市场地位、内部控制与上市公司投资效率

Market Position,Internal Control System and Investment Efficiency of Listed Companies

基于2007-2022年中国A股制造业上市公司数据,本文利用实证模型检验了市场地位和内部控制对上市公司投资效率的影响。研究发现,内部控制质量提高有利于上市公司提高投资效率,内部控制质量越高的上市公司过度投资和投资不足越少。其次,市场地位提高了投资效率,市场地位越低的企业过度投资和投资不足越严重。再次,市场地位和内部控制对上市公司投资不足的影响存在替代作用。结论在使用替代变量的稳健性检验后依然成立。研究丰富了企业投资效率影响因素的相关文献,拓展了内部控制经济后果文献,同时对理解企业非效率投资行为具有重要参考价值。

Based on the data of manufacturing listed companies in China’s A shares from 2007 to 2022,the paper uses an empirical model to test the effects of market position and internal control on the investment efficiency of listed companies.It is found that improved internal control quality favors listed companies to improve investment efficiency,and the higher the quality of internal control,the less overinvestment and underinvestment of listed companies.Secondly,market position improves investment efficiency,and the lower the market position the more serious the overinvestment and underinvestment.Once more,there is a substitution effect of market position and internal control on underinvestment in listed companies.The conclusion is still valid after the robustness test using.The study enriches the relevant literature on the factors affecting corporate investment efficiency,expands the literature on the economic consequences of internal control,and has an important reference value for understanding corporate inefficient investment behavior.