文章通过理论分析以及实证验证的方法研究公司高管的货币薪酬激励和股权激励2种方式对企业内部控制有效性的影响，并进一步研究了管理层权力大小是如何影响高管薪酬激励方式与内部控制有效性两者之间的相互关系。文章选用2009—2014年沪深2市714家制造业上市公司的数据进行的研究表明：2种薪酬激励方式均与企业的内部控制有效性呈现显著的正相关，这说明对高管实行薪酬激励可以提高内部控制的有效性；进一步研究发现：管理层权力的增加会削弱高管薪酬激励提升内部控制有效性的作用，并且在国有企业中强于非国有企业。这些研究结论对于如何提高企业内部控制的有效性、完善高管激励机制以及建立对管理层权力的约束机制都有一定的借鉴和启示意义。%This paper ,based on the theoretical analysis and empirical approach ,analyzed the impact of monetary compensa-tion incentive and equity incentive on internal control effectiveness ,and further studied how the management power influ-ences the relationship between pattern of executive compensation incentives and internal control effectiveness .Taking the da-ta of 714 manufacturing listed companies in Shanghai and Shenzhen from 2009 to 2014,the paper found two patterns of in-centives have significant positives impact on internal control effectiveness ,which means that the executive compensation in-centive can improve the internal control effectiveness .Further study found that the increase of management power will weak -en executive compensation incentive ’ s promotion role in internal control effectiveness ,which is stronger than the non-state-owned enterprises in state-owned enterprises .This research is of great significance in how to improve the internal control ef-fectiveness,complete the executive incentive mechanism and build the constraint mechanism of the management power .
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