机构投资者特征对内部控制有效性影响实证研究

发布时间：2018-11-07 09:40

【摘要】：随着资本市场的日渐成熟,上市公司内部控制研究引起了国内外学者的广泛关注。尤其是2008年中国上市公司内部控制白皮书发布之后,研究者更易获得内部控制有效性定量数据,从而又一次引发了对内部控制的研究热潮。我国对内部控制研究也集中在内部控制有效性影响因素、与公司治理、企业绩效等方面,针对机构投资者特征与内部控制效果关系的研究并不多。机构投资者作为证券市场的中坚力量,具有投资管理专业化、投资行为规范化、投资结构组合化等优点,能显著提高上市公司内部控制有效性。本文研究机构投资者特征对内部控制有效性的影响。通过对国内外研究成果的分析,提出了机构投资者类型、持股比例、投资比例和空间距离四个特征。在此基础上,本文采用证券与投资基金、社保基金、QFII、券商及券商集合理财、保险公司、投资公司、商业银行、信托公司八种机构投资者类型分别建立内部控制有效性模型,并使用2014年沪深两市上市公司前十大股东数据进行回归得出结论。本文认为,机构投资者持股比例、投资比例、空间距离三个特征对内部控制有效性有显著影响,而机构投资者的八种类型对内部控制有效性的影响可以明显分为两种,一种是积极的机构投资者(QFII、社保基金、证券投资基金、券商及券商集合理财、保险公司),它们持股可以显著提高上市公司内部控制有效性;另一种消极的机构投资者(投资公司、商业银行、信托公司)持股,对内部控制有效性并无显著影响。现实生活中,个人投资者进行投资决策时,也可以将上市公司前10大股东中机构投资者信息作为投资依据。本文使用Coval和Moskowitz方法对机构投资者数据进行加工。特别是在计算空间距离方面,先调用百度地图API接口确定上市公司与机构投资者的经纬度,然后将地球近似为一个球体,计算上市公司与机构投资者之间的空间距离。本文的创新点在于,我国将空间距离作为机构投资者特征的研究文献不多,且鲜有实证分析,本文首次以中国证券市场为样本,对机构投资者类型、持股比例、投资比例、空间距离四个特征对上市公司内部控制有效性影响进行实证研究,为内部控制有效性评价框架的构建提供新的理论依据。
[Abstract]:With the maturity of capital market, the research on internal control of listed companies has attracted wide attention from scholars at home and abroad. Especially after the publication of the White Paper on Internal Control of Chinese listed companies in 2008, it is easier for researchers to obtain quantitative data on the effectiveness of internal control, which leads to another upsurge of research on internal control. The research on internal control in our country also focuses on the influencing factors of the effectiveness of internal control, corporate governance, corporate performance, and so on. There are few studies on the relationship between institutional investors' characteristics and internal control effects. As the backbone of the securities market, institutional investors have the advantages of specialization of investment management, standardization of investment behavior and combination of investment structure, which can significantly improve the effectiveness of internal control of listed companies. This paper studies the influence of institutional investor characteristics on the effectiveness of internal control. Through the analysis of domestic and foreign research results, this paper puts forward four characteristics: institutional investor type, shareholding ratio, investment ratio and space distance. On this basis, this paper uses eight types of institutional investors, including securities and investment funds, social security funds, QFII, securities firms and securities firms, insurance companies, investment companies, commercial banks and trust companies, to establish the model of internal control effectiveness. And the use of 2014 Shanghai and Shenzhen listed companies listed in the top 10 shareholder data regression to draw a conclusion. This paper holds that the three characteristics of institutional investors' shareholding ratio, investment ratio and space distance have significant effects on the effectiveness of internal control, while the eight types of institutional investors' influence on the effectiveness of internal control can be obviously divided into two types. One is the active institutional investors (QFII, social security funds, securities investment funds, securities firms and securities collective financing, insurance companies), they can significantly improve the effectiveness of internal control of listed companies; Another negative institutional investor (investment company, commercial bank, trust company) has no significant effect on the effectiveness of internal control. In real life, when individual investors make investment decisions, they can also take the information of institutional investors among the top 10 shareholders of listed companies as the basis for investment. This paper uses Coval and Moskowitz methods to process institutional investor data. Especially in calculating the spatial distance, the API interface of Baidu map is used to determine the latitude and longitude of listed companies and institutional investors, and then the earth is approximated as a sphere to calculate the spatial distance between listed companies and institutional investors. The innovation of this paper lies in the fact that there are few researches on spatial distance as the characteristics of institutional investors in China, and there are few empirical analyses. This paper, for the first time, takes the stock market of China as a sample to analyze the types of institutional investors, the proportion of shares held and the proportion of investment. This paper makes an empirical study on the effect of spatial distance on the effectiveness of internal control of listed companies, which provides a new theoretical basis for the construction of the evaluation framework of internal control effectiveness.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.48;F275

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