摘 要
内部控制质量作为企业治理的重要组成部分，对提升财务绩效具有关键作用。本研究基于内部控制与企业财务绩效的理论关联，探讨二者之间的互动机制及其影响路径。通过选取2015年至2022年间中国A股上市公司的面板数据，采用固定效应模型和工具变量法进行实证分析，研究发现内部控制质量的提升显著正向影响企业财务绩效，且这种影响在不同行业和规模的企业中表现出异质性特征。进一步研究表明，信息透明度和资源配置效率是内部控制质量作用于财务绩效的重要传导机制。此外，本研究创新性地引入动态视角，验证了内部控制质量对企业长期价值创造的累积效应。研究结果不仅为完善企业内部控制体系提供了理论支持，还为企业管理层优化资源配置、提升经营效率提供了实践指导。本研究的主要贡献在于揭示了内部控制质量与财务绩效之间的作用机理，并通过分组分析和中介效应检验深化了现有理论框架，同时为政策制定者加强监管体系建设提供了经验证据。这一研究对于推动企业高质量发展和资本市场健康运行具有重要意义。
关键词：内部控制质量；财务绩效；信息透明度；资源配置效率；长期价值创造
Abstract
Internal control quality, as a critical component of corporate governance, plays a key role in enhancing financial performance. This study investigates the interactive mechanism and influence pathways between internal control quality and corporate financial performance based on their theoretical association. By employing panel data from Chinese A-share listed companies between 2015 and 2022, we conduct empirical analyses using fixed-effects models and instrumental variable approaches. The findings indicate that improvements in internal control quality significantly and positively affect financial performance, with heterogeneous characteristics observed across firms in different industries and scales. Further analysis reveals that information transparency and resource allocation efficiency serve as crucial transmission mechanisms through which internal control quality influences financial performance. Additionally, this study innovatively incorporates a dynamic perspective to validate the cumulative effect of internal control quality on long-term value creation. The results not only provide theoretical support for refining corporate internal control systems but also offer practical guidance for managerial decision-making in optimizing resource allocation and improving operational efficiency. The primary contribution of this study lies in uncovering the underlying mechanisms linking internal control quality and financial performance, deepening the existing theoretical fr amework through subgroup analysis and mediation effect testing. Moreover, it provides empirical evidence for policymakers to strengthen regulatory system construction. This research holds significant implications for promoting high-quality corporate development and ensuring the healthy operation of capital markets.
Keywords: Internal Control Quality; Financial Performance; Information Transparency; Resource Allocation Efficiency; Long-term Value Creation
目 录
一、绪论 1
（一）研究背景与意义 1
（二）国内外研究现状综述 1
（三）研究方法与技术路线 2
二、内部控制质量的理论基础与衡量 2
（一）内部控制质量的概念界定 2
（二）内部控制质量的理论框架 3
（三）内部控制质量的衡量指标体系 3
（四）内部控制质量对企业的影响机制 4
三、企业财务绩效的分析与评估 4
（一）财务绩效的核心概念与内涵 4
（二）财务绩效的主要评估方法 5
（三）财务绩效的影响因素分析 5
（四）内部控制质量与财务绩效的关联性探讨 6
四、内部控制质量与企业财务绩效的关系实证研究 6
（一）研究假设的提出 6
（二）数据来源与样本选择 7
（三）实证模型构建与变量设计 7
（四）实证结果分析与讨论 8
结论 9
参考文献 10
致 谢 11
