内部控制质量、管理层权力与劳动力投资效率  

Internal Control Quality,Management Power and Labor Investment Efficiency

作　　者：袁知柱[1] 姜沈红 周维瑞 Zhizhu Yuan;Shenhong Jiang;Weirui Zhou

机构地区：[1]东北大学工商管理学院,沈阳110169 [2]北京师范大学—香港浸会大学联合国际学院工商管理学部,珠海519087

出　　处：《会计与控制评论》2022年第1期60-94,共35页Review of Accounting and Control

基　　金：国家社会科学基金一般项目“制度环境、公司治理与劳动力投资效率研究”(19BGL074)

摘　　要：已有文献考察内部控制质量与企业投资效率的关系时都集中于资本性支出投资,很少有文献从劳动力投资的角度进行研究。本文以中国上市公司为样本,考察内部控制质量对劳动力投资效率的影响,并分析管理层权力的调节效应。研究结果表明:内部控制质量与劳动力投资效率显著正相关,即高质量内部控制能起到抑制非效率劳动力投资的作用,且这一效应在劳动力投资不足及投资过度样本中均存在。管理层权力有负向调节作用,当管理层权力较大时,内部控制质量对劳动力投资效率的提升效果减弱。进一步研究发现,管理层权力的负向调节作用只存在于管理层过度自信的企业,对于管理层不过度自信的企业,调节作用不显著;企业存在政治关联时,劳动力雇佣负担较重,内部控制质量对劳动力投资过度行为的抑制作用不再显著;《企业内部控制基本规范》实施前,内部控制质量能有效缓解劳动力投资不足,但对劳动力投资过度的抑制作用不显著。Existing documents have focused on capital expenditure investment when investigating the relationship between internal control quality and corporate investment efficiency.Few documents have conducted research from the perspective of labor investment.It takes Chinese listed companies as sample,examines the impact of internal control quality on labor investment efficiency,and analyzes the moderating effect of management power.The research results show that the quality of internal control is significantly positively correlated with labor investment efficiency,that is,high-quality internal control can play a role in restraining inefficient labor investment,and the effect exists in both labor underinvestment and overinvestment samples.Management power has a negative moderating effect.When the power of management is greater,the effect of internal control quality on labor investment efficiency is weakened.Further research finds that the negative moderating effect of management power only exists in companies that are overconfident.For companies that are not overconfident,the moderating effect is not significant.For politically connected companies,the burden of labor employment is heavier,and then internal control quality no longer has a significant inhibitory effect on labor overinvestment.Before the implementation of the"Basic Norms for Enterprise Internal Control",internal control quality can effectively alleviate labor underinvestment,but the inhibitory effect on labor overinvestment is not significant.

关 键 词：内部控制质量 管理层权力 劳动力投资效率 

分 类 号：F275[经济管理—企业管理] F272.92[经济管理—国民经济] F832.51