摘要
本文选取2006年至2014年沪深A股9140个上市公司年度数据作为研究样本,检验了内部控制、财务困境与企业投资效率三者之间的关系,结果表明:(1)财务困境与企业投资效率负相关;(2)内部控制调节了财务困境与企业投资效率的关系,即陷入财务困境中的企业在加强内部控制后其投资效率会有所提高。本文的贡献在于:(1)从财务困境的视角验证了企业内部控制的治理效应,拓宽了现有文献关于企业投资效率研究的广度;(2)引导财务困境企业强化内部控制,缓解其非效率投资行为,更好地实现资本保值增值的目标。
The paper selects the annual data of 9140 listed companies from 2006 to 2014 in A-share market as research sample,explores the relationship among internal control,financial distress and corporate investment efficiency.The results show that:(1)Financial distress is negatively correlated with enterprise investment efficiency;(2)Internal control has played an active role in the relationship between financial distress and enterprise investment efficiency.The contributions of this paper are as follow:(1)The governance effect of enterprise internal control is verified from the perspective of financial distress and the existing literature on the measure method of enterprise investment efficiency is broadened;(2)Guide enterprises in financial distress to strengthen internal control,to depress invalid investment,to better achieve the goal of capital preservation and appreciation.
出处
《中国审计评论》
2017年第2期65-77,共13页
China Auditing Review
基金
国家社会科学基金项目(13BGL049,14BJY015)的资助
关键词
内部控制
财务困境
企业投资效率
Internal controls
Financial distress
Enterprise investment efficiency
