【摘要】：2008年金融危機過后,全球經濟復蘇乏力,國內產能過剩導致經濟下行壓力嚴重,在殘酷的外部環(huán)境下,國內企業(yè)績效下降,企業(yè)價值提升面臨著巨大困難和挑戰(zhàn);同時,在所有權與經營權分離的現代管理制度下,企業(yè)股權過于集中或分散容易產生代理問題,導致內部控制形同虛設,嚴重損礙企業(yè)價值,甚至導致企業(yè)走向破產境地。因此,如何提升企業(yè)價值成為了亟待解決的問題,本文從公司治理機制出發(fā),考察了股權集中度、內部控制與企業(yè)價值的關系,以期為解決代理問題,提升企業(yè)績效,實現企業(yè)價值增值提供相關建議。本文以2012-2015年滬深A股上市公司為研究樣本,借鑒Baron和Kenny(1986)中介變量的檢驗方法,構造了內部控制的中介效應檢驗模型;實證分析了股權集中度與企業(yè)價值的關系,股權集中度與內部控制的關系,以及股權集中度、內部控制對企業(yè)價值的雙重影響。研究表明:股權集中度與企業(yè)價值呈現倒U型關系,股權集中度的提升有助于改善內部控制質量;內部控制在股權集中度對企業(yè)價值影響中起到了中介傳導效應;而股權集中度在內部控制與企業(yè)價值關系中的起到了正向調節(jié)效應。為了解決代理問題,實現企業(yè)價值增值的關鍵在于,一方面,國家既要加強法律法規(guī)的建設,保護中小股東的利益,又要推動混合所有制改革,提升資源配置效率;另一方面,企業(yè)需要加強公司治理,重視內部控制建設,完善股權制衡機制,最終實現企業(yè)的價值提升和可持續(xù)發(fā)展。
[Abstract]:After the financial crisis of 2008, the global economic recovery is weak, the domestic overcapacity causes the economic downward pressure serious, under the cruel external environment, the domestic enterprise performance drops, the enterprise value promotion faces the huge difficulty and the challenge; At the same time, under the modern management system with the separation of ownership and management, it is easy to produce agency problems when the ownership of enterprises is too centralized or dispersed, which leads to the virtual internal control, seriously hinders the enterprise value, and even leads to the bankruptcy of the enterprise. Therefore, how to improve enterprise value has become an urgent problem to be solved. From the perspective of corporate governance mechanism, this paper investigates the relationship among ownership concentration, internal control and enterprise value in order to solve the agency problem and improve enterprise performance. Provide relevant suggestions to realize the value increment of the enterprise. In this paper, based on the research sample of Shanghai and Shenzhen A-share listed companies from 2012 to 2015, using the test method of Baron and Kenny (1986) as intermediary variables, the paper constructs a test model of internal control intermediary effect. The paper empirically analyzes the relationship between ownership concentration and enterprise value, the relationship between ownership concentration and internal control, as well as the dual influence of ownership concentration and internal control on enterprise value. The results show that: the relationship between ownership concentration and enterprise value is inversely U-shaped, the improvement of ownership concentration helps to improve the quality of internal control, and the internal control plays an intermediary conduction effect in the influence of ownership concentration on enterprise value. Equity concentration plays a positive role in the relationship between internal control and enterprise value. In order to solve the problem of agency, the key to realize the value-added of enterprise value lies in: on the one hand, the government should strengthen the construction of laws and regulations, protect the interests of small and medium-sized shareholders, and promote the reform of mixed ownership and promote the efficiency of resource allocation; On the other hand, enterprises need to strengthen corporate governance, attach importance to the construction of internal control, improve the equity balance mechanism, and finally realize the value promotion and sustainable development of enterprises.
【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275

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