内部控制能否缓解股利政策对投资决策的约束

Can Internal Control Mitigate the Constraining Effect of Dividend Policy on Investment Decisions

以我国沪深A股上市公司为考察对象,通过理论分析和实证检验,发现我国上市公司股利政策对投资决策具有约束作用,而高质量的内部控制能够缓解股利政策对投资决策的约束。研究表明,强化公司自身内部控制建设,不断完善我国上市公司内部控制制度有利于公司的整体利益和良性发展。为了保证广大投资者的利益,外部监管部门应加强对上市公司内部控制的建设、执行和信息披露情况的监督,并进一步完善上市公司内部控制制度体系。

This paper chooses China＇s Shanghai and Shenzhen A-share listed companies as the study object. It is found through theoretical analysis and empirical test that there exists the constraints of dividend policy to invest- ment decision-making for listed companies in China. And from the view of corporate internal governance, we prove that the high quality of internal control can mitigate these coilstraints. The study suggests that it is benefi- cial for the interests and the healthy development of company to improve the internal control system constantly of listed companies in China. To protect the interests of investors, supervisors should strengthen the supervision of the construction, the implementation and information disclosure of listed companies＂ internal control. It is also ad- visable to perfect the control policy of internal control system of listed companies.