随着企业外部环境日趋复杂多变及竞争的日趋激烈，决定企业生存与发展的 高层管理者团队素质及其经营决策水平、内部控制机制及其有效性、企业绩效的 高低与变化以及相互之间的关系，越来越受到人们的重视。一些上市公司盲目追 求企业绩效，高管人员无视内部控制体系，甚至不惜运用欺诈手段进行财务造假、 粉饰报表，不仅损害了股东利益，甚至最终导致企业破产。在资本环境不断变化 的当今社会，企业想要达到预期的业绩目标，除了依靠外部资本去创造价值外， 依靠优化自身的内部管理来促进企业绩效的增长不失为一条更加经济高效的途 径。上市公司高管团队往往掌握着许多内部信息，他们对企业的战略和经营做决 策，控制企业的发展方向，对企业的内部控制有效性和企业绩效都产生重要影响。 本文通过国内外关于高管团队特征和企业绩效研究文献的梳理发现：虽然学 者们对高管团队特征有较多的研究，但由于对高管团队特征内涵的界定不同，导 致高管团队特征和企业绩效两者关系的研究结论有较大的不同。国外学者对企业 内部控制的关注度很高，关于内部控制有效性和企业绩效关系的研究结果大致相 同，都认为企业内部控制有效性和企业绩效水平之间成正相关。由于国内相关法 律法规的欠缺和证券市场发展的不完善，企业内部控制制度的建设起步较晚，也 很少有学者研究高管团队特征与内部控制有效性之间的关系，关于内部控制有效 性在高管团队特征和企业绩效两者之间中介变量的研究文献则更少。本文重点探 究内部控制有效性在高管团队特征和企业绩效之间的中介效应。 本文选取了沪市A股从2015年到2017年之间上市公司的相关数据，选 取高管团队特征的高管团队平均年龄、高管团队平均学历以及高管团队平均任期 这三个维度作为解释变量，企业绩效作为被解释变量，研究高管团队特征和企业 绩效之间的关系。首先提出合理的相关假设，再加入内部控制有效性这一中介变 量，并对三个变量之间的关系进行研究。最终得出以下结论：第一，高管团队平 III 均年龄、高管团队平均学历、高管团队平均任期都与企业绩效成正向关系。第二， 高管团队平均年龄、高管团队平均学历、高管团队平均任期与企业内部控制有效 性正向相关。第三，内部控制有效性越好，企业绩效越好。第四，内部控制有效 性在高管团队平均年龄，高管团队平均学历，高管团队平均任期与企业绩效之间 存在部分中介效应。即高管团队平均年龄、高管团队平均学历以及高管团队平均 任期三者通过影响企业内部控制有效性，间接影响企业绩效。 根据研究结果，本文提出以下建议：第一，优化高管团队的内部结构。企业 可以适当改变以往的人才招聘方式，优化高管团队的内部结构，适当提高年龄稍 长高管团队的比例，倾向于将学历更高的人才纳入管理队伍，适当延长高管团队 成员的任期，都可以优化高管团队的内部结构。第二，高管团队应当加强内部控 制制度的建设。在企业内部进行内部控制制度的构建时，高管应起表率作用，带 领全体员工重视企业的内部控制构建，一同建立一个科学、有效、与企业自身相 适应的内部控制制度。第三，政府和各监管部门要继续加强对企业内部控制的监 管，对内部控制有效性做得好的企业，政府应当激励并提供一定的支持，对上市 公司内部控制的执行情况出具一些激励约束措施，调动他们的积极性。 关键词：高管团队特征；内部控制有效性；企业绩效 IV RESEARCHONTHERELATIONSHIPBETWEEN EXECUTIVETEAM CHARACTERISTICS,EFFECTIVENESSOFINTERNAL CONTROLANDCORPORATEPERFORMANCE ABSTRACT Withtheincreasinglycomplexexternalenvironmentandtheincreasinglyfierce competition,peoplepaymoreandmoreattentiontothequalityofthetop managementteamanditsmanagementdecision-makinglevel,theinternalcontrol mechanismanditseffectiveness,thelevelandchangeofenterpriseperformanceand therelationshipbetweenthem,whichdeterminethesurvivalanddevelopmentofthe enterprise.Somelistedcompaniesblindlypursuecorporateperformance,executives ignoretheinternalcontrolsystem,andevenusefraudmeanstomakefinancialfraud, whitewashstatements,whichnotonlydamagestheinterestsofshareholders,butalso ultimatelyleadstocorporatebankruptcy.Intoday'schangingcapitalenvironment,in ordertoachievetheexpectedperformancegoals,enterprisesrelyonexternalcapital tocreatevalue,andoptimizetheirowninternalmanagementtopromotethegrowthof enterpriseperformanceisamorecost-effectiveway.Theseniormanagementteamof listedcompaniesoftenholdsalotofinternalinformation.Theymakedecisionsonthe strategyandoperationofenterprises,controlthedevelopmentdirectionofenterprises, andhaveanimportantimpactontheeffectivenessofinternalcontrolandenterprise performance. Basedontheliteraturereviewonthecharacteristicsoftheseniormanagement teamandcorporateperformanceathomeandabroad,thispaperfindsthatalthough scholarshavemoreresearchonthecharacteristicsoftheseniormanagementteam, duetothedifferentdefinitionoftheconnotationofthecharacteristicsofthesenior V managementteam,theresearchconclusionsontherelationshipbetweenthe characteristicsoftheseniormanagementteamandcorporateperformancearequite different.Foreignscholarspayhighattentiontotheinternalcontrolofenterprises. Theresearchresultsabouttherelationshipbetweentheeffectivenessofinternal controlandenterpriseperformancearealmostthesame.Theyallthinkthatthereisa positivecorrelationbetweentheeffectivenessofinternalcontrolandthelevelof