股权结构与内部控制有效性的案例分析

张婧 曹慧

摘 要：为了提高企业内部控制有效性，增强企业的核心竞争力，在相关文献研究的基础上，选择1家房地产上市公司纵向研究股权结构变化对企业内部控制有效性的影响，然后再选取4家具有代表性的房地产上市公司进行横向案例研究，分析不同的制衡股东性质对企业内部控制有效性所产生的影响。结果表明：在房地产行业内，万通地产的股权结构由一股独大转变成股权制衡的局面后，公司内部控制有效性有了一定的提升。通过横向分析对比张江高科、绿地控股、光大嘉宝、阳光城等4家房地产上市公司可知，当都存在国有制衡股东时，与国有公司相比，非国有公司内部控制质量更佳;在制衡股东为非国有股东时，公司的内部控制有效性更高。案例分析结果在其他类似房地产上市公司提高内部控制有效性的应用场景中具有参考价值。

关键词：经营管理;内部控制;股权制衡;非国有股东;制衡股东;房地产公司

中图分类号：F276.6   文献标识码：A

DOI： 10.7535/hbgykj.2021yx02005

Case study of ownership structure and effectiveness of internal control

ZHANG Jing，CAO Hui

（School of Management， Hebei GEO University， Shijiazhuang， Hebei 050031， China）

Abstract：In order to improve the effectiveness of internal control and enhance the core competitiveness of enterprises， on the basis of the research for relevant literature， a real estate listed company was selected to longitudinally study the impact of ownership structure change on the effectiveness of internal control. Then， four representative real estate listed companies were selected to conduct a horizontal case study to analyze the impact of different properties of checks and balances shareholders on the effectiveness of internal control. The results show that in the real estate industry， the equity structure of Wantong real estate company has been changed from a dominant stock to a situation of equity balance， which leads to an improvement of the effectiveness of internal control. Through horizontal analysis and comparison of four real estate listed companies of Zhangjiang Hi-tech， Greenland Holdings， Everbright Jiabao and Sunshine City， it can be seen that when there are state-owned checks-and-balances shareholders， the internal control qualities of non-state-owned companies are better than that of state-owned companies. And when the checks-and-balances shareholders are non-state-owned shareholders， the internal control effectiveness of the company is higher.The case analysis results have reference value in other similar real estate listed companies for improving the effectiveness of internal control applications.

Keywords：operating management; internal control; equity balance; non-state-owned shareholder; check-and-balance shareholder; real estate company

自20世纪90年代以来，企业财务造假事件频繁发生，安然、世界通信、银广夏、蓝田股份、獐子岛、康得新、康美药业等公司造假事件中不乏资产规模较大、前期信誉良好的公司，其范围涉及到各行各业，给整个社会造成了极其恶劣的影响。由此可见，完善内部控制已是当务之急。根据美国颁布的《萨班斯-奥克斯利法案》以及中國颁布的《企业内部控制基本规范》《企业内部控制评价指引》《企业内部控制审计指引》等法规可以看出，国家也逐步重视提升企业内部控制的有效性，从而减少舞弊事件的发生。……