内部控制对中小投资者保护作用研究

The Role Study of Internal Control in the Protection of Small and Medium-Sized Investors

本文以2012—2018年沪深A股主板非金融类上市公司为研究样本,重点考察了内部控制对中小投资者保护的影响。研究发现,内部控制与大股东资金侵占金额呈显著的负相关关系,高质量的内部控制能够减轻代理冲突、缓解内外部信息不对称、提高公司股票价格,内部控制通过治理功能和定价功能对中小投资者保护产生作用。本文的研究结果表明,内部控制是公司内部治理的重要机制,能够在保护中小投资者利益方面发挥积极作用;我国应在完善内部控制法规的基础上,加强内部控制监管,以便进一步提升上市公司内部控制质量,更好地保护中小投资者利益。

Taking non-financial companies listed on the main board of A-share from 2012 to 2018 as research samples,this paper focuses on the impact of internal control(IC)on the protection of small and medium-sized investors.The study finds that IC has a significant negative correlation with the amount of capital embezzlement by major shareholders,and IC reduces the capital embezzlement through governance function and pricing function.High-quality IC can reduce agency conflict,alleviate information asymmetry between the internal and external of the enterprise,and improve the company s stock price.The results of the paper are as following:being an important mechanism of corporate internal governance,IC plays an active role in protecting the rights and interests of small and medium-sized investors.On the basis of perfecting the IC laws and regulations,China should strengthen the IC supervision of enterprises,so as to further improve the IC quality of the listed companies and better protect the interests of small and medium-sized investors.