股权集中度、内部控制与企业价值关系的研究
发布时间：2018-10-29 14:32
【摘要】：2008年金融危机过后,全球经济复苏乏力,国内产能过剩导致经济下行压力严重,在残酷的外部环境下,国内企业绩效下降,企业价值提升面临着巨大困难和挑战;同时,在所有权与经营权分离的现代管理制度下,企业股权过于集中或分散容易产生代理问题,导致内部控制形同虚设,严重损碍企业价值,甚至导致企业走向破产境地。因此,如何提升企业价值成为了亟待解决的问题,本文从公司治理机制出发,考察了股权集中度、内部控制与企业价值的关系,以期为解决代理问题,提升企业绩效,实现企业价值增值提供相关建议。本文以2012-2015年沪深A股上市公司为研究样本,借鉴Baron和Kenny(1986)中介变量的检验方法,构造了内部控制的中介效应检验模型;实证分析了股权集中度与企业价值的关系,股权集中度与内部控制的关系,以及股权集中度、内部控制对企业价值的双重影响。研究表明:股权集中度与企业价值呈现倒U型关系,股权集中度的提升有助于改善内部控制质量;内部控制在股权集中度对企业价值影响中起到了中介传导效应;而股权集中度在内部控制与企业价值关系中的起到了正向调节效应。为了解决代理问题,实现企业价值增值的关键在于,一方面,国家既要加强法律法规的建设,保护中小股东的利益,又要推动混合所有制改革,提升资源配置效率;另一方面,企业需要加强公司治理,重视内部控制建设,完善股权制衡机制,最终实现企业的价值提升和可持续发展。
[Abstract]:After the financial crisis of 2008, the global economic recovery is weak, the domestic overcapacity causes the economic downward pressure serious, under the cruel external environment, the domestic enterprise performance drops, the enterprise value promotion faces the huge difficulty and the challenge; At the same time, under the modern management system with the separation of ownership and management, it is easy to produce agency problems when the ownership of enterprises is too centralized or dispersed, which leads to the virtual internal control, seriously hinders the enterprise value, and even leads to the bankruptcy of the enterprise. Therefore, how to improve enterprise value has become an urgent problem to be solved. From the perspective of corporate governance mechanism, this paper investigates the relationship among ownership concentration, internal control and enterprise value in order to solve the agency problem and improve enterprise performance. Provide relevant suggestions to realize the value increment of the enterprise. In this paper, based on the research sample of Shanghai and Shenzhen A-share listed companies from 2012 to 2015, using the test method of Baron and Kenny (1986) as intermediary variables, the paper constructs a test model of internal control intermediary effect. The paper empirically analyzes the relationship between ownership concentration and enterprise value, the relationship between ownership concentration and internal control, as well as the dual influence of ownership concentration and internal control on enterprise value. The results show that: the relationship between ownership concentration and enterprise value is inversely U-shaped, the improvement of ownership concentration helps to improve the quality of internal control, and the internal control plays an intermediary conduction effect in the influence of ownership concentration on enterprise value. Equity concentration plays a positive role in the relationship between internal control and enterprise value. In order to solve the problem of agency, the key to realize the value-added of enterprise value lies in: on the one hand, the government should strengthen the construction of laws and regulations, protect the interests of small and medium-sized shareholders, and promote the reform of mixed ownership and promote the efficiency of resource allocation; On the other hand, enterprises need to strengthen corporate governance, attach importance to the construction of internal control, improve the equity balance mechanism, and finally realize the value promotion and sustainable development of enterprises.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275
本文编号：2297969
[Abstract]:After the financial crisis of 2008, the global economic recovery is weak, the domestic overcapacity causes the economic downward pressure serious, under the cruel external environment, the domestic enterprise performance drops, the enterprise value promotion faces the huge difficulty and the challenge; At the same time, under the modern management system with the separation of ownership and management, it is easy to produce agency problems when the ownership of enterprises is too centralized or dispersed, which leads to the virtual internal control, seriously hinders the enterprise value, and even leads to the bankruptcy of the enterprise. Therefore, how to improve enterprise value has become an urgent problem to be solved. From the perspective of corporate governance mechanism, this paper investigates the relationship among ownership concentration, internal control and enterprise value in order to solve the agency problem and improve enterprise performance. Provide relevant suggestions to realize the value increment of the enterprise. In this paper, based on the research sample of Shanghai and Shenzhen A-share listed companies from 2012 to 2015, using the test method of Baron and Kenny (1986) as intermediary variables, the paper constructs a test model of internal control intermediary effect. The paper empirically analyzes the relationship between ownership concentration and enterprise value, the relationship between ownership concentration and internal control, as well as the dual influence of ownership concentration and internal control on enterprise value. The results show that: the relationship between ownership concentration and enterprise value is inversely U-shaped, the improvement of ownership concentration helps to improve the quality of internal control, and the internal control plays an intermediary conduction effect in the influence of ownership concentration on enterprise value. Equity concentration plays a positive role in the relationship between internal control and enterprise value. In order to solve the problem of agency, the key to realize the value-added of enterprise value lies in: on the one hand, the government should strengthen the construction of laws and regulations, protect the interests of small and medium-sized shareholders, and promote the reform of mixed ownership and promote the efficiency of resource allocation; On the other hand, enterprises need to strengthen corporate governance, attach importance to the construction of internal control, improve the equity balance mechanism, and finally realize the value promotion and sustainable development of enterprises.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275
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