enterpriseperformance.Duetothelackofrelevantdomesticlawsandregulationsand theimperfectdevelopmentofthesecuritiesmarket,theconstructionoftheinternal controlsystemofenterprisesstartedlate,andfewscholarshavestudiedthe relationshipbetweenthecharacteristicsoftheseniormanagementteamandthe effectivenessofinternalcontrol,whiletheresearchliteratureontheintermediary variablesbetweenthecharacteristicsoftheseniormanagementteamandthe performanceofenterprisesisless.Thispaperfocusesontheintermediaryeffectofthe effectivenessofinternalcontrolbetweenthecharacteristicsofseniormanagement teamandcorporateperformance. ThispaperselectsthedataofA-sharelistedcompaniesinShanghaistockmarket from2015to2017,selectsthethreedimensionsofthecharacteristicsofthesenior managementteamasexplanatoryvariables:theaverageageoftheseniormanagement team,theaverageeducationleveloftheseniormanagementteamandtheaverage tenureoftheseniormanagementteam,andtakestheenterpriseperformanceasthe explainedvariabletostudytherelationshipbetweenthecharacteristicsofthesenior managementteamandtheenterpriseperformance.Firstofall,weputforward reasonablehypothesis,thenaddtheintermediaryvariableofinternalcontrol effectiveness,andstudytherelationshipbetweenthethreevariables.Finally,the followingconclusionsaredrawn:first,theaverageageoftheseniormanagement team,theaverageeducationalbackgroundoftheseniormanagementteamandthe averagetenureoftheseniormanagementteamareallpositivelyrelatedtothe enterpriseperformance.Secondly,theaverageage,educationandtenureofsenior VI managementteamarepositivelyrelatedtotheeffectivenessofinternalcontrol.Third, thebettertheeffectivenessofinternalcontrol,thebettertheenterpriseperformance. Fourth,theeffectivenessofinternalcontrolintheaverageageofthesenior managementteam,theaverageeducationalbackgroundoftheseniormanagement team,theaveragetenureoftheseniormanagementteamandcorporateperformance hassomeintermediaryeffect.Thatistosay,theaverageageofseniormanagement team,theaverageeducationalbackgroundofseniormanagementteamandthe averagetenureofseniormanagementteamindirectlyaffectcorporateperformanceby influencingtheeffectivenessofinternalcontrol. Accordingtotheresearchresults,thispaperputsforwardthefollowing suggestions:first,optimizetheinternalstructureoftheseniormanagementteam. Enterprisescanappropriatelychangethepreviousrecruitmentmethods,optimizethe internalstructureoftheseniormanagementteam,appropriatelyincreasethe proportionoftheolderseniormanagementteam,tendtoincludetalentswithhigher educationintothemanagementteam,andappropriatelyextendthetermofofficeof themembersoftheseniormanagementteam,allofwhichcanoptimizetheinternal structureoftheseniormanagementteam.Second,theseniormanagementteam shouldstrengthentheconstructionofinternalcontrolsystem.Intheconstructionof internalcontrolsystemintheenterprise,seniormanagersshouldplayanexemplary role,leadallemployeestoattachimportancetotheconstructionofinternalcontrol, andestablishascientific,effectiveandadaptiveinternalcontrolsystemwiththe enterpriseitself.Third,thegovernmentandvariousregulatorydepartmentsshould continuetostrengthenthesupervisionoftheinternalcontrolofenterprises.For enterprisesthathavedoneagoodjobintheeffectivenessofinternalcontrol,the governmentshouldencourageandprovidesomesupport,issuesomeincentiveand restraintmeasuresfortheimplementationoftheinternalcontroloflistedcompanies,