非财务信息披露、管控能力和企业业绩

Non-Financial Information Disclosure, Management Control Capability and Corporate Performance

中文关键词:  非财务信息  管理控制系统  业绩相关性

英文关键词:non-financial information  management control systems (MCS)  performance correlation

中文摘要:

      以主板市场上市的非金融、非ST且具有控股子公司的企业集团作为研究样本,借助管理控制系统相关研究的概念和思想,基于样本公司2011—2013年公开披露的各种管理会计相关信息,利用包括监督式机器学习等大数据技术,对会计信息进行量化分析,结合现有的治理和内控指数构建方法的思想,编制出一套反映企业管控能力的指数,并利用公司的财务绩效相关性对其进行效度检验。实证结果发现,该指数不仅具有当期的财务业绩相关性,也具有未来业绩的相关性,比较好地反映了企业的管控能力。

英文摘要:

      Using the non-financial and non-ST (special treated) group corporations (each of which has holding subsidiary) listed on China‘s main board market as study sample, using their related publicly-disclosed information of management accounting for the years from 2011 to 2013 with the help of related concepts and ideas in management control system (MCS) research, using the big data statistical techniques including supervised machine learning to make a quantization analysis, combined the existing theories and methodologies of governance index and internal control index, a set of index is built in this paper to reflect the MCS of a firm and a validity test is also made with the use of correlation of corporate financial performance. The empirical results show that the MCS index is significantly correlated to a firm‘s concurrent financial performance and also has correlation to the future financial performance, which suggests that it is viable to reflect a firm‘s MCS capability. 