内部控制对非效率投资影响的实证研究——基于我国上市公司的经验证据

Empirical Study of Internal Control Effect on Inefficiency Investment:Based on Empirical Evidence of Listed Companies in China

投资决策是上市公司的核心财务问题,投资的有效性决定了社会资源配置效率。选取我国上市公司为研究对象,采用可感知内部控制的方法度量上市公司内部控制质量的基础上,检验内部控制对非效率投资的影响。研究发现,我国上市公司存在非效率投资问题,有效的内部控制能够抑制公司的非效率投资,具体而言,内部控制能够降低过度投资和缓解投资不足。

Investment decision is the core financial problem of listed companies,and the investment efficiency determines the social resource allocation efficiency. Taking listed companies in China as objects,this paper explores the internal control effect on inefficient investment using perceived internal control. The result indicates that inefficient investment exist in listed companies,and internal control can reduce inefficient investment. Specifically,internal control can reduce over-investment and under-investment.