Internal Control Quality,Independent Director Background And Company Value

The separation of management rights and control rights has caused many companies to face internal control issues.The internal control system,as a new corporate governance initiative,introduces listed companies and plays an increasingly important role in the operation and management of enterprises.Whether the internal system can reduce the agency costs of the company and enhance the company's performance,its governance function has been theorized.Widespread concern in the community and practice community.At the same time,independent directors,as the supervisory bodies of enterprises,represent the internal power constraints imposed by Chinese and foreign external forces such as the board of directors.Domestic and foreign scholars have also done a lot of research on the governance functions of independent directors in terms of independence and background characteristics.Both of them are inseparable with the enterprise's management system.However,few scholars put independent directors,internal control and corporate performance into the same framework to study the influence of independent directors' background on the relationship between internal control quality and corporate performance.In this paper,the A shares listed companies in-2016 in 2011 are used as the research samples.First,the empirical relationship between the company performance and the company performance is discussed from the perspective of the internal control quality of the company.Then the relationship between the independent director background and the company performance is tested.Finally,it verifies the moderating effect of independent director background on internal control and corporate performance.The results show that:(1)internal control quality is positively correlated with company performance;(2)in non-state-owned enterprises,the higher the internal control quality,the better the company's performance;(3)the education level of the independent director of the listed company refers to the positive correlation between academic degree and corporate performance;The average age of independent directors of listed companies is negatively correlated with corporate performance;The proportion of independent directors with intermediate and senior titles is positively correlated with corporate performance;The proportion of female independent directors in listed companies is positively correlated with corporate performance;(4)in enterprises with lower average age of independent directors,the higher the internal control quality,the better the enterprise performance;The higher the quality of internal control,the better the company's performance.Research of this paper is to enrich the literature of the influence of the internal control of corporate governance at the same time,the board of directors of the further study of the background of internal control and corporate performance relationship,is helpful to perfect the internal control theory and empirical studies,provide theory basis for regulators to make relevant policy,and for the further reform of corporate governance in our country provides important empirical evidence.