机构投资者对上市公司内部控制影响的实证研究

发布时间：2018-05-24 19:23

本文选题：机构投资者 + 内部控制　；参考：《新疆财经大学》2012年硕士论文

【摘要】：我国的机构投资者经过十几年的发展已经成为证券市场最主要的投资力量，对证券市场的影响也日益增强。由于大部分的企业危机是由内部控制缺失所造成，企业内部控制成为非常重要的课题，因此适当的内部控制，应有助于企业达成有效的经营，2011年8月9日，“迪博·中国上市公司内部控制指数”发布会在北京隆重召开，“迪博·中国上市公司内部控制指数”旨在为监管部门、上市公司、投资者及社会公众了解上市公司的内部控制水平和风险管控能力提供直观的定量依据。本文通过对我国上市公司机构投资者的类型进行理论和实证分析两方面来讨论对公司内部控制的影响，，本文借鉴国外学者的分类方法，在具体分析我国机构投资者几种主要类型的投资行为特征的基础上，认为压力抵制型、长期投资型的机构投资者（证券投资基金、QFII、社保基金）等会对上市公司内部控制有正向作用，消极的机构投资者(券商、信托公司、财务公司、银行、企业年金、保险)会对上市公司内部控制有反面影响，但是由于这类机构投资者投资动机比较复杂，也可能其对上市公司内部控制的影响作用不显著。理论上，本文首先分析我国上市机构投资者的发展现状、不同类型、基本特征；其次分析我上市公司内控控制制度以及内部控制制度存在的问题；最后阐述不同类型机构投资者对内部控制的影响及改进措施。实证方面，本文以2009年四年1754个深市A股有机构投资者持股的上市公司为研究样本，实证检验机构投资者的不同类型对内部控制的影响。本文的最后结合实证分析结果提出相应的对策建议及进一步展望研究。
[Abstract]:After more than ten years of development, institutional investors in China have become the most important investment force in the securities market, and the influence on the securities market is also increasing day by day. Since most of the corporate crises are caused by the absence of internal control, internal control has become a very important issue. Therefore, proper internal control should help enterprises to achieve effective management. On August 9, 2011, The "Debo China listed Company Internal Control Index" was solemnly held in Beijing. The "Debo China listed Company Internal Control Index" is designed to serve the regulatory authorities and listed companies. Investors and the public understand the level of internal control and risk management of listed companies to provide intuitive quantitative basis. This paper discusses the influence on the internal control of the company through the theoretical and empirical analysis of the types of institutional investors of listed companies in our country, and draws lessons from the classification methods of foreign scholars. On the basis of analyzing the characteristics of several main types of investment behavior of institutional investors in China, the author thinks that the pressure resistance type, Long-term investment institutional investors (securities investment funds QFIIs, social security funds) will have a positive effect on the internal control of listed companies, and negative institutional investors (securities firms, trust companies, finance companies, banks, enterprise annuities, etc.), Insurance) will have negative effects on the internal control of listed companies, but due to the complexity of the investment motivation of such institutional investors, it may not have a significant impact on the internal control of listed companies. Theoretically, this paper first analyzes the current situation, different types and basic characteristics of listed institutional investors in China, and then analyzes the problems of internal control system and internal control system of listed companies in China. Finally, the influence of different types of institutional investors on internal control and improvement measures are discussed. On the empirical side, this paper takes 1754 listed companies with institutional investors holding shares in Shenzhen Stock Market in 2009 as a sample to test the influence of different types of institutional investors on internal control. Finally, combined with the empirical analysis results, the corresponding countermeasures and suggestions are put forward and the further research is prospected.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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