混合所有制改革对企业非效率投资的影响研究——基于内部控制中介效应视角

Research on the Impact of Mixed Ownership Reform on Enterprise Inefficient Investment——Based on the Perspective of Internal Control Mediation Effect

文章以2013-2017年间821家我国A股上市公司为样本,通过对内部控制的中介效应研究,实证检验了混合所有制改革对非效率投资的影响。研究结果表明,混合所有制改革对非效率投资有显著负向影响;对内部控制质量有显著正向影响;内部控制在混合所有制改革对非效率投资的抑制作用中发挥了部分中介效应,即混合所有制改革可以提高企业的内部控制质量,抑制企业的非效率投资行为。

Using a sample of 821 A share listed companies in China from 2013 to 2017,this paper empirically tests the impact of mixed ownership reform on inefficiency investment through the study of the mediation effect of internal control.The results show that the mixed ownership reform has a significant negative impact on inefficiency investment;it has a significant positive impact on the quality of internal control;internal control plays a partial mediation effect in the suppression of mixed ownership reform on inefficiency investment,that is mixed ownership reform can improve the quality of internal control and inhibit the inefficient investment behavior.