摘要
基于2014年6月中国证监会《关于上市公司实施员工持股计划试点的指导意见》试行的制度背景,以2014—2017年实施员工持股计划的上市公司为研究对象,运用PSM法,实证分析了员工持股计划影响内部控制有效性的机制。研究发现:实施员工持股计划能够显著提升内部控制有效性;内部监督、信息与沟通以及控制活动三要素具有中介作用,员工持股计划主要通过强化内部监督、改进信息与沟通以及优化控制活动来提升内部控制有效性;同时,股权集中度具有调节效应,低股权集中度能够强化员工持股计划对内部控制有效性的促进作用。研究结论为如何通过实施员工持股计划提升内部控制有效性提供了重要的政策启示。
Based on the institutional background of the implementation of the Guiding Opinions on the Pilot Implementation of ESOP by listed companies issued by China Securities Regulatory Commission in June 2014,this paper takes the listed companies that implement ESOP from 2014 to 2017 as the research object,and uses PSM method to empirically analyze the mechanism of ESOP influencing the effectiveness of internal control.The study finds that the implementation of ESOP can significantly improve the effectiveness of internal control;the three elements of internal supervision,information and communication and control activities have intermediary effects;ESOP mainly improves the effectiveness of internal control by strengthening internal supervision,improving information and communication,and optimizing control activities;At the same time,equity concentration degree has a moderating effect,and low ownership concentration can strengthen the promotion effect of ESOP on the effectiveness of internal control.This study provides important policy implications on how to improve the effectiveness of internal control through the implementation of ESOP.
作者
王烨
孙娅妮
孙慧倩
柳希望
WANG Ye;SUN Yani;SUN Huiqian;LIU Xiwang(School of Accountancy, Nanjing Audit University, Nanjing 211815, China)
出处
《审计与经济研究》
CSSCI
北大核心
2021年第1期14-25,共12页
Journal of Audit & Economics
基金
江苏省社会科学基金一般项目(18GLB004)
国家社会科学基金一般项目(20BJY025)
江苏高校优势学科建设工程资助项目(PAPD)
江苏高校人文社会科学校外研究基地项目(2017ZSJD020)
江苏省研究生科研创新计划项目(KYCX19_1546、KYCX20_1706)。
关键词
员工持股计划
内部控制要素
股权集中度
内部控制有效性
内部控制质量
审计质量
审计意见
employee stock ownership plan
internal control elements
equity concentration
effectiveness of internal control
quality of internal control
audit quality
audit opinion
