内部控制在股权结构中对企业绩效影响的中介传导效应——基于A股上市公司数据的实证分析

The Mediating Effect of Internal Control on the Influence of Ownership Structure on Firm Performance—Empirical Analysis Based on the Data of A Shares Listing Corporation

本文以2012年正式实施《企业内部控制配套指引》为研究背景,选取2012—2014年沪深两市上市公司5 882个样本,运用中介变量的实证研究方法,研究了内部控制在股权结构对企业绩效影响中的中介传导效应。研究结果表明:(1)股权集中度和股权制衡度均与企业绩效显著正相关;(2)股权集中度和股权制衡度均与内部控制有效性显著正相关;(3)内部控制在股权集中度和股权制衡度对企业绩效的影响中均具有显著的部分中介传导效应。最后针对研究结果,提出了相应建议。

This paper takes the formal implementation of the enterprise internal control supporting guidance in 2012 as the research background, selected 5 288 companies listed in the Shanghai and Shenzhen stock exchange from 2012 to 2014 as the research sample,using the intermediary variable research methods to study the mediating effect of internal control on the influence of ownership structure on firm performance. The results show that:(1) Ownership concentration and equity balance degree are significantly positively correlated with business performance.(2) Ownership concentration and equity balance degree are significantly positively correlated with the effectiveness of the internal control.(3) Internal control has significant partial mediation conduction effect on influence of ownership concentration and equity balance degree to business performance. Finally,it puts forwards some suggestions for the reseach results.