企业股权结构与内部控制质量相关性的实证分析——基于2013-2015年上市公司的经验数据  

An Empirical Analysis of the Correlation between Corporate Ownership Structure and Internal Control Quality——Based on empirical data of listed companies in 2013-2015

作　　者：郑晓洁 ZHENG Xiao-Jie(College of Economics,Fujian Normal University,Fuzhou Fujian 350108,China)

机构地区：[1]福建师范大学经济学院,福建福州350108

出　　处：《大连民族大学学报》2018年第6期529-535,共7页Journal of Dalian Minzu University

摘　　要：国内外资本市场上财务丑闻频繁爆发,揭示出上市公司股权结构不合理直接或间接导致内部管理不完善,企业亟需健全及规范企业内部控制体系和信息披露水平。选取2013-2015年沪深两市A股非金融类上市公司4046个观测值为样本,探究股权结构与企业内部控制质量的相关性。实证分析表明,上市公司的股权结构与内部控制质量之间具有显著相关性;控股股东性质的国有化,限制畸高的股权集中度,保障合理的股权制衡度,引入机构投资者适当持有企业股份能够有效优化企业内部控制质量。The frequent financial scandals in domestic and overseas capital markets have triggered the thinking of listed companies on the issues of improving the internal control system and improving the quality of internal control.The internal control system in China started the transition from the mandatory opinions to the guidance opinions,which provided new directions and new ideas for enterprises to think about how to strengthen internal control.Based on the sample of A-share listed companies in2013-2015,this dissertation divides the shareholding structure of enterprises into four major explanatory variables such as nature of controlling shareholders,concentration of ownership,equity balance and institutional investors'shareholdings.By combining theoretical and empirical research method to explore the impact of ownership structure on the quality of internal control.The results show that the nature of controlling shareholders,equity balance and the proportion of institutional investors in listed companies can optimize the quality of internal control;while the high concentration of listed companies will reduce the quality of internal control.

关 键 词：股权结构 内部控制质量 控股股东性质 股权集中度 股权制衡度 

分 类 号：F271.5[经济管理—企业管理]