上市公司的内部控制和投资效率关系的研究  

The Research on the Relationship between Internal Control and Investment Efficiency of Listed Companies

作　　者：刘启佳 LIU Qijia

机构地区：[1]安徽商贸职业技术学院金融科技学院,安徽芜湖241002

出　　处：《芜湖职业技术学院学报》2022年第4期33-38,52,共7页Journal of Wuhu Institute of Technology

摘　　要：上市公司内部控制和投资效率关系的研究是目前业界研究的热点之一。以企业高管持股比例为观察视角、以2010—2017年间的沪深A股公司年度财务数据为分析依据、对上市公司内部控制和投资效率关系进行的系列研究表明,企业高管持股比例和投资效率有相关关系:在制造行业和非制造行业中,企业高管持股比例和投资效率成负相关关系,内部控制和投资效率的关系决定了企业未来的发展方向;在国有企业中,企业高管持股比例和投资效率成负相关关系;在非国有企业中,企业高管持股比例和投资效率成正相关关系。由于内部控制和投资效率的关系会对企业的经济效益产生重要的影响,所以政策和管理层面的科学调控就非常有必要。The research on the relationship between internal control and investment efficiency of listed companies is one of the industry-wide hot topics.From the perspective of executive shareholding ratio, a series of studies on the relationship between internal control and investment efficiency of listed companies made based on the annual financial data of A-share companies on the stock markets of Shanghai and Shenzhen from 2010 to 2017,show that executive shareholding ratio is correlated with investment efficiency: in the manufacturing and nonmanufacturing industries, the shareholding ratio of executives is negatively correlated with investment efficiency, and the relationship between internal control and investment efficiency determines the future development of enterprises;as for state-owned enterprises, the shareholding ratio of executives is negatively correlated with investment efficiency;as for non-state-owned enterprises, the shareholding ratio of executives is positively correlated with investment efficiency.Since the relationship between internal control and investment efficiency will have an important impact on the economic benefits of enterprises, it is very necessary to conduct scientific regulation in terms of policy and management.

关 键 词：内部控制 高管持股比例 投资效率 

分 类 号：F275.3[经济管理—企业管理]