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文章利用了面板VAR模型和引入滞后项的双向固定效应模型,检验了内部控制和公司价值间的Granger因果关系,并进一步分析了内部控制的价值溢出效应。研究结果表明:上市公司的内部控制与公司价值间存在显著的单向因果关系,内部控制是导致公司价值变动的Granger原因;内部控制具有显著的价值溢出效应,能够在当期及之后的四期内促进公司价值的持续提升,但影响强度呈逐步下降趋势。
Using the panel VAR model and the two-way fixed-effects model that introduces lagged items, the article tests the Granger causality between internal control and firm value and further analyzes the value spillover effect of internal control. The results show that there is a significant one-way causal relationship between the internal control and the corporate value of listed companies, and the internal control is the Granger cause of the corporate value change. The internal control has significant value spillover effects and can be used in the current and subsequent four periods Promote the continuous improvement of the company’s value, but the influence intensity shows a gradual downward trend.