混合所有制企业内部控制的中小股东权益保护效应

The Effect of Protection on Small and Medium Stockholders' Interests in Internal Control of Mixed-ownership Enterprises

基于内部控制五要素视角,实证探究混合所有制企业内部控制的中小股东权益保护效应,研究发现:混合所有制企业中,高质量的内部控制有利于降低关联担保规模、关联交易规模、代理成本及资金占用,进而产生中小股东权益保护效应;相对国有参股上市公司而言,国有绝对控股上市公司内部控制对中小股东权益的保护效应更为显著。市场机制、法律体系和管制制度在我国新兴加转轨的非成熟市场经济条件下尚不能充分发挥作用时,内部控制可成为保护混合所有制企业中小股东权益的一种补偿机制,并能够积极作为。为此,应进一步提高对内部控制质量重要性的认识,健全混合所有制企业内部控制体系,保障内部控制制度的有效实施;根据混合所有制企业的不同类型,有针对性地强化中小股东权益保护措施,充分调动各类资本参与混合所有制改革的积极性,促进混合所有制企业良好发展。

Based on the five factors of internal control,the author carries out an empirical research on the effect of protection on small and medium stockholders' interests in internal control of mixed-ownership enterprises. It is found that:first,in mixed-ownership enterprises,high quality internal control will be beneficial for the decrease in the scale of connected-party guarantee and connected transaction,the cost of agent,and the occupation of capital,which will in turn have the effect of protection on small and medium stockholders' interests;second,comparing to listed companies with some state stockholders,the effect of protection on small and medium stockholders' interests in listed companies with majority state stockholders will be more significant;and third,when such factors as market mechanism,legal system,and governance system can not play their roles in China's emerging and transformational immature market economy,internal control could become a kind of compensation mechanism for mixed-ownership enterprises to protect small and medium stockholders' interests. We should,first,further improve our understanding on the importance of internal control quality,perfect the internal control system in mixed-ownership enterprises,and guarantee the effective implementation of internal control;second,we should,according to the types of mixedownership enterprises,strengthen the countermeasures of protection on small and medium stockholders' interests,give full play to the role of different types of capital in participating in the reform of mixed-ownership,and promote the sound development of mixed-ownership enterprises.