市场地位、内部控制与过度投资

How Do Market Position and Internal Control Affect the Investment Efficiency of Firms?

基于公司战略的视角,以2007年-2013年沪深两市A股工业行业的上市公司为样本,探讨了企业在提高市场地位、扩大市场份额的过程中如何有效保障其投资效率不会受到损失。研究发现:市场地位较低的企业有着更高的过度投资动机与水平,良好的内部控制有助于降低企业在扩张过程中可能存在的过度投资行为,提高企业的投资效率,进而表明内部控制的完善对于促进公司战略的有效实施发挥了重要作用。另外,研究结果为内部控制的经济后果提供了一定的补充证据,也为企业如何通过提升内部控制质量,促进公司战略有效实施具有重要的借鉴意义,表明完善的内部控制能够通过促进公司战略有效实施的途径,促进企业经营效率的提升。

Based on the perspective of corporate strategy, by the regression analysis of panel data of year2007 to 2013 from main Chinese A share industries listed firms, combined with the significance test, the results show that firms have the incentives to over-investment when they are in a low position. High quality of internal control helps improve the investment efficiency while the firms＇ recklessly expanding helps with its inefficiency. We can make full use of the effectiveness from internal control quality, which helps reduce the non-efficiency investment of firms and helps with strategy implementation. The study enriches the existing literatures on internal control and provides a new view on how internal control helps with investment efficiency through helping implement strategy effectively.