终极控制股东对企业内部控制缺陷影响的研究——基于2009—2013年中国制造业上市公司的经验数据  

Study on Ultimate Controlling Shareholders′ Influences on Companies′ Internal Control Weakness——Based on the data of listed companies of Chinese manufacturing industry from 2009 to 2013

作　　者：邵春燕[1] 王配配[1] 周愈博[2] 

机构地区：[1]山东财经大学会计学院 [2]中国财政杂志社

出　　处：《审计研究》2015年第4期80-87,共8页Auditing Research

基　　金：国家社科基金项目(项目批准号:15BGL065);山东省社会科学规划研究项目(项目批准号:11CGLZ06)的资助

摘　　要：设计良好并且有效运行的内部控制是确保企业完成生产经营目标的重要基础,本文以2009—2013年中国制造业上市公司数据为基础,实证检验了终极控制股东对内部控制缺陷的影响。研究表明:终极控制股东的控制权、现金流权与内部控制缺陷显著负相关;控制权和现金流权的两权分离度与内部控制缺陷正相关;金字塔层级与内部控制缺陷显著正相关。终极控制股东为非国有时两权分离度与内部控制缺陷正相关但不显著,终极控制股东为国有时,两权分离度与内部控制缺陷显著正相关。但终极控制股东的性质并不会导致控制权、现金流权和金字塔层级对内部控制缺陷的影响发生大的变化。这表明提高内部控制质量需要考虑终极控制股东带来的影响。The effective operation of internal control is an important basis to to fulfill an enterprise＇ production and management target. This paper studies on the ultimate controlling shareholders＇ influences on internal control weakness in a sample of listed manufacturing enterprises in China during the period from 2009 to 2013. Our major conclusions are as follows： Control right and cash flow right have significantly negative correlation with internal control weakness; The degree of the ownership separation has positive correlation with internal control weakness; Pyramid layer is significantly positively associated with internal control weakness. When the uhimate controlling shareholder is non state-owned, the degree of the ownership separation has positive correlation with internal control weakness, but not significantly. When the ultimate controlling shareholder is state-owned, the degree of the ownership separation is significantly positive associated with internal control weakness. However, the impact of control right, cash flow right and pyramid layer on internal control weakness can not lead to big changes because of the nature of the ultimate controlling shareholders. This suggests that the effect of the ultimate controlling shareholder should be considered in improving quality of the internal control.

关 键 词：终极控制股东 金字塔层级 内部控制缺陷 

分 类 号：F406.7[经济管理—产业经济] F424