关键词: 内部控制,公司治理,高管薪酬

Abstract: When the internal control deficiencies are exposed, are there any changes in the governance effects of the listed companies? Any improvements on the ownership structure and the board structure? Any influences on the executive compensation? Taking the listed companies with exposed internal control defects in Shenzhen Stock Exchange during 2007-2008 as samples, this paper employs the paired sample T test method to inspect the changes of corporate governance effect 5 years before and after the exposure. The research result shows that after the exposure of the internal control defects, the board size has become significantly streamlined, and the executive compensation has been increased significantly. Further verification with linear regression reveals that the degree of the internal control defects exposure is negatively correlated with the changes of board size but not significant, and this degree is positively correlated with the changes of executive compensation significantly.

Key words: internal control; corporate governance; executive compensation