财务杠杆、审计监督对非效率投资的影响

Study on the Effect of Financial Leverage and Audit Supervision on Inefficient Investment

以2014—2018年沪深两市上市公司为样本,研究财务杠杆、审计监督对上市公司非效率投资的影响。将样本分为投资过度及投资不足两组,分别探讨了财务杠杆、审计监督对投资过度和投资不足的影响,并探讨了两者共同治理下对非效率投资的影响。研究发现:我国上市公司的非效率投资情况普遍存在,财务杠杆对投资不足行为起到了显著的抑制作用,但对投资过度行为的影响不显著;审计监督质量对非效率投资的影响不显著,但杠杆治理与审计监督共同效应下,对投资不足的抑制作用显著。

This paper selected listed companies in China from 2014 to 2018 as sample,Research on Inefficient investment of Listed Companies.Divide Inefficient investment into Under-investment and Over-investment.The effects of the Financial Leverage and the Audit supervision on Inefficient investment are discussed respectively.And the impact of co-governance on Inefficient investment.The results of the study showed three points.Firstly,it has been found that the inefficient investment widespread existed in listed companies.Secondly,the Financial Leverage can play the role of inhibiting under-investment,but can't inhibit over-investment.Thirdly,the Audit supervision has no significant effect on the Inefficient investment.But Audit supervision plays a regulatory role between Financial Leverage and Inefficient investment.They has signific ant effect on the Under-investment.