内部控制对企业投融资错配治理效应研究  

Research on the Governance Effect of Internal Control on Enterprise Investment and Financing Mismatch

作　　者：刘翰林[1] 刘家琛 LIU Han-lin;LIU Jia-chen(School of Accounting,Hangzhou Dianzi University,Hangzhou 310018,China)

机构地区：[1]杭州电子科技大学会计学院,杭州310018

出　　处：《哈尔滨商业大学学报（社会科学版）》2021年第2期101-118,共18页Journal of Harbin University of Commerce:Social Science Edition

基　　金：浙江省属高校基本科研业务费项目(重点培育专项)“高管经历、治理环境约束与企业并购行为”(GK199900299012-203)。

摘　　要：利用2008—2018年中国A股非金融业上市公司数据,研究内部控制对投融资错配的治理效应及其治理机制,并试图验证内部控制与外部制度环境是否可以共同缓解企业投融资错配问题。研究发现良好的内部控制可以有效地降低企业资金投融资错配,此治理效应在两职分离、股权集中度低、董事独立性强的企业和民营企业、中小企业中尤为显著;在细分内部控制五要素之后,治理效应主要通过内部控制环境和信息系统与沟通两个要素实现,并且内部控制五要素作为一个整体,通过降低企业融资约束从而缓解错配现象;内部控制与货币政策在治理企业投融资错配方面发挥的是一种协同效应而非替代效应。This article aims to use the data of 2008-2018 Chinese A-share listed companies in the non-financial industry to study the governance effect of internal control on investment and financing mismatch and its governance mechanism,and try to verify whether internal control and the external institutional environment can jointly solve corporate investment and financing errors Allocation problem.The study found that:Good internal control can effectively reduce the mismatch of corporate capital investment and financing.This governance effect is particularly significant in private enterprises and small and medium-sized enterprises;After subdividing the five elements of internal control,the governance effect is mainly through internal The two elements of control environment,information system and communication are realized,and the five elements of internal control as a whole can alleviate mismatch by reducing corporate financing constraints;Internal control and monetary policy play a role in governing corporate investment and financing mismatch It is a synergy effect rather than a substitution effect.The research results show that in order to effectively alleviate the mismatch of investment and financing of enterprises,not only should the internal control of enterprises be strengthened,but also the macro-monetary policy should be continuously improved.

关 键 词：内部控制 投融资错配 货币政策 融资约束 

分 类 号：F275[经济管理—企业管理]