Research On The Internal Control And Its Impact On Enterprise Value With The Target Orientation

In2008, with the outbreak of the financial crisis, more and more enterprises bankruptdue to the distortion of accounting information and internal management confusion, ourcountry began to pay more attention to improve the enterprise’s internal control. The sameyear, the five ministries combined with China’s special economic system under the internalcontrol requirements, jointly issued "enterprise internal control basic norms". In April2010,the five ministries and release the form a complete set of internal control guidelines ".Itrequire domestic and overseas listed companies to perform firstly, on January1,2011. Ourcountry’s internal control information entered into a stage of mandatory disclosure fromvoluntary disclosure stage gradually. After the release of the internal control basicspecification, scholars begin to pay close attention to the enterprise to the situation of theimplementation of the specification, to discuss the effectiveness of internal control and itsinfluence on enterprise value. Therefore, the article based on this background, combined withthe internal control and enterprise value of the existing research results, based on controlobjective orientation of internal control effectiveness to research the influence of enterprisevalue.First of all, this article measures the effectiveness of internal control from the perspectiveof the realized degree of internal control goal, to define the connotation of internal controleffectiveness. Secondly, the article analysis and defined the meaning of enterprise value fromthe overall and systematic perspective. Thirdly, this paper focuses on the internal controltheory analysis of the impact of enterprise value, this paper use the theory of principal-agent,risk management, information asymmetry and the value management explains the internalcontrol mechanism impact on enterprise value. Fourth, the paper based on the theoreticalanalysis proposed the research hypothesis, and the efficiency of enterprise operation effect,reliability of financial reporting, follow the laws and regulations, strategy implementation asexplained variable, to evaluate the effectiveness of the internal control. The article selectscorporate asset-liability ratio, asset scale, the enterprise state-owned property as controlvariables, uses the international use of the Tobin Q value as explained variable to measureenterprise value. In this paper, the research sample select300listed industrial enterprises inShanghai in2011, and establish regression model, use SPSS statistical analysis software on the impact of internal control on the enterprise value as the empirical analysis. Conclusion:The efficiency of enterprise operation will have significant positive influence on theenterprise value, the standard unqualified audit opinion will have negative impact on theenterprise value, following the laws and regulations have no significant negative impact onthe enterprise value, the growth of the enterprise ability have a positive impact on corporatevalue. According to the results of the analysis, the paper combine with the target andeffectiveness of the theoretical analysis of the influence of enterprise value and put forwardthe corresponding to improve value for enterprises.