本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。 實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。 / Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report. The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance.

金融秩序之維持基於金融機構的穩健運作，金融機構穩健運作之關鍵來自內部控制制度的落實，而此一制度係建構在公司治理—強化經營者責任上。2013年底，我國公司治理機制一項重大變革為審計委員會之設置要求。因此本研究即探討審計委員會與內部控制缺失之關聯性。以2013年至2015年上市櫃金融控股公司（包含其銀行和保險子公司）以及上市櫃和興櫃的銀行及保險公司為研究對象。 本研究發現：審計委員會與內部控制缺失具統計上的顯著關聯性。審計委員會的設立與內部控制缺失呈顯著負相關；監督者（獨立董監事及審計委員會成員）會計或財務專業的比例，並未與內部控制缺失成顯著負相關，拆出分獨立董監事和審計委員會兩項不同監督機制，其成員會計或財務專業的比例與內部控制缺失也並未呈現顯著的負相關；金融控股母公司的獨立董事同時兼任子公司獨立董事，則與較多的裁罰件數成顯著正相關。另外研究也發現，部分會計師事務所與金融業者內部控制缺失呈顯著的負相關。 綜上結果隱含以下推論：審計委員會監督功能發揮，將幫助金融業者減少內部控制缺失的發生，不過獨立董事在同一金控體系兼任多家公司獨立董事的情形，並未有較佳的監督效果出現。由於我國金融業者發生的內部控制缺失類型多樣，因此在審計委員的安排上，除了會計或財務專業的審計委員，也可廣納其他專業的專家學者擔任，另外會計師事務所也可扮演完善內部控制制度的一個輔助角色。 / To find out the effect of the audit committee on internal control, this study examines the association between audit committees and internal control deficiencies.The samples are listed financial holding companies including their bank and insurance subsidiaries, bank, and insurance companies in TWSE and OTC in Taiwan over the period from 2013 to 2015. I find that the audit committees are negatively associated with the internal control deficiencies. However, there is no association between the audit committees of accounting or financial expertise and internal control deficiencies. Besides, I find that the circumstances that the independent directors of the financial holding parent companies also serve as an independent directors of the subsidiaries are positively associated with more incidences of penalty cases. Taken together, the empirical result indicates the association between the audit committees and internal control deficiencies in Taiwan financial industry.

本研究以2007年至2011年中國滬深交易所A股上市公司為研究樣本，以中國證監會公佈之行政裁罰、深滬兩交易所對上市公司之處分、及企業自行揭露的內部控制評價報告之內容分析企業發生內控缺失之類型，依照中國《企業內部控制基本規範》，將內部控制缺失依內控五大要素與五大目標予以分類彙總。並將企業的投資效率分為投資不足與過度投資，分別探討內部控制有效性對公司投資效率之影響。 實證結果顯示投資不足的程度與可靠的財務報導之內控目標的內控缺失存在正向的顯著關係。而過度投資的程度與是否發生內控缺失、後勤支援活動和內控設計及執行的內控缺失類型、內控五大要素、及營運的效率效果之內控目標的內控缺失呈現顯著或單尾顯著的負向關係。整體而言，在被監管單位揭發內控缺失資訊，內控有效性較低，而自我揭露愈多內控資訊，企業內控意識可能較佳之假設下，內控缺失一定程度影響企業的投資決策，內控的有效性有助於投資效率。 / Based on the sample of A-share listed companies in China over the period of 2007-2011, the research classified the companies by under investment and over investment, and investigated the impact of internal control efficiency on firm investment effectiveness separately The study comprehensively collects internal control reports released by listed firms and collects penalties which are released by the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). A further classification of internal control weaknesses was performed based on the nature of the events, COSO Internal Control — Integrated Framework and regulations of internal control in China. 　　In sum, the empirical results indicate that, for the companies under investment, the internal control weaknesses of financial reporting have significant positive impact on firm investment effectiveness. On the other hand for the companies which were over investment, those with internal control weaknesses have significant negative association with investment effectiveness. Moreover, the results show that companies with defective of logistics work or the design and execution of internal control were worse performers on investment effectiveness. Based on the COSO framework, the internal control weaknesses classified by the elements, including control environment, risk assessment, control activities, information and communication, monitoring, and the efficient and effective operations of the internal control objective are significant or one-tailed significant negative correlated to firm investment effectiveness. Collectively, if the internal control weaknesses were disclosed by the authorities, the firms had worse internal control efficiency, while the firms which were more conscious of internal control would disclose the internal control weaknesses themselves. The study shows that internal control weaknesses have impact on firm investment policy, and that internal control efficiency helps promote firm investment effectiveness.