摘要
使用2007~2013年中国A股上市公司的数据,研究发现：（1）大股东掏空与上市公司股价崩盘风险之间呈显著正相关关系;（2）内部控制作为公司治理的重要机制,能够减弱大股东掏空与股价崩盘风险的正相关关系;（3）内部控制的治理作用在非国有上市公司和高金字塔层级上市公司中的显著性更强;（4）内部控制五要素中,风险评估、控制活动和信息沟通的治理作用较为显著,控制环境和内部监督的作用则不显著。
Using data of Chinese A-share listed firms from 2007 to 2013, we find that tunneling is positively associated with stock price crash risk. And effective internal control mechanisms contribute to mitigating the positive relationship between tunneling and crash risk. The results further show that the governance effect of internal control is more pronounced in non-state-owned enterprises than in state-owned enterprises, and also more pronounced in companies with more layers of pyramid ownership structure. After separately investi- gating the impact of the five components within the internal control framework, we find that the governance effect of internal control only holds for risk assessment, control activities, and information and communication. The impact of control environment and monitoring is not significant.
出处
《山西财经大学学报》
CSSCI
北大核心
2015年第10期79-90,共12页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社科基金项目(14YJC630069)
国家自然科学基金项目(71503283)
