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本文以2000—2007年沪深主板A股上市公司为样本,以企业经营的合法合规为核心,实证检验了内部控制对公司诉讼以及企业价值的影响。本文的研究发现,相对于内部控制较好的公司,内部控制质量越差的公司,其被诉的概率越大;相比其他公司,陷入诉讼纠纷的企业,其公司价值更低;进一步的研究发现,更低的内部控制质量加剧了被诉公司价值的降低。本研究表明,加强内部控制有助于实现公司经营合法合规的目标,最大限度地避免因诉讼面遭受的损失,进而提升公司的价值。
Based on the sample of A-share listed companies in Shanghai and Shenzhen stock exchanges in 2000-2007, this paper focuses on the legal compliance of the business operations and tests empirically the impact of internal control on corporate litigation and corporate value. The research in this paper finds that the worse the quality of internal control is, the higher the probability of being sued is compared with that of the well-internally controlled company, and the lower the value of the company is. Compared with other companies, firms with litigation disputes have lower value. Further research Found that a lower quality of internal control exacerbated the value of the respondent company. This study shows that strengthening internal control helps to achieve the company’s goal of legal compliance and to maximize the value of the company by minimizing the losses suffered as a result of litigation.