国有控股公司治理、内部控制与企业绩效

本文以2013~2017 年沪深A股国有控股公司为样本，研究公司治理、内部控制与企业长、短期绩效的关系。研究发现：国有控股公司的公司治理、内部控制与企业短期绩效存在显著的正相关关系；受第一大股东持股比例影响，企业长期绩效与内部控制负相关、与公司治理无显著性关系。但是，当第一大股东持股比例小于等于60%时，公司治理、内部控制均与企业长期绩效显著正相关。因此，在合理控制第一大股东持股比例的基础上，完善公司治理、内部控制，有利于提升国有企业绩效，实现国有资产保值增值，增强国企竞争力。

Corporate Governance, Internal Control and Corporate Performance of State-Owned Holding Companies

This paper takes the 2013-2017 Shanghai-Shenzhen A-share state-owned holding company as a sample to study the relationship between corporate governance, internal control and corporate long-term and short-term performance. The study found that there is a significant positive correlation between corporate governance, internal control and shortterm performance of state-owned holding companies. Due to the shareholding ratio of the largest shareholder, the long-term performance of the company is negatively related to internal control and has no significant relationship with corporate governance. However, when the shareholding ratio of the first largest shareholder is less than or equal to 60%, corporate governance and internal control are significantly positively correlated with the long- term performance of the company. Therefore, on the basis of reasonable control of the shareholding ratio of the largest shareholder, improving corporate governance and internal control is conducive to improving the performance of state- owned enterprises, realizing the preservation and appreciation of state-owned assets, and enhancing the competitiveness of state-owned enterprises.