上市公司股权结构与高质量审计需求关系的实证研究

发布时间：2018-05-03 19:03

本文选题：股权结构分层 + 代理冲突　；参考：《湖南大学》2008年硕士论文

【摘要】： 股权结构作为公司治理系统中的重要组成部分,不但影响到公司治理机制运作,也关系到证券市场投资者的切身利益。在我国尚未成熟的市场环境下,股权代理问题的产生使得外部审计成为内部机制的一项重要补充。因此从股权结构角度来研究上市公司高质量审计的需求,对引导其形成合理的股权模式具有重要的意义。本文分别从单个股东层面、大股东层面、全体股东层面以及市场层面上理论分析了股权结构对公司外部审计需求的影响。在实证研究部分,针对股权的四个层面提出五个相关假设,以456个股改已完成样本和932个股改未完成样本为研究对象,选择国有股比例、法人股比例、股权制衡度、股权集中度作为自变量构建了回归模型,又选取456对配对样本的差量数据为样本,对股权流通性改善与高质量审计需求变动构建回归模型。回归结果表明,法人股比例、管理层持股、股权制衡度对高质量审计需求存在显著的正向影响,而股权集中度则与高质量审计需求呈倒U型关系,并得出了最佳集中度值和变化区间。同时,我们发现,国有股比例与高质量审计需求间的负向关系并不显著,这也表明随着国有股的减持和全流通的推进,国有股独大引发的代理冲突正逐步得到缓解,国有股对外部监督机制的抑制作用有所降低。此外,股权分置改革对股权流通性的改善使得上市公司股改前后的高质量审计需求得到显著提高,这也从侧面反应出股改在降低代理冲突、提高公司治理效率方面发挥了一定作用。依据上述理论和实证研究的结论,结合我国上市公司实际状况,本文在最后提出了引导上市公司形成合理股权结构的政策建议。
[Abstract]:As an important part of corporate governance system, equity structure not only affects the operation of corporate governance mechanism, but also relates to the vital interests of investors in the securities market. In the immature market environment of our country, the emergence of equity agency problem makes external audit an important supplement to the internal mechanism. Therefore, it is of great significance to study the demand for high quality audit of listed companies from the perspective of equity structure, which is of great significance to guide them to form a reasonable equity model. This paper theoretically analyzes the influence of ownership structure on the external audit demand of the company from the single shareholder level, the large shareholder level, the whole shareholder level and the market level. In the part of empirical research, we put forward five relevant hypotheses in view of the four levels of equity, taking 456 completed stock reform samples and 932 uncompleted stock reform samples as the research objects, choosing the proportion of state-owned shares, the proportion of legal person shares, and the degree of equity balance. The regression model of equity concentration is constructed as an independent variable, and 456 pairs of matched sample difference data are selected as samples to build a regression model for the improvement of equity liquidity and the change of high quality audit demand. The regression results show that there are significant positive effects on the demand for high quality audit by the proportion of corporate shares, managerial shareholding, equity checks and balances, and the relationship between equity concentration and high quality audit demand is inversely U-shaped. The best concentration value and variation range are obtained. At the same time, we find that the negative relationship between the proportion of state-owned shares and the demand for high-quality audit is not significant. This also shows that with the reduction of state-owned shares and the promotion of full circulation, the agency conflicts caused by the dominance of state-owned shares are gradually being alleviated. The inhibitory effect of state-owned shares on external supervision mechanism has been reduced. In addition, the improvement of equity circulation by the reform of split share structure has significantly increased the demand for high-quality audit of listed companies before and after the stock reform, which also reflects that stock reform is reducing agency conflicts. Improve the efficiency of corporate governance has played a certain role. Based on the conclusions of the above theoretical and empirical studies and the actual situation of the listed companies in China, this paper puts forward some policy recommendations to guide the listed companies to form a reasonable ownership structure at the end of this paper.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2008
【分类号】：F271;F239.4;F224

【引证文献】