股权结构与创业板上市公司内部控制效率:作用机制与实证检验

Ownership Structure and Internal Control Efficiency of GEM Listed Companies:Action Mechanism and Empirical Test

合理的股权结构是公司治理的有效前提和重要组成部分。选取2010-2019年我国创业板上市的165家企业为初始样本,通过实证分析股权结构对内部控制效率的影响发现:股权集中度与内部控制效率呈“倒U型”相关关系;股权制衡度、投资机构持股比例和公司高管持股比例与内部控制效率呈正相关关系。为完善公司治理结构、提高内部控制效率,应进行合理的股权集中、注重股权制衡度、更多发挥机构投资者作用、对高级管理人员进行适当激励等。

A reasonable ownership structure is an effective premise and an important part of corporate governance.Selecting 165 companies listed on my country’s ChiNext from 2010 to 2019 as the initial sample,through empirical analysis of the impact of ownership structure on internal control efficiency,it is found that:the degree of ownership concentration and the efficiency of internal control have an "inverted U-shaped" correlation;The shareholding ratio of investment institutions and the shareholding ratio of company executives is positively correlated with the efficiency of internal control.In order to improve the corporate governance structure and improve the efficiency of internal control,reasonable equity concentration should be carried out,attention should be paid to equity checks and balances,institutional investors should play more roles,and senior managers should be properly motivated.