摘要
内部控制作为提高公司治理水平和促进企业有效运营的重要手段,能否起到引导企业优化其投资行为的作用呢?我国大部分上市企业都具有股权集中的问题,那内部控制与投资效率之间的关系是否受到股权集中度的影响呢?这是亟待业界深入探究和解决的问题。故本文选取了2013-2016年我国沪深两市A股上市公司作为研究对象,实证分析了内部控制对投资效率的影响机制,并进一步考察了股权集中度对两者相关关系的作用效果。研究发现:内控控制与企业投资效率存在显著正相关关系,内部控制能够抑制非效率投资,对过度投资和投资不足均有抑制作用;但是,股权集中度却弱化了内部控制对非效率投资的抑制作用,尤其是弱化了内部控制对投资不足的抑制作用。本文的研究结论具有非常重要的现实意义,可为上市公司通过提高内部控制质量和构架合理的股权结构来降低非效率投资,提高资本配置效率提供理论支持。
As an important means to improve the level of corporate governance and promote the effective operation of enterprises, can internal control play a role in guiding enterprises to optimize their investment behavior? Most listed enterprises in China have the problem of equity concentration. Is the relationship between internal control and investment efficiency affected by the degree of equity concentration? This is an urgent problem to be explored and solved by the industry. Therefore, this paper selects the A-share listed companies of Shanghai and Shenzhen stock markets in 2013-2016 as the research object, and empirically analyzes the influence mechanism of internal control on investment efficiency, and further investigates the effect of equity concentration on the relationship between the two. It is found that there is a significant positive correlation between internal control and enterprise investment efficiency. Internal control can restrain inefficient investment and inhibit both overinvestment and underinvestment. However, equity concentration weakens the inhibition effect of internal control on inefficient investment, especially the inhibition of insufficient investment by internal control. The conclusion of this paper has very important practical significance, which can provide theoretical support for listed companies to reduce the non-efficiency investment and improve the efficiency of capital allocation by improving the quality of internal control and the rational structure of ownership structure.
作者
王奇杰
王延龄
陆维
WANG Qi-jie;WANG Yan-ling;LU Wei(School of Economics and Management, Yancheng Institute of Technology, Yancheng 224051;CITIC Securities Business Department, Suzhou 215200)
出处
《财务与金融》
2019年第3期45-53,共9页
Accounting and Finance
关键词
内控控制
股权集中度
投资效率
投资不足
过度投资
Internal Control
Ownership Concentration
Investment Efficiency
Under-investment
Over-investment
