| With the enhancement of comprehensive national strength and the continuous opening of the capital market,the intensity of financial supervision has not kept pace with the development of the financial industry,the financial industry is facing more and more internal and external challenges,trade frictions and political frictions have evolved towards "financial war",global capital flows and corporate governance structure problems have brought many hidden risks to the steady development of the financial industry.How the financial industry should get out of its current predicament and continue to maintain a sustainable development status has a great impact on the quality development of our economy.The improvement of business performance has a greater relationship with corporate governance.In the modern corporate structure,the shareholding structure,as an important part of corporate governance,having been the focus of scholars,while the internal control system determines the internal environment,financial management,information communication,production process control and other aspects of the enterprise,which can have a great impact on enhancing the core competitiveness of the enterprise.Therefore,this paper examines the impact of shareholding structure on corporate performance in the financial industry from the perspective of internal control,and also tests the moderating effect of internal control in the relationship between shareholding structure and performance,which is a good guide to help financial listed companies to develop soundly and improve their business performance.This paper sorts out the existing research results in academia and explains the mechanism between internal control quality,equity structure and enterprise performance based on theories such as entrusted agency.Collecting and sorting out the data of A-share financial listed enterprises from 2016 to 2020,respectively studying the relationship between internal control quality and performance and equity structure and performance,and adding interactive items,establishing a moderating effect model,and using analytic hierarchy method to test the regulating effect of internal control quality.The results show that:(1)The higher the quality of internal control,the higher the level of corporate performance.(2)In terms of equity distribution,the higher the equity concentration,the worse the performance;The higher the degree of equity checks and balances,the worse the performance of performance.(3)In terms of equity attributes,there is no significant correlation between institutional investors’ shareholding and performance,and between state-owned shareholding and performance.(4)In terms of moderating effect,the quality of internal control positively affects the negative correlation between equity concentration and performance.There is no moderating effect of internal control quality in the relationship between equity balance and performance;The quality of internal control positively affects the relationship between institutional investors’ shareholding and performance;There is no moderating effect on the quality of internal control in the relationship between state-owned shareholding and performance.Finally,based on the empirical analysis results,this paper aims to provide a reference for China’s A-share financial listed enterprises to optimize their equity structure,improve their corporate governance and improve their performance level. |
