第五章 結論與建議
第二節 研究限制與建議
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第二節 研究限制與建議
本研究限制如下：
一、資訊揭露之完整性
本研究透過蒐集證監會的行政裁罰與滬深兩市交易所的譴責作為部分的樣 本，如主管機關尚未完成違規事項的調查作業，或者企業雖有負面新聞但情節輕 微不足以受罰，則不會納入樣本，影響本研究的樣本完整性。而本研究另一類主 要樣本來源為公司所公開之內部控制評價報告，礙於報告內容與格式不一致，且 受企業自行揭露程度的不同，產生揭露越多的企業其內部控制缺失可能越多的情 形；此外企業若未於資訊公告規定期限內公告，則無法納入樣本範圍，亦會影響 本研究的樣本完整性。
二、資訊揭露時間之差異性
本研究之樣本皆受揭露時間差異的因素影響。當年度的內部控制評價報告須 於下一年度第一季前進行公告，除評價報告揭露時間的考量外，亦受上市公司財 務資訊公告時間所影響，因此本研究未將事件年度發生於2012 年之樣本列入研 究範圍。此外，經由主管機關之裁罰公告等外部資訊得知公司內部控制存在缺失 之時間點通常晚於發生年度，故需逐筆調整至事件發生年度；然而，此種取樣方 式受限於主管機關裁罰公告的時間，如企業可能已存在內部控制缺失情形但資訊 尚未被外界知悉，亦即該事件不會納入本研究之樣本範圍，故可能導致樣本之完 整性不足。
三、內部控制缺失判斷之客觀性
為使衡量內部控制缺失有一定的客觀標準，本研究係依據缺失發生之事件類 型加以判斷缺失之重大性、要素及目標，然而每家公司所處產業、公司特性及企 業文化各有所差異，即便係面臨同一項缺失對其影響程度仍有所不同。惟本研究 以外部人之角度檢視企業內部控制缺失之情況，無法得知各種缺失對個別公司而 言是否重大，其成本效益考量為何。
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然而，源於內部控制評價報告的樣本資料，係採用否定敘述或「…制度有待 加強/完善」等字句才納入樣本，公司如採用較委婉含糊無從判斷的用語時，則 不計入樣本，可能造成樣本不夠完整，且如上所述亦受公司揭露的詳細程度所影 響。此外，源自於主管機關裁罰的樣本資料，由於裁罰決定書為官方公告文件，
內文存在一定程度的固定用詞，因此在判斷要素及目標時，可能會有所受限，導 致客觀性略受影響。按《企業內部控制基本規範》可知，其範圍涵蓋財務與非財 務的內部控制，可廣泛地探討內部控制有效性對企業經營績效的影響；惟內部控 制存在一定的先天限制，包含人為疏失、管理階層的踰越、串謀舞弊等，本研究 並未將此納入探討範圍。
本研究對未來研究的建議如下：
本研究為探討中國內部控制有效性相關議題之研究，實證結果與 Xu and Tang(2008)之研究相類似，即內部控制缺失對企業經營績效(ROA)有顯著影響。
本研究僅針對內部控制缺失對當年度績效的影響，輔以前期績效作為控制變數，
後續研究者可納入後期績效的影響因素，判斷缺失對於績效是否有延續性的影 響；此外，績效指標的選擇亦可採用其他類型作為衡量指標，如EPS、EVA、Tobin’s Q 等。
DeAngelo(1981)認為，審計的價值在於會計師能偵測會計系統的錯誤或缺 陷，且不會因客戶的壓迫而選擇性揭露其所發現之缺陷。此概念延伸至中國的內 部控制評價報告，除了企業自願揭露的態度突顯內控報告的價值外，亦可能因為 缺失本身或其導致的事件已被得知，企業迫不得已揭露才使評價報告的價值被彰 顯。故未來研究者可針對內部控制評價報告所揭露之事項區分為自願或非自願揭 露，以分析兩者差異對經營績效的影響。後續研究亦可針對內部控制缺失的經濟 後 果 ， 如 融 資 或 資 金 成 本 的 提 昇(Ogneva et al., 2007) 、 審 計 公 費 的 增 加 (Raghunandan et al., 2006; Ashbaugh-Skaife et al., 2009; 徐玲玲, 2010; 張敏等, 2010)、對股票交易之影響(黃壽昌等, 2010)等，加以探討。而關於公司治理與內 部控制有效性的影響，亦有文獻(Krishnan, 2005; Hoitash et al., 2009; 方紅星等, 2009)證實公司治理會影響內部控制有效性，後續研究可針對內部控制有效性對 公司治理與企業經營績效的中介效果。
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楊有紅、汪薇，2008，2006 年滬市公司內部控制信息披露研究，會計研究，第 3 期，頁35-42。
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韓小芳，2012，實際控制人對內部控制信息披露的影響—基於 2009～2010 年深 圳主板A 股上市公司的實證研究，山西財經大學學報，第 12 期，頁 83-91。
韓麗榮，盛金，2013，自願性披露時期內部控制缺陷影響因素的實證分析—以我 國製造業 A 股上市公司樣本為例，吉林大學社會科學學報，第 1 期，頁 132-140。
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