Abstract: Improving the quality of enterprise internal control and preventing internal control crisis is one of the hot spots in the fiscal field under the background of current financial governance. Cluster analysis is applied to calculate the faultlines of the top management team in listed companies and investigate its impact on the quality of internal control. The results show that the faultlines of the top management team is significantly negatively correlated with the quality of internal control, and the increase of the micro-level executive ownership within the company aggravates the negative correlation between the two, reflecting the “entrenched effect” of the management, while the improvement of the degree of marketization at the external macro level where the company is located alleviates the negative correlation between the two. The mechanism is that the faultlines of the top management team reduces the quality of internal control by inhibiting the discussion and analysis of internal control. A further decomposition of the types of faultlines of the top management team indicates that the faultlines formed by deep-level attributes has a greater impact on the quality of internal control than that of the surface-level attributes ones. This paper enriches the application of the faultlines theory and the connotation of the influencing factors of internal control quality, and has a certain theoretical and practical significance on improvement of the internal control quality of enterprises and avoidance of non-systematic risks.

Key words: cluster analysis, faultlines of the top management team, internal control, marketization degree

摘要： 提升企业内部控制质量、防范内控危机是当前金融治理背景下财务领域的研究热点。使用聚类分析法计算上市公司高管群体断裂带，并考察其对企业内控质量的影响。研究发现，高管群体断裂带与企业内控质量显著负相关，且公司内部微观层面高管持股比例的增加会加剧两者之间的负相关关系，体现出高管持股的“盘踞效应”，而公司所在地宏观层面市场化程度的提升则会缓解两者之间的负相关关系。作用机制的检验显示，高管群体断裂带通过抑制管理层对内部控制的讨论与分析从而降低了内控质量；进一步区分断裂带类型后发现，基于深层特征形成的断裂带对于内控质量的负面影响显著高于表层特征断裂带。本研究丰富了断裂带理论的应用和内控质量影响因素的内涵，对于如何提升企业内控质量、规避非系统性风险具有一定的理论和现实意义。

关键词: 聚类分析, 高管断裂带, 内部控制, 市场化程度