内部控制质量与企业投资选择——基于市场化营商环境的调节视角

Internal Control Quality and Enterprise Investment Choice:Moderation Effects Based on Market-oriented Business Environment

投资活动是拉动经济增长的重要驱动,内部控制作为提高公司治理水平和促进企业有效运营的重要手段,是影响企业投资决策的关键因素。选取2012—2019年A股非金融上市公司的数据,研究企业内部控制质量对投资选择的影响,并分析了市场化营商环境在其中的调节作用。研究发现:内部控制质量高的企业倾向于增加研发创新投入,减少固定资产投资和股权投资;市场化营商环境会削弱内部控制对固定资产投资和股权投资的抑制作用,对研发创新投资的调节影响不显著。进一步研究发现:内部控制质量有利于促进企业的实业投资,抑制企业的金融投资,可见内部控制有利于抑制企业投资“脱实向虚”;市场化营商环境抑制了内部控制质量对实业投资的促进作用,对金融投资的调节作用不显著;国有产权性质和“两职合一”会弱化内部控制对研发创新投资的促进作用。

Investment activity is an important driver of economic growth,and internal control,as an important means to improve corporate governance and promote effective business operations,is a key factor influencing corporate investment decisions.Data of A-share non-financial listed companies from 2012 to 2019 are selected to study the impact of corporate internal control quality on investment choices,and analyze the moderating role of the market-oriented business environment in it.It is found that enterprises with high quality internal control tend to increase investment in R&D innovation and reduce investment in fixed assets and equity investment;the market-oriented business environment weakens the inhibitory effect of internal control on investment in fixed assets and equity investment,and moderation effects on R&D innovation investment is not significant.Further research finds that the quality of internal control is conducive to promoting the enterprise′s industrial investment and discouraging the enterprise′s financial investment.It can be seen that internal control is conducive to restraining enterprise investment"from real to virtual".The market-oriented business environment inhibits the promoting effect of internal control quality on industrial investment and regulating effect on financial investment is not significant.The nature of state-owned property rights and"integration of two roles"weaken the promoting effect of internal control on R&D and innovation investment.