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内部控制是企业有效防御和应对各种风险的重要措施之一。本文选取了2012—2014年沪、深A股上市公司作为研究样本,检验机构投资者持股比例和第一大股东持股比例对内部控制质量的影响。研究结果表明:(1)机构投资者持股比例上升能够提升企业内部控制质量,但前提是机构投资者已具有一定的持股比例;(2)在企业处于非绝对控股的情况下,第一大股东持股比例上升对内部控制质量产生显著正向影响;(3)在企业处于绝对控股情况下,机构投资者对内部控制质量的提升作用会受到抑制。
Internal control is one of the important measures for enterprises to effectively prevent and deal with various risks. This paper selects Shanghai and Shenzhen A-share listed companies from 2012 to 2014 as the research samples to test the impact of institutional investors’ shareholding ratio and the largest shareholder’s shareholding ratio on the quality of internal control. The results show that: (1) The rise of institutional investors’ shareholding ratio can improve the quality of internal control, provided that institutional investors already have a certain proportion of shareholdings; (2) In the case of non-absolute controlling, the first (3) Under the condition of absolute controlling of the company, the promotion effect of institutional investors on the quality of internal control will be restrained.