The impact of institutional innovation on internal control: evidence from Chinese state-owned enterprises

Lei Ruan, Heng Liu
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引用次数: 8

Abstract

Since mixed ownership reform is an important innovation of China's state-owned enterprise property rights system, whether the intervention of heterogeneous property rights can promote the reform of the state-owned enterprise governance system has attracted much attention from the outside world. To comprehensively evaluate the policy effects of China's state-owned enterprise property rights system innovation, we use an analysis of PSM-DID model to empirically test the impact of mixed ownership reform of state-owned enterprises on their internal control quality. Large sample data analysis shows that the internal control quality of state-owned enterprises that have undergone mixed ownership reform is significantly greater than that of state-owned enterprises that have not undergone mixed ownership reform. The research conclusion shows that heterogeneous property rights have played an active role in repairing the 'owner absence' and 'insider control' of state-owned enterprises, and the internal control system of state-owned enterprises has been substantially improved.
制度创新对内部控制的影响:来自中国国有企业的证据
由于混合所有制改革是中国国有企业产权制度的重要创新,因此异质产权的干预是否能够促进国有企业治理体系的改革备受外界关注。为了全面评价中国国有企业产权制度创新的政策效果,本文采用PSM-DID模型分析,实证检验了国有企业混合所有制改革对其内部控制质量的影响。大样本数据分析表明,经过混合所有制改革的国有企业内部控制质量显著大于未经过混合所有制改革的国有企业。研究结论表明,异质性产权在修复国有企业“所有者缺位”和“内部人控制”方面发挥了积极作用,国有企业内部控制制度得到了实质性完善。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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