混合所有制企業(yè)內(nèi)部控制的中小股東權益保護作用研究
發(fā)布時間：2018-07-18 15:04
【摘要】：隨著一系列財務舞弊丑聞及使市場損失慘重的次貸危機等事件的發(fā)生,廣大投資者對證券市場失去了信心,隨之投資者保護,尤其是中小股東權益保護問題引起越來越廣泛重視。而隨著國內(nèi)外學術界深入研究發(fā)現(xiàn),上市公司中小股東權益頻受侵害與其內(nèi)部控制失效存在密切聯(lián)系。在內(nèi)部控制體系建設不斷深入的同時,內(nèi)部控制質量經(jīng)濟后果的研究也倍受關注。基于內(nèi)部控制與中小股東權益保護之間緊密的聯(lián)系,同時響應黨的十八大大力發(fā)展混合所有制經(jīng)濟,推動混合所有制企業(yè)健康良好發(fā)展的大力號召,為了健全完善混合所有制企業(yè)的內(nèi)控體系以及解決其中小股東權益頻受侵害的問題,本文探究了混合所有制企業(yè)內(nèi)部控制的中小股東權益保護作用。本文以2012-2015年符合混合所有制企業(yè)定義的上市公司為研究樣本,運用委托代理等相關理論和文獻研究、文本分析、統(tǒng)計分析、分析歸納的研究方法,同時結合中國目前的制度背景,通過實證研究得出以下成果:1.根據(jù)委托代理理論等三個相關理論,并基于上市公司中小股東頻受侵害的四個主要途徑,剖析了內(nèi)部控制五大要素對于中小股東權益保護的作用機制,并以此建立了內(nèi)部控制分別與關聯(lián)擔保、關聯(lián)交易、代理成本、資金占用四個方面的多元回歸模型,結合現(xiàn)有研究通過選取最有代表性的變量說明中小股東權益受保護程度,較好地反映出內(nèi)部控制對中小股東權益保護的作用。2.用實證檢驗了混合所有制企業(yè)中內(nèi)部控制與衡量中小股東權益保護四方面的關系,并對企業(yè)根據(jù)持股比例進行分類對比分析。3.結合目前中國的制度背景,根據(jù)理論與實證分析結果,從實際出發(fā)提出相應的政策建議。本文的創(chuàng)新之處在于基于內(nèi)控五大要素的新視角,并綜合考慮了最能影響中小股東權益保護的四大方面指標,探究了混合所有制企業(yè)內(nèi)部控制的中小股東權益保護作用,并將企業(yè)按國有股份比例進行分類,進行對比分析。本文研究表明,混合所有制企業(yè)中,高質量的內(nèi)部控制有利于降低關聯(lián)擔保規(guī)模、關聯(lián)交易規(guī)模以及代理成本,進而起到保護中小股東權益的作用,尤其是對于國有絕對控股上市公司,其內(nèi)部控制發(fā)揮的積極作用較國有參股上市公司更為顯著,然而在資金占用方面的作用還有待研究與改進。因此,健全完善混合所有制企業(yè)內(nèi)部控制體系,有利于為企業(yè)吸引更多的投資者,為提高企業(yè)的經(jīng)營效率和效果注入更強勁的動力,從而在良好的政策環(huán)境下,實現(xiàn)長足發(fā)展。
[Abstract]:With the occurrence of a series of financial fraud scandals and the subprime crisis that caused the heavy loss of the market, the majority of investors have lost confidence in the securities market, with the protection of investors, especially the protection of small and medium shareholders, which have been paid more and more attention. At the same time, the research on the economic consequences of internal control quality is also concerned. Based on the close relationship between the internal control and the protection of the rights and interests of the small and medium shareholders, the ten Eighth National Congress of the party will vigorously develop the mixed ownership economy and promote the mixed ownership economy. In order to perfect the internal control system of the mixed ownership enterprises and solve the problem of the infringement of the small shareholders' rights and interests, this paper explores the protection of the rights and interests of the small shareholders in the mixed ownership enterprises. This paper is in accordance with the definition of the mixed ownership enterprise for 2012-2015 years. Listed companies for the study sample, using the principal-agent and other related theories and literature research, text analysis, statistical analysis, analysis and induction of research methods, at the same time, combined with the current institutional background of China, the following results are obtained through empirical research: 1. according to the principal-agent theory and other three related theories, and based on the frequency acceptance of small and medium shareholders of listed companies. The four main ways of infringement, analyze the mechanism of the five major elements of internal control for the protection of the rights and interests of small and medium shareholders, and set up a multiple regression model of four aspects, namely, internal control, related guarantee, related transaction, agency cost, and capital occupation, and select the most representative variables to explain the medium and small size. The protection of shareholders' rights and interests is a better reflection of the role of internal control on the protection of the rights and interests of small and medium shareholders.2. empirically tests the relationship between the internal control and the measurement of the protection of the rights and interests of small and medium shareholders in mixed ownership enterprises, and makes a comparative analysis of the proportion of the enterprises according to the proportion of the shareholding, which is based on the institutional background of the current China, which is based on.3.. According to the theoretical and empirical results, we put forward the corresponding policy suggestions from the actual situation. The innovation of this paper is based on the new angle of view based on the five elements of internal control, and takes into account the four major indexes which can most influence the protection of small and medium shareholders' rights and interests, and explores the protection of the rights and interests of small and medium shareholders in the internal control of the mixed ownership enterprises. The study shows that high quality internal control in mixed ownership enterprises is beneficial to reduce the scale of the related guarantee, the scale of related transactions and the agency cost, and then play a role in protecting the rights and interests of small and medium shareholders, especially for the state-owned absolute holding listed companies. The positive role of the system is more significant than that of the state-owned listed companies. However, the role of the capital occupation still needs to be studied and improved. Therefore, the improvement of the internal control system of the mixed ownership enterprises is conducive to attracting more investors to the enterprise, so as to improve the efficiency and effect of the enterprise, so as to improve the efficiency and effect of the enterprise, so as to improve the efficiency and effect of the enterprise, In a good policy environment, great development has been achieved.
