股权结构、内部控制质量和庞式分红——基于共生理论视角  

Equity Structure, Internal Control Quality and Ponzi Dividend Payment

作　　者：王进朝[1] 张永仙 

机构地区：[1]郑州航空工业管理学院商学院

出　　处：《中国注册会计师》2019年第9期40-46,3,共8页The Chinese Certified Public Accountant

基　　金：国家社科基金(13BJY019);河南省普通高等学校人文社会科学重点研究基地资助项目

摘　　要：本文以2013-2017年沪深A股上市公司为样本,基于共生理论视角,分析和验证了我国上市公司中内部控制质量在股权结构与庞式分红关系中的中介作用.实证结果表明:股权集中度会抑制上市公司的庞式分红现象,但是却会促进企业内部控制质量;股权制衡度会促进企业庞式分红现象,但是会抑制企业内部控制质量;内部控制质量在股权结构与庞式分红的关系中起到部分中介作用.研究结论在一定程度上为企业完善股权结构,提高内部控制质量,改进分红制度提供一定的指导作用.With the A-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 as the research sample, from the perspective of symbiosis theory, this article analyzes and verifies the mediation role of internal control quality of listed companies in the relations betwee n equity structure and Ponzi divide nd payment.It empirically finds that equity concentration can restrain the Ponzi divide nd payme nt by the listed companies, but it can also improve the internal control quality;the equity dispersion can enhance Ponzi dividend payment, but it will prejudice the internal control quality;the internal control quality plays some mediation role in the relations between equity structure and Ponzi divide nd payment. To a certain degree, its findings can guide the companies to improve equity structure, strengthen the internal control quality and improve divide nd system.

关 键 词：股权集中度 股权制衡度 庞式分红 内部控制质量 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]