内源融资、内部控制与投资效率--基于中小板上市企业的研究  

Endogenous Financing,Internal Control and Investment Efficiency --Based on the Research of SME Board Listed Companies

作　　者：那明[1] 冯坤雯 Na Ming;Feng Kunwen(School of Economics,Hefei University of Technology,Hefei 230601,China)

机构地区：[1]合肥工业大学经济学院,合肥230601

出　　处：《工业技术经济》2020年第8期126-133,共8页Journal of Industrial Technological Economics

摘　　要：投融资活动是企业发展壮大过程中不可或缺的两个环节,企业如何建立一套完善的内部管理系统,以提高投融资效率,进而提高企业价值,也是企业发展过程中不断探索的话题。本文以中小企业板2014~2018年的面板数据为样本,实证检验了中小企业内源融资、内部控制以及投资效率三者之间的关系。实证结果表明:(1)内源融资与投资不足有显著的负相关关系,与过度投资有显著的正相关关系,与投资规模有显著的正相关关系;(2)内部控制与投资不足有显著的负相关关系,与投资规模有显著的正相关关系,与投资过度无显著相关性;(3)内部控制会弱化内源融资与过度投资的正相关关系,强化内源融资与投资不足的负相关关系,强化内源融资与投资规模的正相关关系。Investment and financing activities are two indispensable links in the development and growth of an enterprise.How to establish a complete internal management system to improve the efficiency of investment and financing,and thus enhance the value of the enterprise,is also a topic that continuously explored during the development.This article uses the panel data of the SME board from 2014 to 2018 as a sample to empirically test the relationship between SMEs’ internal financing,internal control and investment efficiency.The empirical results show that:(1)endogenous financing has a significant negative correlation with underinvestment,a positive correlation with overinvestment,and a significant positive correlation with investment scale;(2)internal control has a significant correlation with underinvestment.The negative correlation of the company has a significant positive correlation with the scale of investment and no significant correlation with overinvestment;(3)internal control will weaken the positive correlation between internal financing and overinvestment,and strengthen the negative correlation between internal financing and underinvestment.Correlation,strengthen the positive correlation between endogenous financing and investment scale.

关 键 词：内部控制 内源融资 投资不足 过度投资 投资规模 调节作用 

分 类 号：F276.3[经济管理—企业管理] F272.3[经济管理—国民经济]