内部控制有效性、股权集中度与企业价值——基于我国A股上市公司的实证分析

Internal Control Effectiveness,Ownership Concentration and Corporate Value——An Empirical Analysis Based on the A-share listed Companies in our Country

建立并完善内部控制,有助于企业缓解逆向选择和道德风险,进而最终实现企业的整体增值。内部控制的目标是企业价值最大化这个总目标的具体化。在以内部控制指数衡量内部控制有效性后,通过分析2009-2011年度沪深两市的A股上市公司,探讨了内部控制、股权集中度与企业价值之间的关系。结果发现,企业价值随着内部控制有效性的提高而增加,但是股权集中度的提高会起到抵消作用,即这种增加效应在股权较分散的公司中更为明显。

To establish and perfect the internal control can help companies effectively alleviate the adverse selection and moral hazard,and finally realize appreciation of the enterprise’s overall value. The goal of in-ternal control is the embodiment of the enterprise value maximization. After using the internal control index to measure internal control effectiveness,the study,based on the 2009-2011 A-share listed companies,probes into the relationship between internal control,ownership concentration and corporate value. The results show that enterprise value increases with the improvement of internal control effectiveness,but may be offset by the rise of ownership concentration.