内部控制质量对公司投资支出与投资机会的敏感性的影响:基于我国上市公司的实证研究

Internal Control Quality and Sensitivity between Corporate Capital Investment and Investment Opportunity:Empirical Research Based on Chinese Listed Companies' Data

近年来,内部控制成为监管部门、实务界和学术界关注的热点问题。但由于内部控制实施的成本较高,实务界和学术界也对内部控制的强制推行提出了不同意见。基于此,本文从公司投资支出与投资机会的敏感性的视角对内部控制的经济后果进行了分析考察。实证研究的结果表明,企业内部控制质量越高,公司投资支出与投资机会的敏感性越高,投资效率越高。进一步的研究发现,相对于非国有控股公司,公司内部控制对公司投资支出与投资机会的敏感性的影响在国有控股公司中表现得更为显著;公司内部控制对公司投资支出与投资机会的敏感性的影响在要素市场发达的地区表现得更为显著。而从内部控制的具体要素来看,控制活动、内部环境以及对控制的监督三个要素对公司投资支出与投资机会的敏感性有比较显著的影响。本文的研究结果表明,内部控制的改善可以提高公司投资支出与投资机会的敏感性,从而提高公司资本投资的灵活性与投资效率,但制度环境对内部控制作用的发挥有重要影响。要提高公司的内部控制质量,除了要对具体的控制制度进行完善外,还需要对内部环境进行优化并强化对内部控制实施的监督。

Internal control has become a focus of regulators, practitioners and researchers. Thus, what the economic consequence will have of corporate internal control？ This paper investigates the effect of internal control quality on corporate capital investment using the internal control index developed by a research team from Xiamen University as our proxy for internal control quality. We find that the better the quality of internal control, the higher of sensitivity between capital investment and investment opportunity. Further studies show that the effect of internal control on corporate sensitivity between capital investment and investment opportunity is more severe in stateowned companies and regions where factor market is developed. The results have important theoretical and practical significance.