大股东控股、内部控制与股价同步性

Large Shareholder Holdings,Internal Control&Stock Price Synchronization

从内部控制与股权结构契合于董事会这一独特的视角,研究公司治理与股价同步性的关系及内部控制在其中的调节作用。研究发现,在我国新兴加转型的经济环境下,企业的股权结构,特别是控股股东的大量存在是造成股价同步性较高的一个重要原因;进一步研究发现,内部控制能够显著降低和缓解控股股东与股价同步性之间的正相关关系。研究表明,内部控制在抑制股价同步性方面具有明显的治理作用,进而彰显了企业优化包括内部控制在内的公司治理机制建设在整个资本市场中的重要价值。

From the perspective of internal control and ownership structure,we study the relationship between corporate governance and stock price synchronization and the regulation effect of internal control in the relationship between corporate governance and stock price synchronization.We find that,under the current economic environment in China,the ownership structure of enterprises,especially the large number of controlling shareholders,is an important reason for the high stock price synchronization.Further study proves that the internal control can significantly reduce the positive relationship between controlling shareholders and stock price synchronization.The research shows that the internal control has a significant governance function on the inhibition of stock price synchronization,and it also shows the important value of optimizing corporate governance mechanism.