股权结构、内部控制质量与企业绩效——基于A股上市家族企业的实证研究.docxVIP

PAGE 29 股权结构、内部控制质量与企业绩效 ——基于A股上市家族企业的实证研究 摘要：企业绩效是衡量一家公司在一定经营期间里经营水平和运营情况的重要指标，对于促进公司发展有着至关重要的作用。股权结构和内部控制则是实现企业经营目标的前提条件和基础保障。 当前，我国市场经济进入了新的发展阶段，民营经济在政府大力扶持下呈现出一派欣欣向荣的景象，成为了我国经济体制中不可或缺的重要组成部分。我国民营企业中最主要构成形式是家族持股，即家族通过直接或间接的方式对企业进行实际控制，所以家族企业的股权结构和内部控制具有一定的特殊性。 本文通过以2014—2017年中国上海、深圳两市的A股上市家族企业为样本，对其内控质量、股权结构与企业绩效之间存在的联系。经过对相关文献的综合总结，对所涉及到的概念进行界定，并通过SPSS21.0软件进行实证分析。得出了如下结论： 首先，股权集中度与企业绩效存在正向相关性，并且这一相关性较为显著。这就意味着企业的股权集中度愈高，其绩效愈佳。其次，股权集中度与内控水平存在正相关性，并且这一相关性也较为显著。这就意味着企业的股权集中度愈高，其内控水平愈高。最后，内控对股权集中度与企业绩效具有并不显著的中介效应。 最后本文对研究结果进行总结，并从家族企业的角度出发提出相应的建议，即家族企业在发展阶段应将股权集中度与制衡度控制在适中水平，并加大内控建设力度，并在此基础上，建立股权结构与内部控制协调发展机制，为企业提高经营业绩提供理论指导。 关键词：家族企业 股权结构 内部控制 企业绩效 Abstract：Enterprise performance is an important indicator to measure the management level and operation of a company in a certain period of time, and plays a vital role in promoting the development of the company. In order for a company to successfully complete its business objectives, it must do both internal control and ownership structure. At present, Chinas market economy has entered a new stage of development, the private economy with the strong support of the government presents a thriving scene, has become an indispensable and important part of Chinas economic system. The most important form of private enterprises in our country is family ownership, that is, the family controls the enterprises directly or indirectly, so the ownership structure and internal control of family enterprises have certain particularity. Based on the sample of A-share listed family enterprises in Shanghai and Shenzhen stock markets from 2014 to 2017, this paper examines the relationship between ownership structure, internal control quality and enterprise performance in family enterprises. After a comprehensive summary of the relevant literature, the concepts involved are defined, and empirical analysis is carried out through SPSS21.0 software. The conclusions are as follows: Firstly, the two indicators studied in this paper have