内源融资、内部控制与投资效率--基于中小板上市企业的研究

Endogenous Financing,Internal Control and Investment Efficiency --Based on the Research of SME Board Listed Companies

投融资活动是企业发展壮大过程中不可或缺的两个环节,企业如何建立一套完善的内部管理系统,以提高投融资效率,进而提高企业价值,也是企业发展过程中不断探索的话题。本文以中小企业板2014~2018年的面板数据为样本,实证检验了中小企业内源融资、内部控制以及投资效率三者之间的关系。实证结果表明:(1)内源融资与投资不足有显著的负相关关系,与过度投资有显著的正相关关系,与投资规模有显著的正相关关系;(2)内部控制与投资不足有显著的负相关关系,与投资规模有显著的正相关关系,与投资过度无显著相关性;(3)内部控制会弱化内源融资与过度投资的正相关关系,强化内源融资与投资不足的负相关关系,强化内源融资与投资规模的正相关关系。

Investment and financing activities are two indispensable links in the development and growth of an enterprise.How to establish a complete internal management system to improve the efficiency of investment and financing,and thus enhance the value of the enterprise,is also a topic that continuously explored during the development.This article uses the panel data of the SME board from 2014 to 2018 as a sample to empirically test the relationship between SMEs’ internal financing,internal control and investment efficiency.The empirical results show that:(1)endogenous financing has a significant negative correlation with underinvestment,a positive correlation with overinvestment,and a significant positive correlation with investment scale;(2)internal control has a significant correlation with underinvestment.The negative correlation of the company has a significant positive correlation with the scale of investment and no significant correlation with overinvestment;(3)internal control will weaken the positive correlation between internal financing and overinvestment,and strengthen the negative correlation between internal financing and underinvestment.Correlation,strengthen the positive correlation between endogenous financing and investment scale.