终极控制人对内部控制有效性的影响——基于中国深市上市公司的一项实证研究

文章选取2007年深市所有上市公司为样本,从终极控制人性质、控制权、现金流权以及两权分离度角度分析终极控制人对内部控制有效性的影响。通过实证数据检验发现,当两权分离时,终极控制人的现金流权越大,上市公司的内部控制有效性越高;相对于民营终极控制人,当终极控制人为中央政府时,上市公司的内部控制有效性较低。因此,建立适当的控制权约束机制,能够有效地提升上市公司内部控制质量,保护中小投资者利益,促进资本市场健康发展。

The Influence of Ultimate Controlling Shareholder on Internal Control Effectiveness An Empirical Research of Listed Compaines in Shengzheng Exchange, China

In order to study ultimate controlling shareholders on internal control effectiveness,Chinese listed compaines in Senzheng Exchange,2007 were used to construct,based on the Basic Standard of Corporate Internal Control（2008）,an Internal control effectiveness index（ICEI） and a linear regress model.It further investigates what impact the final shareholder＇s control rights,cash-flow rights,the separation of control rights and cash-flow rights have on internal control effectiveness.It finds that when control rights and cash-flow rights are separated,the larger the final shareholder＇s cash-flow rights,the stronger the corporate＇s internal control effectiveness.Comparatively,when the ultimate controlling shareholder is the state government,corporate＇s internal control effectiveness is poor.So a sound control power＇restrictive mechanism can improve corporate＇s internal control quality,protect investor＇s benefits,and help capital market develop well.