摘要
以中国沪深两市A股上市公司为样本,基于内部控制有效性的视角探讨了制度环境如何影响内部控制对投资效率的促进作用,并分析了内部控制对投资效率治理失效的情况。研究显示内部控制主要作用于过度投资,制度环境会显著影响内部控制对企业投资效率的促进作用:政府干预越少、金融市场化程度越高或法律环境越好时,内部控制越能抑制过度投资,提高投资效率;由于承担较大的政策性负担,内部控制对国有企业投资效率的促进作用受制度环境影响更大,当国有企业为满足政治目标而进行投资时,内部控制对投资效率的有效性将有所弱化。研究表明:内部控制在企业中主要起约束作用,能够促进企业稳健发展,其对投资效率的促进作用并非固定存在,企业应根据所处制度环境调整提升投资效率的方法。
Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges,this paper explores how the institutional environment affects the promoting effect of internal control on company investment efficiency from the perspective of internal control effectiveness,and discusses the governance failure of internal control on investment efficiency. The research shows that internal control plays a major role in overinvestment,and institutional environment can significantly affect the promotion effect of internal control on investment efficiency. Less government intervention,higher degree of financial marketability and better legal environment make internal control better restrain overinvestment,and investment efficiency can be improved.Due to greater policy burdens,the promotion function of internal control on the investment efficiency of state-owned enterprises is easier to be affected by institutional environment. When stateowned enterprises make invest to meet political goals,the effectiveness of internal control on investment efficiency will be weakened. The results show that internal control plays a restricting role in enterprises,which can promote the steady development of enterprises. However,its promotion effect on investment efficiency is not fixed,so companies should find their own ways to improve investment efficiency according to institutional environment.
作者
陈红
胡耀丹
余怒涛
刘李福
CHEN Hong;HU Yao -dan;YU Nu -tao;LIU Li -fu(School of Accounting,Yunnan University of Finance and Economics,Kunming 650221,China;Business School,Yunnan University of Finance and Economics,Kunming 650221,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2018年第12期66-78,共13页
Journal of Yunnan University of Finance and Economics
基金
国家自然科学地区基金项目"国有企业党委治理
外部治理环境与企业并购研究--基于混合所有制背景"(71662034)
云南省哲学社会科学创新团队"云南公司治理研究创新团队"(2014cx`06)
财政部2017年"会计名家培养工程"资助项目(财会[2017]26号)
关键词
内部控制
制度环境
投资效率
产权性质
政策性负担
Internal Control
Institutional Environment
Investment Efficiency
Property Rights
Policy Burdens
