本文選取2013-2019年間92家不存在退市風險且未被爆出重大財務風險的合規上市物流企業為樣本，構建企業治理水準綜合評價指數，並運用國泰安 (CSMAR) 及迪博 (Dibo) 的企業內部控制指數，就物流企業治理水準以及內部控制品質對其績效的影響進行實證分析。結果顯示：(1) 物流企業治理水準和內部控制品質與其財務績效顯著正相關，而企業治理與內部控制的相互作用對物流企業績效具有正向影響，此符合物流企業治理水準對內部控制提升績效發揮的正向調節作用之假說；(2) 公司治理與內部控制對物流企業績效存在滯後影響，且內部控制的滯後效應比公司治理更顯著；(3) 物流公司治理結構及內部控制因股東結構差異對績效的影響存有顯著異質性，私營物流企業之治理水準及內部控制品質變數對績效的提升作用均大於國有物流企業。最後，在穩健性檢驗基礎上，結論依然成立。

We examine the 2013-2019 data of 92 publicly listed Chinese enterprises in the logistics industry collected from CSMAR and Dibo databases, build comprehensive evaluation indexes that measure the quality of corporate governance, and employ Dibo internal control index to explore the impact of logistics enterprise governance quality and internal control effectiveness on their performance. The results of our empirical analysis show that the corporate governance quality and internal control effectiveness of logistics enterprises are positively correlated with their financial performance. The interaction between corporate governance and internal control positively impacts the performance of logistics enterprises, which confirms the positive moderator effect of governance quality for logistics enterprises. Secondly, both corporate governance and internal control have lag effects on logistics enterprise performance, and the lag effects of internal control is more significant than corporate governance. Thirdly, the influence of corporate governance and internal control on performance has heterogeneity in companies with different shareholding structure. Specifically, private logistics enterprises perform better than the state-owned logistics companies when concerning the roles of corporate governance and internal control. Finally, on the basis of robustness test, the conclusions are still valid.