A Study On The Relationship Between Ownership Concentration,Internal Control And Enterprise Value

After the 2008 financial crisis,the global economic recovery,domestic overcapacity led to severe economic downward pressure,under the cruel external environment,the domestic enterprise performance decline,enterprise value enhancement is facing tremendous difficulties and challenges;At the same time,in the separation of ownership and management rights under modern management system,enterprise equity is too centralized or decentralized prone to agency problems,lead to internal controls can be evaded,serious damage of any enterprise value,and even cause the enterprise bankruptcy.Therefore,how to improve enterprise value has become a problem to be solved,in this paper,starting from the corporate governance mechanism,examines the equity concentration,the relationship between internal control and enterprise value,in order to solve the problem of agency,improve enterprise performance,realize the enterprise value increment provide relevant advice.Based on the Shanghai and shenzhen a-share listed companies from 2012 to 2015 as research samples,Baron and Kenny for reference(1986)the intermediary variable test methods,constructs the mediation effect of internal control test model;Empirical analysis on the relationship between ownership concentration and corporate value,the relationship between ownership concentration and the internal control,as well as equity concentration,the dual effects of internal control of enterprise value.Study: inverted u-shaped relation with the ownership concentration and corporate value,equity is relatively concentrated helps to improve the quality of internal control;The internal control in the equity concentration influence on the enterprise value played an intermediary conduction effect;And the ownership concentration in the internal control and enterprise value relations has played a positive adjustment effect.In order to solve the problem of agency,is the key to realize the enterprise value increment,on the one hand,countries should strengthen the construction of laws and regulations,protect the interests of minority shareholders,and to promote the mixed ownership reform,enhance resource allocation efficiency;On the other hand,the enterprise needs to strengthen corporate governance,attaches great importance to the construction of internal control,improve the equity checks and balances mechanism,finally realizes the enterprise value promotion and sustainable development.