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本文基于内部审计价值增值功能,考察内部审计质量对公司价值的影响。以2007—2009年A股上市公司为研究对象,从内部审计部门的独立性、规模、制度规范和设立动机四方面合成内部审计质量以作为内部审计功能发挥的代理变量,以Tobins’Q作为公司价值的代理变量,以ROA作为公司经营绩效的代理变量。研究表明,内部审计对公司价值的影响主要是通过公司经营绩效实现的;在考察样本中的中小企业板上市公司,内部审计质量与公司价值和公司价值增值显著正相关,研究假设部分获得验证;就样本整体而言,暂未发现内部审计质量与公司价值和公司价值增值的直接证据,这可能是由于我国内部审计制度整体不够健全、功能发挥不够充分所导致的。本文的研究结果不仅有利干推动上市公司进一步强化内部审计功能,也为监管机构知悉内部审计改革的政策效应提供了新的证据。
This article is based on the value-added function of internal audit, and examines the impact of internal audit quality on the value of the company. Taking the 2007-2009 A-share listed company as the research object, the internal audit quality was synthesized from the internal audit department’s independence, scale, system specification, and motivation to establish the internal audit function as the proxy variable for the internal audit function. Tobins’Q was used as the company. The proxy variable of value uses ROA as the proxy variable for company performance. The research shows that the impact of internal audit on company value is mainly achieved through the company’s operating performance; in the sample of the SME listed company, the quality of internal audit is positively correlated with the value of the company and the value of the company, and the hypothesis has been verified; Regarding the sample as a whole, direct evidence of the increase in internal audit quality, company value, and corporate value has not yet been discovered. This may be due to the fact that China’s internal audit system is not sound enough and its functions are not fully utilized. The research results of this article not only facilitate the promotion of the listed company to further strengthen the internal audit function, but also provide new evidence for the regulatory agency to be aware of the policy effect of internal audit reform.