制度环境与大股东侵占行为研究——基于内部控制中介效应的检验  

Research on Institutional Environment and Major Shareholders’Encroachment Behavior:A Test Based on the Mediating Effect of Internal Control

作　　者：吴继忠[1] 范丙政 WU Ji-zhong;FAN Bing-zheng(Business School,University of Shanghai for Science and Technology,Shanghai 200093,China)

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《重庆工商大学学报（社会科学版）》2024年第5期100-115,共16页Journal of Chongqing Technology and Business University：Social Science Edition

摘　　要：制度环境作为重要的外部治理机制,在约束大股东侵占行为,减缓公司治理问题中起着关键作用。本文以2013—2019年沪深A股上市公司为研究对象,探寻制度环境对大股东侵占的影响和作用机制,并进一步检验中介效应的调节作用。结果显示:制度环境的改善和企业内部控制质量的提升均能抑制大股东的侵占程度,内部控制质量在制度环境对大股东侵占作用中发挥中介效应。进一步研究发现,内部控制的中介传导机制仅存在于国有企业或实际控制人所有权较低的企业中,且制度环境和非正式制度之间存在替代效应。As an important external governance mechanism,the institutional environment plays a crucial role in restraining major shareholders’encroachment behaviors and mitigating corporate governance issues.This paper takes Shanghai and Shenzhen A-share listed Companies from 2013 to 2019 as the research subjects,explores the impact and mechanism of the institutional environment on major shareholders’encroachment behaviors,and further tests the moderating role of the mediating effect.The results show that the improvement of the institutional environment and the enhancement of the quality of corporate internal control can both suppress the degree of encroachment by major shareholders,and the quality of internal control plays a mediating role in the effect of the institutional environment on the encroachment by major shareholders.Further research finds that the mediating transmission mechanism of internal control only exists in state-owned enterprises or enterprises with lower ownership by actual controllers,and there is a substitution effect between the institutional environment and informal institutions.

关 键 词：制度环境 大股东侵占 内部控制 

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