本研究以 2006-2010 年初次上市公司為樣本，探討內部控制制度有效性是否影響初次上 市公司上市後之表現。內部控制制度係確保經營效率效果之治理機制之一，內部控制制 度之建置是否完善，內部控制制度能否有效執行，攸關企業的資訊是否可資信賴，關係 外部及內部使用者之經濟決策品質，影響社會資源之合理配置與有效利用。實務上，公 司為遵循相關法規而出具內控聲明書，但該聲明書之內容可能無法充分反映內部控制制 度運作之實際情形，尤其在初次上市誘因下的公司，對於揭露內部控制缺失的動機可能 更為薄弱。內部控制執行的有效性與公司績效表現間之關聯性，應為主管機關與社會大 眾深度關切之議題，企業實施內部控制制度有效性的經濟後果，有待系統性的分析與探 討。本研究將以內部控制缺失作為內部控制執行有效性之代理變數，探討內部控制有效 性是否與初次上市公司上市後表現存在關係。本研究預期，出現內部控制缺失之公司會 有較差之經營績效，永續經營能力較弱，其日後下市之可能性將較高 Using a sample of initial public offering companies over the period of 2006-2010, this study investigates the association between internal control effectiveness and the propensity of delisting of these sample companies. One of the objectives of internal control is to ensure the operating effectiveness and efficiency of a firm. An effectively designed and implemented internal control system help the company provide reliable information and facilitate better economic decisions in resources allocation. In practice, however, the issuance of internal control statement often stays in the form of compliance to regulations. One would expect that the motivation to disclose the internal control weakness would be low, especially for IPO companies. The effect of effective internal control systems on performance of companies has raised a great deal of concerns both from regulatory agencies as well as the public. It is worthwhile to provide systematic analysis and understanding on the effect of internal control on economic consequences. This study uses internal control weaknesses as the proxy variable for internal control effectiveness. It is expected that firms with more internal control weaknesses tend to be underperformed and less sustainable, which in turn will have higher propensity of delisting in the future.