我国民营上市公司股权集中度对绩效的影响研究——基于内部控制质量中介效应的实证分析

发布时间：2018-04-09 16:42

本文选题：股权集中度　切入点：内部控制质量　出处：《会计之友》2017年09期

【摘要】：以2010—2014年沪深两市主板A股432家民营上市公司的平衡面板数据为样本,运用中介效应研究方法,实证检验了我国民营上市公司中内部控制质量在股权集中度与公司绩效关系中的中介作用。为保证研究的客观性和稳定性,分别用ROA和Tobin's Q对公司绩效进行衡量,采用Sobel Test法和偏差校正的非参数百分位Bootstrap法进一步对中介效应的显著性进行验证,并进行了稳健性检验。研究结果表明:在我国民营上市公司中,股权集中度和内部控制质量均对公司绩效存在正向影响;股权集中度对内部控制质量存在正向影响;股权集中度对公司绩效的影响有一部分是通过内部控制质量的中介作用实现的。研究结论在一定程度上揭示了民营上市公司中股权集中度对公司绩效产生作用的路径,对提高公司治理水平和企业长远价值具有实际意义。
[Abstract]:Based on the equilibrium panel data of 432 private listed companies in Shanghai and Shenzhen main Board from 2010 to 2014, the paper applies the method of intermediary effect research.The paper empirically examines the intermediary function of internal control quality in private listed companies in the relationship between ownership concentration and corporate performance.In order to ensure the objectivity and stability of the research, ROA and Tobin's Q were used to measure the performance of the company, and the Sobel Test method and the nonparametric percentile Bootstrap method were used to verify the significance of the intermediary effect, and the robustness test was carried out.The results show that: in China's private listed companies, both ownership concentration and internal control quality have a positive impact on corporate performance, equity concentration has a positive impact on internal control quality.The impact of ownership concentration on corporate performance is partly achieved through the intermediary role of internal control quality.To a certain extent, the research conclusions reveal the path of the effect of ownership concentration on corporate performance in private listed companies, and have practical significance for improving the level of corporate governance and the long-term value of enterprises.
【作者单位】：齐齐哈尔大学经济与管理学院;
【基金】：齐齐哈尔大学研究生创新科研项目“中国民营上市公司管理层激励、股权结构对创新绩效的影响机制研究”(YJSCX2016-030X)
【分类号】：F276.5;F275;F832.51

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