终极所有权结构对内部控制信息披露质量影响研究

发布时间：2018-05-13 04:40

本文选题：终极所有权 + 内部控制　；参考：《哈尔滨工业大学》2013年硕士论文

【摘要】：近年来，国内外资本市场接连爆发财务造假丑闻，这使得广大投资者不但对上市公司内部控制的有效性产生了质疑，而且对上市公司所发布的内部控制信息的真实性也产生了质疑。因此，国内外学者都把内部控制过程中的信息披露质量作为了研究的热点。而在研究内部控制信息披露质量的影响因素时，所有权结构作为公司治理结构的产权基础，也日益受到学者们的关注，且他们在刻画所有权结构时，多采用直接所有权方式计量。但在我国这样一个股权高度集中的国家里，用直接所有权方式刻画所有权结构显然不甚合理，，因此，本文试图从终极所有权结构的角度研究其对内部控制信息披露质量的影响。为此，本文在认真回顾了国内外学者在内部控制信息披露质量领域的研究成果，并在此基础上对与内部控制信息披露相关的理论进行了梳理和总结。同时，采用了在深市主板上市的684家非金融、保险业2010、2011两年的相关数据，对终极所有权结构的其中五个变量与上市公司披露的内部控制信息的质量之间的关系，进行了多元回归等方法的检验。本文研究的结果显示：（1）终极控制股东的现金流权比例与内部控制信息披露质量显著正相关；（2）控制权比例与内部控制信息披露质量呈显著的倒U型曲线关系。（3）控制权与现金流权的偏离度越大，内部控制信息披露质量越低；（4）从内部控制信息披露质量来看，由国有终极控制股东控制的上市公司要好于由其它性质的终极控制股东控制的上市公司；（5）机构投资者的制衡力量与上市公司披露的内部控制信息的质量正相关。最后，本文根据实证研究的结果，为提高内部控制信息披露质量，促进资本市场运行效率的提高,提出了相关的政策建议。
[Abstract]:In recent years, financial fraud scandals have broken out in domestic and foreign capital markets, which has made investors not only question the effectiveness of internal control of listed companies. Moreover, the authenticity of internal control information issued by listed companies has been questioned. Therefore, domestic and foreign scholars take the quality of information disclosure in the process of internal control as the research hotspot. While studying the influencing factors of internal control information disclosure quality, ownership structure, as the property right foundation of corporate governance structure, has been paid more and more attention by scholars, and they are depicting ownership structure. More direct ownership method is used to measure. However, in a country with highly concentrated ownership, it is obviously unreasonable to describe the ownership structure by direct ownership. Therefore, this paper attempts to study its impact on the quality of internal control information disclosure from the perspective of the ultimate ownership structure. Therefore, this paper reviews the research achievements of domestic and foreign scholars in the field of internal control information disclosure, and summarizes the theories related to internal control information disclosure. At the same time, using the relevant data of 684 non-financial and insurance companies listed on Shenzhen main Board in 2010 and 2011, the relationship between the five variables of ultimate ownership structure and the quality of internal control information disclosed by listed companies is discussed. The method of multiple regression was tested. The results of this study show that the proportion of cash flow rights of ultimate controlling shareholders is significantly positively correlated with the quality of disclosure of internal control information. (2) the proportion of control rights has a significant inverse U curve relationship with the quality of disclosure of internal control information. The greater the deviation between the right and the right of cash flow, The lower the quality of internal control information disclosure, the lower the quality of internal control information disclosure. The balance power of institutional investors of listed companies controlled by state-owned ultimate controlling shareholders is better than that of listed companies controlled by other ultimate controlling shareholders. The balance power of institutional investors is positively related to the quality of internal control information disclosed by listed companies. Finally, according to the results of empirical research, this paper puts forward some relevant policy recommendations to improve the quality of internal control information disclosure and promote the efficiency of capital market operation.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】