机构投资者持股对内部控制质量的影响研究

发布时间：2018-01-19 07:14

本文关键词： 机构投资者内部控制质量内部控制目标　出处：《广东外语外贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：伴随着我国企业的迅猛发展,企业面临的各种潜在风险也日益显现,内部控制在设计和运行上的缺失或失效,可能会导致财务信息造假或财务舞弊的情形出现,也可能会导致经营违规、经济犯罪等情况的发生,还可能使得企业的经营效率低下甚至破产倒闭。内部控制制度是现代管理制度的基石,是企业实现生存与发展、并最终实现获利目标的有力保障。因此,如何提升内部控制质量成为了一项重要的关注点。机构投资者是资本市场的重要参与主体,与个人投资者相比,他们更具有资金优势、信息优势,具有较强的专业能力。机构投资者成为企业的股东后,会积极地行使投票权、提出股东议案、参与公司治理,这种行为称为“机构投资者股东积极主义”。部分学者的研究表明,机构投资者已积极地参与到公司治理中,对企业的经营业绩、企业价值的提升起到了正向的作用。内部控制是公司治理中的重要环节,因此,本文以机构投资者持股对内部控制质量的影响为研究视角,以期在一定程度上补充与机构投资者作用、与提升内部控制质量相关的实证研究,并进一步对不同类型的机构投资者进行细分,研究其在治理效果上存在的差异。通过分析和研究机构投资者持股对内部控制质量的影响,本文主要得出以下结论:(1)机构投资者持股比例上升有助于提升企业的内部控制质量,但发挥这一作用的前提是,机构投资者的持股水平达到了一定的比例,在企业中具备了一定的影响力;(2)机构投资者提升内部控制质量,主要体现在其对公司治理结构的改善和业务控制水平的提升作用上;(3)一般法人、证券投资基金是提升内部控制质量的主要力量,他们在参与公司经营管理的过程中,改善和提升了内部控制的设计和运行效果;(4)机构投资者持股比例的提高,有利于实现企业内部控制的目标,包括提高企业的经营效率效果、提升财务报告及相关信息的可靠性、减少企业的违法违规行为。最后,根据理论分析与实证研究的结果,本文对如何充分发挥机构投资者的作用提出了相关建议。
[Abstract]:With the rapid development of Chinese enterprises, all kinds of potential risks faced by enterprises are becoming increasingly apparent. The absence or invalidation of internal control in design and operation may lead to financial information fraud or financial fraud. It may also lead to the occurrence of business irregularities, economic crimes and so on, and may also make the enterprise inefficient or even bankrupt. The internal control system is the cornerstone of modern management system. Therefore, how to improve the quality of internal control has become an important concern. Institutional investors are important participants in the capital market. Compared with individual investors, they have more capital advantage, information advantage and strong professional ability. When institutional investors become shareholders of enterprises, they will actively exercise their voting rights and put forward shareholder motions. To participate in corporate governance, this behavior is called "institutional investor shareholder activism". Some scholars' research shows that institutional investors have been actively involved in corporate governance, the business performance of enterprises. The promotion of enterprise value plays a positive role. Internal control is an important link in corporate governance. Therefore, this paper focuses on the impact of institutional investors' shareholding on the quality of internal control. In order to supplement the role of institutional investors to a certain extent, and improve the internal control quality related to empirical research, and further subdivide different types of institutional investors. Through analyzing and studying the influence of institutional investor holding on the quality of internal control. The main conclusions of this paper are as follows: 1) the increase in the proportion of institutional investors' shareholding helps to improve the quality of internal control of enterprises, but the premise to play this role is. Institutional investors' shareholding level has reached a certain proportion and has a certain influence in the enterprise; (2) the improvement of internal control quality by institutional investors is mainly reflected in the improvement of corporate governance structure and the promotion of business control level; General legal person, securities investment fund is the main force to improve the quality of internal control, they have improved and improved the design and operation effect of internal control in the process of participating in the management of the company; 4) the increase of the proportion of institutional investors is conducive to the realization of the objectives of internal control, including improving the efficiency of enterprises, improving the reliability of financial reports and related information. Finally, according to the results of theoretical analysis and empirical research, this paper puts forward some suggestions on how to give full play to the role of institutional investors.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F832.51

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