股权结构、内部控制与公司绩效——基于沪市江苏省上市公司的实证研究

Equity Structure,Internal Control and Company Performance——An Empirical Study of Jiangsu Listed Companies in Shanghai Stock Market

股权结构直接影响内部控制质量,而内部控制质量又为公司绩效提供保证。本文以沪市江苏省上市公司2009—2011年连续三年的数据为样本,对股权结构、内部控制与经营绩效的关系进行实证分析后得出结论:沪市江苏省上市公司的公司绩效受到前十大股东持股比例、前五大股东的赫芬德尔指数、Z指数和内部控制指数四大变量的影响显著,并根据实证结果提出提高沪市江苏省上市公司经营绩效的方法。

Equity structure directly affects the quality of internal control, which guarantees the performance of companies. After making an empirical analysis of the triangle relations among equity structure, internal control and company performance on the basis of the data for three successive years （2009-2011） of Jiangsu listed companies in Shanghai stock market, the essay comes to a conclusion that four variants, that is, the equity structure of the top ten share holders, the Herfindahl-type of index, Z index and the internal control index, of the top five share holders, exert conspicuous-influence on the performance of companies and accordingly offers some effective means to improve performance of Jiangsu listed companies in Shanghai stock market.