基于委托代理理论与剩余索取权理论,本文实证检验了公司治理水平对企业价值的影响路径,以及企业成长的中介作用和内部控制的调节作用。研究结果发现:公司治理水平对企业价值和企业成长有正向的作用,企业成长在公司治理水平对企业价值的影响路径中起到了部分中介作用,内部控制对公司治理水平与企业成长、企业价值之间的关系具有正向的调节作用。
Based on the principal-agent theory and residual claim theory, this paper discusses the level of corporate governance on enterprise value, and analyzes the mediating and moderating effect of enterprise growth and internal control. The results show that : the level of corporate governance imposes positive effects on enterprise growth and enter- prise value, enterprise growth has mediating effect in the relationship between the level of corporate governance and enterprise value; internal control imposes positive influence between the level of corporate governance, enterprise growth and enterprise value.