本文以2015年-2017年7566家A股上市公司作为样本，运用实证研究方法，首先研究了内部控制质量对企业经营效率的影响效果，然后从股权结构角度切入，分股权性质、股权集中度和股权制衡度三个方面来研究股权结构在内部控制质量影响企业经营效率中的调节效应。最终得出以下结果：

第一，内部控制质量与企业经营效率之间呈显著正相关关系，即企业的经营效率会随着内部控制质量的升高而升高。通过内部控制五要素（内部环境、风险评估、控制活动、信息与沟通、监督）之间的协同作用，企业能够在稳步增长、把控风险和追求利润之间找到一个平衡，节约资源的投入，从而提升企业经营效率。

第二，与非国有控股公司相比，国有控股公司中内部控制质量对企业经营效率的正向影响更弱。如今政府正在大力推进国有企业混合所有制改革，长期以来国有企业体制上的一些弊病一直阻碍了国有企业的发展，国企的这种特点造成了许多资源的配置错位与浪费，极大地影响了企业经营效率。

第三，股权集中度越高，内部控制质量对企业经营效率的正向影响更强。股权集中度的这种正向调节效应在全体样本组、国有控股公司样本组和非国有控股公司样本组均得到验证。这是由于股权过于分散时，控股股东之间很容易出现“搭便车”的行为，导致管理层的不作为，在这种情况下内部控制制度根本得不到管理层的重视，这显然会损害企业的经营效率。

第四，在研究股权制衡度对内部控制质量影响企业经营效率的调节效应时，对全体样本的回归结果并没有表现出显著性。但是在分组回归后，国有组样本和非国有组样本均表现出了显著性。需要注意的是，在国有组的回归结果中股权制衡度表现出了负向调节效应，而在非国有组中表现出了正向调节效应，可能正是这两种作用的相互影响，才导致了全体样本组的回归没有表现出显著性。

第五，针对本文研究过程中所发现的问题，结合其他学者的一些研究结论，本文提出了一些政策建议：完善内部控制建设，提升内部控制有效性；优化股权结构，形成有效制衡。最后本文还分析了内部控制研究可能的发展方向。

This paper takes 7566 A-share listed companies from 2015 to 2017 as a sample, and uses empirical research methods to first study the effect of internal control quality on the operating efficiency of the company, and then cuts in from the perspective of equity structure, dividing the nature of equity, concentration of equity and The three aspects of equity check and balance are to study the moderating role of equity structure in internal control quality influencing enterprise operating efficiency.

First, there is a significant positive correlation between the quality of internal control and the operating efficiency of an enterprise, that is, the operating efficiency of an enterprise will increase as the quality of internal control increases. Through the synergy between the five elements of internal control (internal environment, risk assessment, control activities, information and communication, and supervision), companies can find a balance between steady growth, risk control, and profit pursuit, and save resources Thereby improving the operating efficiency of the enterprise.

Second, compared with non-state-owned holding companies, the internal control quality of state-owned companies has a weaker positive impact on business efficiency. Nowadays, the government is vigorously promoting the reform of mixed ownership of state-owned enterprises. For a long time, some shortcomings in the state-owned enterprise system have hindered the development of state-owned enterprises. This effect is manifested in the redundancy of organizational structure, the lack of management supervision, and the goals of managers. The function deviates from corporate interests and government intervention is excessive. All of these hinder the realization of the effectiveness of internal control. This feature of state-owned enterprises has caused dislocation and waste of many resources and greatly affected the operating efficiency of enterprises.

Third, the higher the concentration of equity, the stronger the positive impact of internal control quality on the company's operating efficiency. This positive adjustment of the concentration of equity has been verified in all sample groups, the sample group of state-owned holding companies and the sample group of non-state-owned holding companies. This is because when the shareholding is too dispersed, it is easy for “free riders” to appear between the controlling shareholders The behavior of the management team leads to the inaction of the management. In this case, the internal control system does not get the attention of the management at all, which obviously damages the operating efficiency of the enterprise.

Fourth, when studying the adjustment effect of the degree of equity checks and balances on the internal control quality affecting the operating efficiency of the enterprise, the regression results of all samples did not show significant. However, after group regression, both the state-owned and non-state-owned samples showed significance. It should be noted that in the regression results of the state-owned group, the degree of equity checks and balances showed a negative adjustment effect, while the non-state-owned group showed a positive adjustment effect. It may be that the interaction of these two effects caused the overall The regression of the sample group did not show significance.

Fifth, in view of the problems found in the research process of this article, combined with some research conclusions of other scholars, this article puts forward some policy suggestions: improve the construction of internal control and enhance the effectiveness of internal control; optimize the shareholding structure and form effective checks and balances. Finally, this paper also analyzes the possible development direction for internal control research.