混合所有制企业内部控制的中小股东权益保护作用研究

发布时间：2018-07-18 15:04

【摘要】：随着一系列财务舞弊丑闻及使市场损失惨重的次贷危机等事件的发生,广大投资者对证券市场失去了信心,随之投资者保护,尤其是中小股东权益保护问题引起越来越广泛重视。而随着国内外学术界深入研究发现,上市公司中小股东权益频受侵害与其内部控制失效存在密切联系。在内部控制体系建设不断深入的同时,内部控制质量经济后果的研究也倍受关注。基于内部控制与中小股东权益保护之间紧密的联系,同时响应党的十八大大力发展混合所有制经济,推动混合所有制企业健康良好发展的大力号召,为了健全完善混合所有制企业的内控体系以及解决其中小股东权益频受侵害的问题,本文探究了混合所有制企业内部控制的中小股东权益保护作用。本文以2012-2015年符合混合所有制企业定义的上市公司为研究样本,运用委托代理等相关理论和文献研究、文本分析、统计分析、分析归纳的研究方法,同时结合中国目前的制度背景,通过实证研究得出以下成果:1.根据委托代理理论等三个相关理论,并基于上市公司中小股东频受侵害的四个主要途径,剖析了内部控制五大要素对于中小股东权益保护的作用机制,并以此建立了内部控制分别与关联担保、关联交易、代理成本、资金占用四个方面的多元回归模型,结合现有研究通过选取最有代表性的变量说明中小股东权益受保护程度,较好地反映出内部控制对中小股东权益保护的作用。2.用实证检验了混合所有制企业中内部控制与衡量中小股东权益保护四方面的关系,并对企业根据持股比例进行分类对比分析。3.结合目前中国的制度背景,根据理论与实证分析结果,从实际出发提出相应的政策建议。本文的创新之处在于基于内控五大要素的新视角,并综合考虑了最能影响中小股东权益保护的四大方面指标,探究了混合所有制企业内部控制的中小股东权益保护作用,并将企业按国有股份比例进行分类,进行对比分析。本文研究表明,混合所有制企业中,高质量的内部控制有利于降低关联担保规模、关联交易规模以及代理成本,进而起到保护中小股东权益的作用,尤其是对于国有绝对控股上市公司,其内部控制发挥的积极作用较国有参股上市公司更为显著,然而在资金占用方面的作用还有待研究与改进。因此,健全完善混合所有制企业内部控制体系,有利于为企业吸引更多的投资者,为提高企业的经营效率和效果注入更强劲的动力,从而在良好的政策环境下,实现长足发展。
[Abstract]:With the occurrence of a series of financial fraud scandals and the subprime crisis that caused the heavy loss of the market, the majority of investors have lost confidence in the securities market, with the protection of investors, especially the protection of small and medium shareholders, which have been paid more and more attention. At the same time, the research on the economic consequences of internal control quality is also concerned. Based on the close relationship between the internal control and the protection of the rights and interests of the small and medium shareholders, the ten Eighth National Congress of the party will vigorously develop the mixed ownership economy and promote the mixed ownership economy. In order to perfect the internal control system of the mixed ownership enterprises and solve the problem of the infringement of the small shareholders' rights and interests, this paper explores the protection of the rights and interests of the small shareholders in the mixed ownership enterprises. This paper is in accordance with the definition of the mixed ownership enterprise for 2012-2015 years. Listed companies for the study sample, using the principal-agent and other related theories and literature research, text analysis, statistical analysis, analysis and induction of research methods, at the same time, combined with the current institutional background of China, the following results are obtained through empirical research: 1. according to the principal-agent theory and other three related theories, and based on the frequency acceptance of small and medium shareholders of listed companies. The four main ways of infringement, analyze the mechanism of the five major elements of internal control for the protection of the rights and interests of small and medium shareholders, and set up a multiple regression model of four aspects, namely, internal control, related guarantee, related transaction, agency cost, and capital occupation, and select the most representative variables to explain the medium and small size. The protection of shareholders' rights and interests is a better reflection of the role of internal control on the protection of the rights and interests of small and medium shareholders.2. empirically tests the relationship between the internal control and the measurement of the protection of the rights and interests of small and medium shareholders in mixed ownership enterprises, and makes a comparative analysis of the proportion of the enterprises according to the proportion of the shareholding, which is based on the institutional background of the current China, which is based on.3.. According to the theoretical and empirical results, we put forward the corresponding policy suggestions from the actual situation. The innovation of this paper is based on the new angle of view based on the five elements of internal control, and takes into account the four major indexes which can most influence the protection of small and medium shareholders' rights and interests, and explores the protection of the rights and interests of small and medium shareholders in the internal control of the mixed ownership enterprises. The study shows that high quality internal control in mixed ownership enterprises is beneficial to reduce the scale of the related guarantee, the scale of related transactions and the agency cost, and then play a role in protecting the rights and interests of small and medium shareholders, especially for the state-owned absolute holding listed companies. The positive role of the system is more significant than that of the state-owned listed companies. However, the role of the capital occupation still needs to be studied and improved. Therefore, the improvement of the internal control system of the mixed ownership enterprises is conducive to attracting more investors to the enterprise, so as to improve the efficiency and effect of the enterprise, so as to improve the efficiency and effect of the enterprise, so as to improve the efficiency and effect of the enterprise, In a good policy environment, great development has been achieved.
【学位授予单位】：北京物资学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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