内部控制、投资者情绪与企业投资效率

Internal Control,Investor Sentiment and Enterprise Investment Efficiency

本文将内部控制引入投资者情绪与企业投资效率之间关系的研究中,考察企业重要的内部治理机制——内部控制——对投资者情绪与企业投资效率之间关系的影响,研究发现:投资者情绪与企业投资过度正相关,与投资不足负相关;企业内部控制质量越高,其投资效率越不易受到投资者情绪的干扰,即高质量的内部控制不仅能够减弱投资者情绪与企业投资过度之间的正相关关系,同时也能减弱投资者情绪与企业投资不足之间的负相关关系。这些研究结论表明,内部控制具有重大的公司治理价值,能够抑制投资者情绪对企业投资效率的不利影响。

This paper introduces internal control,an exogenous factor,into the study of the relationship between investor sentiment and enterprise investment efficiency,and investigate the influence of internal control which works as an important internal governance mechanism of enterprises on the relationship between investor sentiment and enterprise investment efficiency.The study shows that investor sentiment is positively correlated with overinvestment and negatively correlated with underinvestment.Enterprises with higher internal control are less likely to be disturbed by investor sentiment.That is to say,high-quality internal control can not only weaken the positive correlation between investor sentiment and overinvestment,but also weaken the negative correlation between investor sentiment and underinvestment.These conclusions show that the internal control has significant value on corporate governance,and can restrain the negative influence of investor sentiment on the investment efficiency.