员工跟投与企业内部控制质量

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中图分类号：F275.5；F272.92 文献标志码：A 文章编号：1671-9840（2025）02-0069-12

DOI：10.16713/j.cnki.65-1269/c.2025.02.008

Employee Follow-on Investment and Internal Control Quality

CAOYushan，JIANGHuimin，WEIYiwen （Jiangxi UniversityofFinanceand Economics，Nanchang33ool3，China）

Abstract：This paper takes thedata of A-share listedcompanies in China from 2013 to2O22 assamples to empirically ex - aminetheimpactofemployeco-investmentonthequalityofinternalcontrolofenterprisesanditsmechanismofaction.Theresearch finds thattheimplementationofemployeeco-investmentbyenterprisesmainlyimproves thequalityof interalcontrol through thechannelsof informationandcommunicationand interalsupervision.Theresultsofheterogeneityanalysisshowthat the improvement efectoftheemploeeco-investmentmechanismonthequalityof interalcontrolismoresignificantinenterpriseswith loweremployeesalarylevels，smalerinternal salarygaps，loweranalystatention，lower mediaatention，and nonstate-ownedeterpises.Inthefuture，nterprisesshouldatachimportancetotegoveranceefectofemployeecoinvstent， implementdiferentiatedemployeeco-investmentplans，andtherebyenhancethequalityof internalcontrol.Relevantdepartmentsshouldimprovethelawsandregulationsonemployco-investment，givefullplaytoitslong-termincentiveandsupervisory role，and inject continuous impetus into the development of enterprises.

Key words： employee follw-oninvestment;internalcontrolquality;informationandcommunication;internalsupervision

一、问题的提出

2016年9月，《国务院关于促进创业投资持续健康发展的若干意见》中提出要探索国有创业投资企业和创业投资管理企业核心团队持股和跟投。（剩余15195字）