内部控制与实体企业金融化：治理效应抑或助推效应

Internal Control and Financialization of Entity Enterprises:Governance Effect or Boost Effect

内部控制作为企业重要的治理机制,对企业投融资活动产生重要影响。本文选择2007—2017年我国沪深上市公司的数据考察了内部控制对实体企业金融化的影响机理。研究发现:内部控制质量越高,越能够抑制实体企业金融化行为,具有"治理效应",信息披露程度越高,金融生态环境越好,内部控制对实体企业金融化的治理效应越强;通过机制检验发现,内部控制对实体企业的治理效应,主要通过良好的内部控制环境、风险评估以及信息系统与沟通实现。本文研究结论为抑制实体企业脱实向虚和过度金融化,实现企业高质量发展,提供了新的视角和理论借鉴,有助于从完善实体企业内控视角治理脱实向虚的问题。

As an important governance mechanism of enterprises,internal control has an important impact on the and financing activities of enterprises.This paper selects the data of Shanghai and Shenzhen listed companies from 2007 to 2017 to investigate the impact mechanism of internal control on financialization of entity enterprises.The research finds that the higher the quality of internal control is,the more the financialization of entity enterprises will be suppressed,with a governance effect;the higher the degree of information disclosure and the better the financial ecological environment is,the stronger the governance effect of internal control on the financialization of entity enterprises will be.Through the mechanism inspection,it is found that the governance effect of internal control on entity enterprises is mainly achieved through a good internal control environment,risk assessment,and information system and communication.The conclusion of this paper provides a new perspective and theoretical reference for restraining being diverted out of the real economy and over financing of entity enterprises as well as realizing high-quality development of enterprises,which is helpful for entity enterprises to solve the problem of being diverted out of the real economy from the perspective of internal control.