产权配置、内部控制质量与企业财务困境风险化解

Property Allocation, Quality of Internal Control and Resolving the Risk of Corporate Financial Distress

中文关键词:  内部控制质量  产权配置  财务困境  风险化解  股权结构

英文关键词:internal control quality  property allocation  financial distress  risk resolving  equity structure

中文摘要:

      以2007—2015年陷入财务困境的沪深A股上市公司年度数据为样本,探讨了产权配置不同企业的内部控制质量对财务困境风险化解的作用机理。研究发现,高质量的内部控制能显著提高企业摆脱财务困境的概率；进一步地,相对集中的股权结构能显著增强内部控制化解企业财务困境风险的积极作用。在控制其他因素的情况下,随着上市公司的第一大股东持股比例的提高,内部控制化解财务困境风险的可能性呈现先下降后上升的趋势,即当股权集中度较低时,因为“搭便车”现象和“掏空行为”的存在,即使控股股东持股比例不断提高,公司利用内部控制化解企业财务困境风险的可能性却是不断下降的；但是随着控股股东的持股比例继续大幅度上升时,控股股东和公司的利益统一,此时良好的内部控制会促进企业财务困境风险的化解,进一步检验发现这种作用并不会因为产权性质不同而发生变化。

英文摘要:

      With the annual data of the Chinese A-share companies which was stuck into financial distress and listed on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2007 to 2015 as the research sample, this paper explores the mechanism of the internal control quality to resolve the financial distress risk in different enterprises with different property right disposition. The research shows that higher internal control quality can significantly increase the probability of enterprises to get rid of financial distress. Further investigation finds that the centralized ownership structure can significantly enhance the positive effect of internal control to resolve the financial distress risk of enterprises. On the condition of good control over other factors that can help enterprises to resolve financial distress, with the increase of the shareholding proportion of the company's largest shareholder, the quality of internal control to resolve the risk of financial distress has presented a tendency of an increase first and then an decrease. That is to say, in case of the ownership concentration relatively low, due to the “free-rider” phenomenon and the existence of “tunneling behavior”, the probability is on the decrease for a company to use internal control to dissolve the risk of financial distress even if the shareholding proportion of holding shareholders increases continuously. However, along with a continuously tremendous rise in the shareholding proportion of holding shareholders, the interests of the controlling shareholders and the company will be in unity, and internal control with high quality will promote an enterprise to resolve the risk of financial distress. Further test finds that this effect will not change with the difference of property rights.