盈余管理对企业投资效率的影响——基于内部控制的视角

The Impact of Earnings Management on Enterprise Investment Efficiency Based on the Perspective of Internal Control

在已有研究基础上,以2011—2015年我国上市公司为研究样本,探讨内部控制、盈余管理与投资效率之间的关系。研究发现:盈余管理与投资不足呈正相关关系,与投资过度也呈正相关关系,企业的盈余管理行为越多,企业的投资效率就越低。而内部控制可以弱化盈余管理与非效率投资之间的正相关关系,即内部控制可以减少因代理问题和信息不对称问题引起的非效率投资行为,可以合理地抑制盈余管理对投资效率的影响。

On the basis of many literature,this paper takes the listed companies between 2011—2015 years as samples to discuss the relationship between internal control,earnings management and investment efficiency.The study finds that earnings management is positively related to underinvestment,and positively related to overinvestment.The more earnings management behavior of enterprises,the lower the efficiency of enterprise investment decision.Internal control has a weakening effect on the positive relationship between earnings management and nonefficiency investment.That is,internal control can reduce the non-efficiency investment caused by the problem of agency and information asymmetry,and can reasonably restrain the effect of earnings management on the efficiency of investment.