing greater negative effects of internal control deficiencies on financial performance. The novelty of this study lies in focusing on the unique group of SMEs, conducting an in-depth analysis of the impact mechanism of internal control deficiencies on financial performance from a multi-dimensional perspective, and considering the moderating role of property rights nature. This provides theoretical support for improving the internal control system of SMEs, thereby enhancing their financial performance and market competitiveness.
Keyword:Internal Control Deficiency Financial Performance Small And Medium-Sized Enterprises
目 录
引言 1
1中小企业内部控制缺陷概述 1
1.1内部控制缺陷的定义与分类 1
1.2内部控制缺陷的成因分析 2
1.3内部控制缺陷对企业的潜在影响 2
2财务绩效评估体系构建 3
2.1财务绩效指标的选择依据 3
2.2财务绩效评价方法综述 3
2.3中小企业财务绩效特征分析 4
3内部控制缺陷与财务绩效的关系 4
3.1内部控制缺陷对盈利能力的影响 5
3.2内部控制缺陷对运营效率的影响 5
3.3内部控制缺陷对偿债能力的影响 6
4改善内部控制缺陷的策略及效果 6
4.1内部控制缺陷的识别与诊断 6
4.2内部控制改进措施的实施 7
4.3改进后对财务绩效的提升效果 7
结论 8
参考文献 9
致谢 10
