机构投资者对内部控制有效性的影响

The Impact of Institutional Investors on the Effectiveness of Internal Control

从机构投资者角度考察内部控制有效性是已有研究很少涉及的一个主题。文章选取2011-2012年沪深主板A股上市公司作为样本,研究了机构投资者对内部控制有效性的影响。实证结果表明,机构投资者整体上对内部控制有效性具有提升作用;对机构投资者分类后发现,"压力抵制型"机构投资者对内部控制有效性的提升作用强于"压力敏感型"机构投资者。进一步的研究还发现,国有控股削弱了机构投资者对内部控制有效性的正面作用。

There are few existing studies on the topic （ff the effetiveness of internal control from the perspective of institutional investors. This paper chooses the motherl）oard A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2011 to 2012 as smnples to study the impact of institutional investors on the effectiveness of internal control. The empirical results show that institutional investors as a whole have a positive impart on the ef- fectiveness of internal control. We find that, after classifying institutional investors, the positive impact of the ＂pres- sure-resistant type＂ institutional investors on the effectiveness of internal control is stronger Ihan that of the ＂pres- sure-sensitive type＂ institutional investors. We also discover that the state-owned holding weakens the positive im- pact of institutional investors on the effectiveness of internal control by further study.