煤炭行业上市公司股权结构对内部控制有效性影响研究

发布时间：2018-01-04 18:33

本文关键词：煤炭行业上市公司股权结构对内部控制有效性影响研究　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2008年以来，随着《企业内部控制基本规范》及《企业内部控制配套指引》的颁布，社会各界对企业内部控制越来越关注。在经济飞速发展和市场不断变化的环境下，内部控制成为了企业防范风险的重要手段。有效的内部控制可以堵塞企业管理中的漏洞，避免错误和舞弊的发生，增强企业竞争力，为企业目标的实现保驾护航。那么如何科学客观地评价企业内部控制有效性，又存在哪些因素会影响内部控制的有效性成为了当前学术界研究的热点。已有的研究表明公司治理会影响内部控制有效性，但研究结论并不统一。股权结构作为公司治理体系的产权基础，也会通过治理机制影响内部控制的有效性。由于行业的不同股权结构会呈现不同的特征，，而煤炭行业作为基础性能源行业之一，在整个国民经济发展过程中占有非常重要的地位，于是本文选取煤炭行业作为研究对象深入探讨上市公司股权结构对内部控制有效性的影响。重点研究股权集中和股权制衡对内部控制有效性的影响，国有股持股和法人股持股对内部控制有效性的影响。文章的内容分理论和实证两个部分。在理论部分，文章首先详细阐述了股权结构的含义与分类、内部控制有效性的含义及评价方法，其次，阐述了委托代理理论和信号传递理论，委托代理关系中会出现道德风险和机会主义行为不利于企业内部控制的有效实施，基于信号传递理论，企业内部控制越有效越有动力披露有关内部控制信息，最后，在理论上分析股权结构会对内部控制有效性产生何种影响，接下来，结合数据分析5年间我国煤炭行业股权结构和内部控制的现状。在实证部分，本文以我国2008-2012年深沪A股39家煤炭行业上市公司为研究对象，提出股权结构影响内部控制有效性的4大假设，选择从内部控制目标的实现程度来衡量内部控制的有效性，内部控制目标包括实现经营的效率效果、财务报告的可靠性和遵守相关法律法规，并建立三个回归模型，最终实证结果表明：股权集中度与公司经营绩效显著正相关；股权制衡度与财务报告的可靠性和对法律法规的遵守显著正相关；国有股比例与对法律法规的遵守显著负相关；法人股比例与对法律法规的遵守显著负相关。针对实证分析的结论，文章从内部控制本身和股权结构两个层面提出了政策建议：1、提高对内部控制的认识，加强内部控制建设，公司内部应建立完善的规章制度，公司外部应健全监督机制；2、优化公司股权结构，调整各个主体的持股比例，在保持适当的股权集中度的同时，健全股东之间相互监督、相互制衡的机制，并且适当减少国有股的持股比例。本文通过规范研究和实证分析相结合的方法探讨了煤炭行业股权结构对内部控制有效性的影响，并针对研究结论提出了完善内部控制的建议，有助于提高煤炭行业内部控制的有效性，具有一定的现实意义。同时，也希望本文的研究能够为其他行业的此类研究提供借鉴和参考。
[Abstract]:Since 2008, with the basic specification > and < > the enterprise internal control supporting guidelines issued "enterprise internal control, the community pays more and more attention to internal control. With the rapid development of economy and the changing market environment, the internal control has become the important means of enterprise risk prevention. Effective internal control can block enterprises loopholes in management, avoid mistakes and irregularities, enhance the competitiveness of enterprises, realize the escort for the goal of the enterprise. So how to scientifically and objectively evaluate the effectiveness of internal control, and what are the factors that affect the effectiveness of internal control has become the focus of academic research. The existing research shows that corporate governance will influence of the effectiveness of internal control, but the conclusions are not unified. The ownership structure is the property rights basis of corporate governance system, governance mechanism will be through the influence of internal control The effectiveness of different ownership structure. Because the industry will show different characteristics, and the coal industry as one of the basic energy industry, plays a very important role in the process of national economic development, so this paper selects the coal industry as the research object, in-depth study of the influence of ownership structure of listed companies on the effectiveness of internal control. Focus on ownership concentration and equity balance effect on the effectiveness of internal control and influence of state-owned shares and corporate shares on the effectiveness of internal control.
The content of the article is divided into two parts: theoretical and empirical. In the theoretical part, this paper expounds the meaning and classification of ownership structure, the meaning of evaluation and control of the effectiveness of the method, the internal, expounds the principal-agent theory and signaling theory, there will be moral hazard and the opportunism behavior is not conducive to the effective implementation of enterprise internal control principal agent relationship, based on the signal transmission theory, the enterprise internal control more effective more power for disclosure of internal control information, finally, in the theoretical analysis of ownership structure on the effectiveness of internal control will produce what kind of influence, the next 5 years, according to the data analysis of China's coal industry ownership structure and the current situation of internal control in the empirical. In this part, using China's 2008-2012 Shanghai and Shenzhen A shares of 39 listed companies in the coal industry as the research object, the ownership structure influences the effectiveness of the internal control of the 4 false Set, choose to measure the effectiveness of internal control from the degree of realization of the objective of the internal control, internal control objectives include the implementation of operational effectiveness and efficiency, the reliability of financial reporting and compliance with relevant laws and regulations, and the establishment of three regression model, finally the empirical results show that: the degree of ownershipconcentration and firm performance is positively related to the reliability of equity balance; with the degree of financial reporting and to abide by laws and regulations are positively related; the proportion of state-owned shares and abide by the laws and regulations of the significant negative correlation; the proportion of corporate shares and abide by the laws and regulations of the significant negative correlation.
According to the conclusions of empirical analysis, this article from the two aspects of internal control and ownership structure put forward policy recommendations: 1, improve the understanding of the internal control, strengthen the construction of internal control, internal company should establish and improve rules and regulations, the company should improve the external supervision mechanism; 2, optimize the ownership structure, the shareholding ratio of each subject adjustment and in maintaining proper ownership concentration at the same time, improve the mutual supervision between the shareholders, the system of checks and balances, and appropriate to reduce the proportion of state-owned shares.
This method combines the normative research and empirical analysis of the coal industry impact of ownership structure on the effectiveness of internal control, and for the conclusion of the study puts forward some suggestions to perfect the internal control, help to improve the effectiveness of internal control in the coal industry, has a certain practical significance. At the same time, also hope to provide reference in this paper the research of this kind of research can for other industries.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.21;F406.7

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