金融约束下会计稳健性、企业内部控制质量与投资效率

Accounting Conservatism,Internal Control Quality and Investment Efficiency under the Financial Constraints

以2008年至2019年我国沪深A股上市企业作为研究样本,通过实证分析探讨了会计稳健性、内部控制和投资效率的关系,得到如下结论:在其他条件不变的情况下,会计稳健性与企业低效率投资显著负相关,会计稳健性与企业投资不足显著正相关。在其他条件不变的情况下,内部控制对会计稳健性与企业过度投资产生着相互替代的影响,内部控制对会计稳健性与企业投资不足产生着相互替代的影响。

Investment is one of the important economic activities of enterprises.When efficiently done,it can bring high returns and enhance the profitability of enterprises.By taking China’s A-shares listed companies from 2008 to 2019 as research samples,this paper discusses the relationship among the accounting conservatism,internal control and the investment efficiency through empirical analysis.The results are as follows.In the case of other conditions unchanged,accounting conservatism is negatively correlated with low efficiency of investment significantly,while it was positively correlated with the lack of investment significantly.In the case of other conditions unchanged,internal control can function as substitute for accounting conservatism on over-investment,as well as under-investment.