内部控制对企业创新投入的影响——基于融资约束中介效应的分析

The Influence of Internal Control on Enterprise Innovation Investment——Analysis based on the Intermediary Effect of Financing Constraints

创新不仅是国家发展的重要战略支撑,也是企业增强自身竞争力和持续发展的重要手段。良好的内部控制可以有效地改善企业治理环境,降低创新活动的风险,促进创新投入。文章以我国沪深2010—2019年上市公司为研究样本,通过序次回归模型估计上市公司融资约束的KZ指数,运用中介效应检验方法检验了内部控制对企业创新投入的影响。发现高水平的内部控制有助于提高企业创新投入水平,推动企业创新。进一步研究表明,融资约束在内部控制与企业创新投入的关系中起到中介效应,即企业内部控制质量的提高能够有效缓解融资约束,进而提高企业创新投入。

Innovation is not only an important strategic support for national development,but also an important means for enterprises to enhance their own competitiveness and sustainable development.Good internal control can effectively improve the corporate governance environment,reduce the risk of innovation activities,and promote innovation investment.The article uses China's Shanghai and Shenzhen listed companies from 2010 to 2019 as a research sample,uses a sequential regression model to estimate the KZ index of listed companies'financing constraints,and uses the intermediary effect test method to test the impact of internal control on corporate innovation investment.It is found that high-level internal control helps to increase the level of investment in enterprise innovation and promote enterprise innovation.Further research shows that financing constraints play an intermediary effect in the relationship between internal control and corporate innovation input,that is,the improvement of the quality of corporate internal control can effectively alleviate financing constraints,thereby increasing corporate innovation input.