【學位授予單位】：北京物資學院
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51
本文編號：2132280
[Abstract]:With the occurrence of a series of financial fraud scandals and the subprime crisis that caused the heavy loss of the market, the majority of investors have lost confidence in the securities market, with the protection of investors, especially the protection of small and medium shareholders, which have been paid more and more attention. At the same time, the research on the economic consequences of internal control quality is also concerned. Based on the close relationship between the internal control and the protection of the rights and interests of the small and medium shareholders, the ten Eighth National Congress of the party will vigorously develop the mixed ownership economy and promote the mixed ownership economy. In order to perfect the internal control system of the mixed ownership enterprises and solve the problem of the infringement of the small shareholders' rights and interests, this paper explores the protection of the rights and interests of the small shareholders in the mixed ownership enterprises. This paper is in accordance with the definition of the mixed ownership enterprise for 2012-2015 years. Listed companies for the study sample, using the principal-agent and other related theories and literature research, text analysis, statistical analysis, analysis and induction of research methods, at the same time, combined with the current institutional background of China, the following results are obtained through empirical research: 1. according to the principal-agent theory and other three related theories, and based on the frequency acceptance of small and medium shareholders of listed companies. The four main ways of infringement, analyze the mechanism of the five major elements of internal control for the protection of the rights and interests of small and medium shareholders, and set up a multiple regression model of four aspects, namely, internal control, related guarantee, related transaction, agency cost, and capital occupation, and select the most representative variables to explain the medium and small size. The protection of shareholders' rights and interests is a better reflection of the role of internal control on the protection of the rights and interests of small and medium shareholders.2. empirically tests the relationship between the internal control and the measurement of the protection of the rights and interests of small and medium shareholders in mixed ownership enterprises, and makes a comparative analysis of the proportion of the enterprises according to the proportion of the shareholding, which is based on the institutional background of the current China, which is based on.3.. According to the theoretical and empirical results, we put forward the corresponding policy suggestions from the actual situation. The innovation of this paper is based on the new angle of view based on the five elements of internal control, and takes into account the four major indexes which can most influence the protection of small and medium shareholders' rights and interests, and explores the protection of the rights and interests of small and medium shareholders in the internal control of the mixed ownership enterprises. The study shows that high quality internal control in mixed ownership enterprises is beneficial to reduce the scale of the related guarantee, the scale of related transactions and the agency cost, and then play a role in protecting the rights and interests of small and medium shareholders, especially for the state-owned absolute holding listed companies. The positive role of the system is more significant than that of the state-owned listed companies. However, the role of the capital occupation still needs to be studied and improved. Therefore, the improvement of the internal control system of the mixed ownership enterprises is conducive to attracting more investors to the enterprise, so as to improve the efficiency and effect of the enterprise, so as to improve the efficiency and effect of the enterprise, so as to improve the efficiency and effect of the enterprise, In a good policy environment, great development has been achieved.
【學位授予單位】：北京物資學院
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51
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