I 摘要 近年来,我国人口老龄化进程加快，政府监管部门、潜在投资者和社会公众都越发 关注医药行业的整体发展情况，然而随着医药市场份额的扩大、营业收入的增长，利润 产出指标却呈现波动下降的趋势。立足于公司治理角度，股权集中度直观反映了公司 的股权结构，通过已有研究发现股权过于集中或分散都不能够正向作用于公司治理； 内部审计部门作为企业内部的一种辅助监管部门，具备监督评价的职能，其建设质量 的高低直接决定内部审计在工作时对公司治理有关改进意见的科学合理性，最终作用 于财务绩效。本文在此背景下，从公司治理角度出发，将股权集中度、内部审计和财务 绩效三个变量共同放入到一个研究模型中，进一步研究内部审计在股权集中度与财务 绩效间的中介作用，希望能帮助医药公司解决委托代理冲突问题，提高公司治理水平， 达到提高公司财务绩效的目标。 本文以2015年—2019年122家深证A股医药上市公司为样本数据，通过对国内 外相关文献研究成果梳理，采用中介变量检验方法，构建模型检验内部审计在股权集 中度与财务绩效之间的中介作用。选取总资产收益率（ROA）指标衡量财务绩效，从内 审机构独立性、工作保障、专业性和工作效果四个方面采用主成分分析法形成综合指 标-内部审计质量（IAQ）衡量内部审计，前十大股东持股比例（CR10）衡量股权集中 度。对样本数据进行实证分析后得出如下的结论：（1）在民营企业中，随着股权集中度 的提高，财务绩效呈同方向变动，在国有企业中财务绩效与股权集中度呈现反向变动 关系；（2）在民营企业中，内部审计质量随着股权的集中而提高，在国有企业中两者虽 然呈现正相关关系但并不显著；（3）在民营企业中，公司财务绩效与内部审计质量呈显 著同方向变动关系，而在国有企业中这种关系不具备显著性；（4）在民营企业中，内部 审计在股权集中度对财务绩效的关系中起完全中介传导作用，在国有企业中起部分中 介作用。 关键词：医药上市公司；股权集中度；内部审计；公司财务绩效 论文类型：应用研究 西南科技大学硕士学位论文 II ABSTRCT In recent years, as China's aging population accelerates, the government regulatory authority and potential investors and the public are increasingly concerned about the overall development of the pharmaceutical industry. However, with the growth of market share and operating revenue in pharmaceutical industry, profit output indicators have shown a trend of fluctuating downward. From the perspective of corporate governance, the degree of equity concentration directly reflects the company’s equity structure. And existing studies have found that neither excessive concentration nor decentralization of equity can positively affect corporate governance ; The internal audit department, as an auxiliary supervision department within the enterprise, has the function of supervision and evaluation. The level of its construction quality directly determines the scientific rationality of the internal audit's opinions on the improvement of corporate governance, and ultimately affects the financial performance, and ultimately affects financial performance.In this context, this thesis further studies the relationship among ownership concentration, internal audit and financial performance, hoping to help pharmaceutical companies solve principal-agent conflicts, improve the corporation governance, and achieve the goal of improving financial performance. This thesis summarizes the domestic and foreign literatures on ownership concentration, internal audit, financial performance and other related research conclusions, using the data from 2015 to 2019 of 122 A-share listed pharmaceutical companies on Shenzhen Stock Exchange, adoptes the test method of mediating variables and establish a model to test whether internal audit plays a mediating role between ownership concentration and financial performance. This paper chooses the rate of return on total assets (ROA) metric was chosen to measure financial performance, principal component analysis (PCA) is used to produce a comprehensive indicator of internal audit quality (IAQ) to measure internal audit, from four aspects of internal audit organization independence, job security, professionalism and work effect, and the shareholding ratio of top ten shareholders (CR10) to measure the ownership concentration degree. After empirical analysis of the sample data, the following conclusions are drawn: (1)for private enterprises, the ownership concentration degree has a significant positive correlation with financial performance, however, for state-owned enterprises, there is a significant negative correlation between the two; (2) Ownership concentration can promote the improvement of internal audit quality in both private enterprises and state-owned enterprises, however, this relationship is not statistically significant in state-owned enterprises. (3) In private enterprises, the relationship between financial performance and internal audit quality is significantly in the same direction, but in state-owned enterprises, the relationship is not significant. (4) In private enterprises, internal audit plays a full intermediary role in the relationship between ownership concentration and financial performance, while in state- ABSTRCT III owned enterprises, internal audit plays a partial intermediarrole. KEY WORDS:Pharmaceutical listed companies; Ownership concentration; Internal audit; Corporate financial performance TYPE OF THESIS:Application Research 西南科技大学硕士学位论文 IV 目 录 1 绪论 .............................................................................................................................. 1 1.1研究背景及研究意义 ........................................................................................ 1 1.1.1研究背景 ................................................................................................. 1 1.1.2研究意义 ................................................................................................. 3 1.2研究内容与方法 ................................................................................................ 3 1.2.1研究内容 ................................................................................................. 3 1.2.2研究方法 ................................................................................................. 6 1.3研究创新之处 .................................................................................................... 6 2 文献综述与相关理论概述 .......................................................................................... 7 2.1文献综述 ............................................................................................................ 7 2.1.1国外研究现状 ......................................................................................... 7 2.1.2国内研究现状 ....................................................................................... 11 2.1.3文献述评 ............................................................................................... 14 2.2相关概念界定 .................................................................................................. 15 2.2.1股权集中度 ........................................................................................... 15 2.2.2内部审计与内部审计质量 ................................................................... 16 2.2.3财务绩效 ............................................................................................... 17 2.3理论基础 .......................................................................................................... 17 2.3.1委托代理理论 ....................................................................................... 17 2.3.2信号传递理论 ....................................................................................... 18 2.3.3增值型内部审计理论 ........................................................................... 19 3 医药上市公司股权集中度、内部审计与财务绩效现状分析 ................................ 21 3.1行业现状 .......................................................................................................... 21 3.2股权集中度现状 .............................................................................................. 22 3.3内部审计现状 .................................................................................................. 23 3.4财务绩效现状 ....