股权制衡与内部控制有效性——基于2008—2010年酿酒类上市公司的案例分析

基于中国特殊的公司治理环境,早前研究内部控制主要集中在概念框架、影响因素辨析以及公司治理失效案例的研究,然这些研究鲜有将股权制衡作为重要因素之一加以考虑。本文通过对三家酿酒类上市公司的案例分析,从控股(制衡)股东性质、股权制衡效果等角度剖析了提高中国上市公司内部控制有效性的机理路径。研究结果表明:在实际控制人为国有时,引入非国有制衡股东能达到较优的内部控制状态,而引入国有制衡股东仅微弱地优于无制衡股东的高度集中的内部控制状态,且两者并不明显。

The Counterbalance Mechanism of Blockholders and the Effectiveness of Internal Control:A Case Study Based on the Listed Liquor Companies in China

Based on the special environment of corporate governance in China,previous researches mainly focused on the concept of the internal control framework,analysis of influencing factors,and case studies of the failure in corporate governance.However,none of those studies considered the counterbalance mechanism of blockholders as an important factor.Based on the case study of three listed liquor companies,and from the aspects of the characteristics of holding (counterbalance) shareholders and the effectiveness of the counterbalance,this paper analyzed the way of improving the effectiveness of internal control mechanism in China’s listed companies.The research results show that if the actual controlling shareholders are state-controlled,the introduction of non-state-controlled shareholders who conduct counterbalance can achieve the optimum of internal control,but the internal control with the introduction of state-controlled shareholders who conduct counterbalance is only slightly better than the one with the high ownership concentration,and their effectiveness is not obvious.