内部控制审计能否有效抑制企业过度金融化?

Can Internal Control Audit Effectively Inhibit Excessive Financialization of Enterprises?

企业金融化行为因时常伴有逐利动机,一直备受关注。鉴于此,以2009~2020年沪深A股上市公司企业过度金融化为研究对象,实证拟合出最优金融资产配置水平,得到企业过度金融化水平,并实证检验了企业进行内部控制审计对过度金融化水平的治理效应。研究发现:企业进行内部控制审计能够显著抑制过度金融化水平,且考虑倾向得分匹配、替换关键变量的稳健性检验后研究结论依然稳健。进一步研究发现在企业信息透明度高的环境下,即信息不对称程度低、分析师关注度高的背景下内部控制审计对企业过度金融化行为的治理效应更显著。研究结论不仅为内部控制审计的公司治理效应提供了直接的经验证据,同时也对如何约束企业过度金融化行为从而促使资本市场长期健康平稳发展具有重要启示。

Corporate financialization behavior has been concerned because it is often accompanied by profit motive. In view of this, taking the excessive finance of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as the research object, the optimal financial asset allocation level is empirically fitted to obtain the excessive financialization level of enterprises, and the governance effect of internal control audit of enterprises on the excessive financialization level is empirically tested. It is found that the internal control audit of enterprises can significantly restrain the level of excessive financialization, and the research conclusion is still robust after considering the robustness test of propensity score matching and replacement of key variables. Further research finds that in the context of high corporate information transparency, that is, low information asymmetry and high analyst attention, internal control audit has a more significant governance effect on excessive financialization behavior of enterprises. The research conclusion not only provides direct empirical evidence for the corporate governance effect of internal control audit, but also has important implications for how to restrain the excessive financialization behavior of enterprises so as to promote the long-term healthy and stable development of the capital market.