公司治理是内部控制的第一层次,对企业的管理控制具有决定性影响。本文通过建立委托代理模型对公司治理层面的内部控制作用机制进行了数理分析,得出了以下结论:公司治理的关键是建立风险分担机制和信号值与可观测结果之间的对应关系,并形成对管理层行为的判断机制,同时运用上述结论对企业作出投资决策时的机制进行优化。 Corporate governance is the first level of internal control and has a decisive impact on the management and control of enterprises. In this paper, we establish a principal-agent model to analyze the mechanism of internal control at the level of corporate governance, and draw the following conclusions: The key to corporate governance is to establish a risk-sharing mechanism and the corresponding relationship between signal values ​​and observable results The judgment mechanism of management’s behavior, meanwhile, uses the above conclusion to optimize the mechanism of enterprise’s investment decision-making.