CAJ | 학술논문

设计良好并且有效运行的内部控制是确保企业完成生产经营目标的重要基础，本文以2009—2013年中国制造业上市公司数据为基础。实证检验了终极控制股东对内部控制缺陷的影响。研究表明：终极控制股东的控制权、现金流权与内部控制缺陷显著负相关；控制权和现金流权的两权分离度与内部控制缺陷正相关；金字塔层级与内部控制缺陷显著正相关。终极控制股东为非国有时两权分离度与内部控制缺陷正相关但不显著，终极控制股东为国有时，两权分离度与内部控制缺陷显著正相关。但终极控制股东的性质并不会导致控制权、现金流权和金字塔层级对内部控制缺陷的影响发生大的变化。这表明提高内部控制质量需要考虑终极控制股东带来的影响。
설계량호병차유효운행적내부공제시학보기업완성생산경영목표적중요기출，본문이2009—2013년중국제조업상시공사수거위기출。실증검험료종겁공제고동대내부공제결함적영향。연구표명：종겁공제고동적공제권、현금류권여내부공제결함현저부상관；공제권화현금류권적량권분리도여내부공제결함정상관；금자탑층급여내부공제결함현저정상관。종겁공제고동위비국유시량권분리도여내부공제결함정상관단불현저，종겁공제고동위국유시，량권분리도여내부공제결함현저정상관。단종겁공제고동적성질병불회도치공제권、현금류권화금자탑층급대내부공제결함적영향발생대적변화。저표명제고내부공제질량수요고필종겁공제고동대래적영향。
The effective operation of internal control is an important basis to to fulfill an enterprise＇ production and management target. This paper studies on the ultimate controlling shareholders＇ influences on internal control weakness in a sample of listed manufacturing enterprises in China during the period from 2009 to 2013. Our major conclusions are as follows： Control right and cash flow right have significantly negative correlation with internal control weakness; The degree of the ownership separation has positive correlation with internal control weakness; Pyramid layer is significantly positively associated with internal control weakness. When the uhimate controlling shareholder is non state-owned, the degree of the ownership separation has positive correlation with internal control weakness, but not significantly. When the ultimate controlling shareholder is state-owned, the degree of the ownership separation is significantly positive associated with internal control weakness. However, the impact of control right, cash flow right and pyramid layer on internal control weakness can not lead to big changes because of the nature of the ultimate controlling shareholders. This suggests that the effect of the ultimate controlling shareholder should be considered in improving quality of the internal control.