Equity Structure,Internal Control Quality And Corporate Performance

In recent years,the state has successively promulgated laws and regulations related to internal control.Due to the continuous improvement of relevant laws and regulations,the disclosure of internal control information of listed companies has shifted from voluntary disclosure to mandatory disclosure.This shift has also led more and more scholars to begin to study internal control in depth.From the existing literature,most scholars have studied the interaction between any two of the equity structure,internal control quality,and corporate performance.However,few literature systems have studied the relationship among equity structure,internal control quality,and corporate performance.Under the huge market background of �Made in China 2025�,research on manufacturing industry is very necessary.This thesis takes the listed companies of manufacturing industry as the research object,explores the influence mechanism of the ownership structure on company performance,studies the mediating effect of internal control quality in the influence of equity structure on corporate performance,and perfects theoretical and empirical research on related aspects.This will make the company's internal control more standardized and better guide the company's practice.This paper sorted out and reviewed relevant literature on equity structure,internal control quality,and corporate performance,According to relevant theories,the research hypothesis of this paper is deduced.This paper selected a total of 2014 manufacturing A-share listed companies from 2014 to 2016 as a sample of the study.The concentration ratio,equity balance,management shareholding ratio,and institutional investor shareholding ratio were used to measure the equity structure.The internal control index invented by Shenzhen Dibo Risk Control(DIB)was used as a measure of the quality of internal control,and the ROA indicator was used as a measure of company performance.Using SPSS24.0 as a tool,the corresponding analysis method was used to study the sample data to verify the influence of equity structure on internal control quality and corporate performance,and to test the mediating effect of internal control quality in the process of influence of equity structure on corporate performance.Through the study,the followingconclusions are drawn:(1)There is a significant positive correlation between concentration ratio,management shareholding ratio,institutional investor shareholding ratio and company performance,and there is no significant correlation between equity balance and corporate performance.(2)There is a significant positive correlation between concentration ratio,management shareholding ratio,institutional investor shareholding ratio and internal control quality,and there is no significant correlation between equity balance and internal control quality.(3)The quality of internal control plays an incomplete medium conduction effect in the influence of concentration ratio,management shareholding ratio,and shareholding ratio of institutional investors on corporate performance,however,there is no intermediary conduction effect in the influence of the equity balance on corporate performance.The innovations in this article are as follows:(1)Examine the intermediary role of internal control quality in the relationship between equity structure and corporate performance.Previous studies on equity structure,internal control quality,and corporate performance have generally explored the links between the three.This paper overcomes the limitations of past research and analyzes the mechanism of the connection between the three parties,and examines the intermediary transmission effect of internal control quality in the process of the influence of shareholding structure on company performance.It has a certain degree of innovation.(2)Take the manufacturing industry as the research object.The predecessors' research was mostly from the macroscopic point of view,and the samples were widely sourced.This paper selects the manufacturing enterprises as the research objects and is more targeted.