内部控制、股权集中度与企业投资效率  

Internal Control,Ownership Concentration and Enterprise Investment Efficiency

作　　者：于晓红 王玉洁[2] Yu Xiao-hong;Wang Yu-jie(School of Economy and Management,Harbin Institute of Technology(Shenzhen),Shenzhen 518055, China;School of Accounting,Jilin University of Finance and Economics, Changchun 130117,China)

机构地区：[1]哈尔滨工业大学(深圳)经济管理学院,广东深圳518055 [2]吉林财经大学会计学院,吉林长春130117

出　　处：《税务与经济》2019年第3期32-37,共6页Taxation and Economy

基　　金：吉林省教育厅"十三五"社会科学项目(项目编号:JJKH20170126SK);吉林财经大学研究生科学研究项目(项目编号:201822);吉林财经大学"青年学俊"项目(项目编号:XJ2012001)基金支持

摘　　要：内部控制是否有助于提高企业投资效率?国有企业和民营企业会有何不同表现?以沪深A股上市公司为研究对象,研究内部控制对投资不足的影响以及股权集中度对二者关系的调节效应。研究结果表明:内部控制能够显著缓解企业投资不足现象,提高企业投资效率;股权集中可以进一步促进内部控制效用的发挥,强化其对投资不足的缓解作用,提高企业投资效率。国有企业的投资不足通常是由于企业内部的管理与决策问题造成的,内部控制可以抑制这种状况从而提高企业投资效率,而民营企业的投资不足通常是由于融资约束造成的,内部控制的缓解作用较弱。相较于民营企业,国有企业股权越集中,内部控制对于投资不足的缓解作用越强,越能提高企业投资效率。Does internal control help to improve the efficiency of corporate investment?What are the different performances of state-owned enterprises and private enterprises?The Shanghai and Shenzhen A-share listed companies are the subjects in this study in this paper in order to the influence of internal control on the insufficient investment and the adjustment effect of ownership concentration on the relationship between them.The result reveals that internal control can significantly alleviate insufficient investment and improve the investment efficiency of enterprises;ownership concentration can further promote the exertion of internal control utility and strengthen its relieving effect on investment deficiency so as to improve the investment efficiency of enterprises.Insufficient investment in state-owned enterprises is usually caused by internal management and decision-making problems.Internal control can restrain this situation and improve the efficiency of enterprise investment.The insufficient investment of private enterprises is usually due to financing constraints,and the relieving effect of the internal control is not significant.Compared with private enterprises,the more concentrated the equity of state-owned enterprises is,the stronger the relieving effect of internal control on insufficient investment,so that the the investment efficiency of enterprises is more efficient.

关 键 词：内部控制 股权集中度 投资不足 

分 类 号：F275[经济管理—企业管理]