山东建筑大学硕士学位论文
摘 要
我国“十四五”规划明确提出，要深入有序推进制造强国战略。制造业是实
现经济高质量发展的重要基石，它在促进国民经济增长和保障就业上具有关键性
作用，目前我国制造业企业正处于转型升级的过程中，在市场竞争中面临的挑战
也越来越多。在此背景下，我国证监会等部门制定了《企业内部控制基本规范》
等文件，形成了较为成熟的内部控制体系。内部控制贯穿在企业经营管理之中，
内部控制质量的高低对企业的运行尤其是薪酬制度的制定与人力资源的考核有
重要影响，而薪酬制度的完善程度又对企业盈余持续性有直接影响。盈余持续性
是对企业营运业绩进行预测、对企业现金流量进行评价、对企业盈余质量进行衡
量的重要指标。
我国制造业上市公司是我国先进生产力的代表，是我国制造业企业的佼佼
者。目前，我国制造业上市公司已经建立了较为全面的内部控制体系，但仍存在
着管理落后、缺乏竞争力等问题，所以进一步提高制造业上市公司的内部控制质
量，优化薪酬分配制度，对提高制造业上市公司的盈余持续性，实现高质量发展
具有重要的研究价值和意义。因此，本文选取沪深两市 A股全部制造业上市公
司在 2016-2020五年间的相关统计数据作为样本，通过实证研究的方法探讨在制
造业上市公司内部，盈余持续性是否随内部控制质量的变化而产生变动，并从高
管-员工薪酬差距的视角出发，研究制造业企业内部控制质量影响其盈余持续性
的新路径。此外，将盈余拆分为经营活动现金流和应计项目，再分别研究内部控
制质量与两部分盈余持续性的关系。本文旨在结合我国大力发展制造业的背景
下，研究探讨内部控制质量和盈余持续性之间的内在关联，为制造业企业优化公
司治理结构，完善薪酬激励制度，提高制造业企业竞争力提供借鉴依据。
本文的研究结果显示：（1）制造业上市公司内部控制质量与盈余持续性正
向关联；（2）将盈余持续性划分为应计持续性和现金流持续性后，内部控制质
量与盈余持续性的组成部分正向关联；（3）进一步研究发现高管-员工薪酬差距
会在内部控制质量影响企业盈余持续性上起到部分中介作用，内部控制可以通过
加大高管-员工薪酬差距来提高企业盈余持续性。
关键词：内部控制质量，盈余持续性，薪酬差距
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山东建筑大学硕士学位论文
ABSTRACT
China's "14th Five-Year Plan" clearly put forward, to deepen and orderly
promote the strategyof manufacturing power.Manufacturing is an important
cornerstone to achieve high-quality economic development, which plays a key role in
promoting national economic growth and ensuring employment. At present, China's
manufacturing enterprises are in the process of transformation and upgrading, and
face more and more challenges in market competition. In this context, China's
Securities Regulatory Commission and other departments formulated the basic Norms
for Internal Control of Enterprises and other documents, forming a relatively mature
internal control system. Internal control runs through the operation and management
of enterprises. The quality of internal control has an important impact on the operation
of enterprises, especially the formulation ofthe compensation system and the
assessment of human resources, and the perfection of the compensation system has a
direct impact on the sustainability of corporate earnings. Earnings persistence is an
important index to forecast business performance, evaluate cash flow and measure
earnings quality.
China's manufacturinglisted companies arethe representative ofChina's
advanced productive forces and the leader of China's manufacturing enterprises. At
present,China'smanufacturinglistedcompanyhas establishedarelatively
comprehensive system of internal control, but there are still problems such as
backwardmanagement,lackofcompetitiveness,andfurtherimprovethe
manufacturing quality of the internal control of listed companies, optimizing the
allocation of compensation system, to improve the manufacturing listed companies a
surplus of sustainability, achieve high quality development has important research
value and significance. Therefore, this thesis selects the Shanghai and shenzhen two
city all a-share manufacturing listed companies from 2016 to 20205 as sample,
according to the relative statistic data of the study in manufacturing listed companies
by using the method of empirical study, surplus sustained whether changes along with
the change of internal quality control, and from the Angle of view of the gap between
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