股权集中度和内部控制对企业投资效率的影响分析

Analysis of the impact of equity concentration and internal control on investment efficiency

我国公司制企业随着改革开放的进程不断蓬勃发展,高效率的投资决策是企业持续健康发展的必要条件。然而,在当前国内市场中,非效率投资行为依然普遍存在,因此,从企业股权结构以及内部控制角度对企业的非效率投资行为进行研究具有一定现实意义。文章以近九年以来A股上市公司为研究对象,基于Richardson残差模型,构建实证模型对企业投资效率进行量化分析,使用Stata、Excel等软件进行数据处理分析。根据实证结果得出相应结论,最终对如何改善非效率投资行为提出意见与建议,以供参考。

With the reform and opening up process,China's corporate enterprises continue to flourish,and efficient investment decision-making is a necessary condition for sustainable and healthy development of enterprises.However,in the current domestic market,inefficient investment behavior is still widespread.Therefore,it is of practical significance to study the inefficient investment behavior of en⁃terprises from the perspective of enterprise ownership structure and internal control.Taking A-share listed companies in the past nine years as the research object,based on Richardson's residual model,an empirical model is built to carry out quantitative analysis on the investment efficiency of enterprises,and data processing and analysis are carried out using Stata,Excel and other software.According to the empirical results,the corresponding conclusions are drawn,and finally the comments and suggestions on how to improve the inefficient investment be⁃havior are put forward for reference.