内部控制、会计信息质量与企业投资效率

Internal Control,Accounting Information Quality and Enterprise Investment Efficiency

基于我国企业当前普遍存在的非效率投资现象,借助于企业内部控制建设这一契机,运用上市公司数据实证检验高质量内部控制能否有效提高企业的投资效率。研究结果显示,高质量内部控制确实可以降低企业的非效率投资程度,不管企业是投资过度,抑或是投资不足,内部控制均起到抑制作用。同时,会计信息质量在内部控制与企业投资效率的这一关系中起着部分中介作用,且这一中介作用在抑制投资过度时更加明显。企业加强内部控制建设可以有效提升企业的投资质量,优化资源配置。

Based on China current inefficient investments and with the help of enterprise internal control construction, it is tested empirically by means of the listed company data whether high quality internal control can effectively promote the enterprise investment efficiency. The results show that the high quality internal control can really decrease and restrain the degree of enterprise investment efficiency, whether the enterprise investment is excessive or insufficient. Meanwhile, accounting information quality works as a partial medium in the relationship of internal control and enterprise investment efficiency with a more obvious medium role in restraining excessive investment. Therefore, strengthening the construction of enterprise internal control can effectively improve enterprise investment quality and optimize the allocation of resources.