CAJ | 학술논문

从机构投资者角度考察内部控制有效性是已有研究很少涉及的一个主题。文章选取2011-2012年沪深主板A股上市公司作为样本，研究了机构投资者对内部控制有效性的影响。实证结果表明，机构投资者整体上对内部控制有效性具有提升作用；对机构投资者分类后发现，“压力抵制型”机构投资者对内部控制有效性的提升作用强于“压力敏感型”机构投资者。进一步的研究还发现，国有控股削弱了机构投资者对内部控制有效性的正面作用。
종궤구투자자각도고찰내부공제유효성시이유연구흔소섭급적일개주제。문장선취2011-2012년호심주판A고상시공사작위양본，연구료궤구투자자대내부공제유효성적영향。실증결과표명，궤구투자자정체상대내부공제유효성구유제승작용；대궤구투자자분류후발현，“압력저제형”궤구투자자대내부공제유효성적제승작용강우“압력민감형”궤구투자자。진일보적연구환발현，국유공고삭약료궤구투자자대내부공제유효성적정면작용。
There are few existing studies on the topic of the effectiveness of internal control from the perspective of institutional investors. This paper chooses the motherboard A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2011 to 2012 as samples to study the impact of institutional investors on the effectiveness of internal control. The empirical results show that institutional investors as a whole have a positive impact on the ef?fectiveness of internal control. We find that,after classifying institutional investors,the positive impact of the“pres?sure-resistant type”institutional investors on the effectiveness of internal control is stronger than that of the“pres?sure-sensitive type”institutional investors. We also discover that the state-owned holding weakens the positive im?pact of institutional investors on the effectiveness of internal control by further study.