内部控制在公司投资中的角色:效率促进还是抑制?

The Role Played by the Internal Control in Companies' Investment:Is it a Promotion of Efficiency or a Repression thereof?

本文以投资效率为核心,通过基于流动性特性的条件关系检验和基于预期投资偏离的无条件关系检验,探讨了内部控制在公司投资中的角色。研究发现,当公司很可能面临投资过度境况时,更低的内部控制质量加剧了该现象的发生;当公司很可能面临投资不足境况时,更低的内部控制质量同样加剧了投资不足现象的发生;相对于内控较好的公司而言,内控较差的公司更可能出现在偏离正常投资水平的无法解释的极端投资组;公司层面和会计层面重大内控缺陷对投资的影响并无显著差异;整体而言,内控缺陷更多的公司,其之于非效率投资的影响更加严重。本研究表明,加强企业内部控制建设是提高公司投资效率的重要途径,亦是从微观层面防止中国经济投资过热或过冷,促进中国经济平稳、协调发展的重要途径,意味着当前监管机构加强企业内部控制建设的决策是有助于保护投资者利益的。

Focusing on the investment efficiency,through the examination of the conditional relationship based on the characteristic of liquidity,and by the unconditional examination founded on the deviation from the expected level of investment,we have,in this article,probed into the role played by internal control(IC) in companies' investment.By our study,we have found that,when the company is probably facing over-investment,the still lower quality of the IC exacerbates this phenomenon,that,when the company is very likely to face under-investment,the still lower quality of the IC also aggravates the under-investment,that,compared with a company with good IC,the company with bad IC is more prone to appear in the extreme-investment group that deviate from the normal investment level and that cannot be explained,that the effect of the IC serious weaknesses of companies on investment is not noticeably different from that of accounting,and that,as a whole,firms with more IC weaknesses have greater effect on investment with inefficiency.The results of our study indicate that strengthening the construction of enterprises' IC is an important way to the rise of company's investment efficiency and to preventing,at micro-level,China's economy from overheating or overcooling in investment so as to promote China's economic stability and coordinated development,which implies that the decision making for the supervision departments to reinforce the construction of enterprises' IC is helpful to protect investors' interests.