内控缺陷与实体企业过度金融资产配置——内控缺陷的存在与披露效应检验  

Over-Financialization of Real Enterprises and Internal Control Weaknesses:Presence vs.Disclosure Effect

作　　者：王俊韡[1] 罗海东 WANG Jun-wei;LUO Hai-dong(School of Accounting,Shandong University of Finance and Economics,Jinan 250014,China;Hualu Hengsheng(Jingzhou)Company Limited,Jingzhou 434100,China)

机构地区：[1]山东财经大学会计学院,山东济南250014 [2]华鲁恒升(荆州)有限公司,湖北荆州434100

出　　处：《经济问题》2024年第11期60-69,共10页On Economic Problems

基　　金：山东省高端会计人才培养项目(学术类第二期);山东省社会科学规划研究项目“区块链技术下供应链金融生态化创新及风险管控研究”(21CJJJ19)。

摘　　要：以深沪A股主板上市公司为样本,基于内控缺陷视角,研究内控缺陷的存在与披露对实体企业过度金融资产配置的影响。研究发现:内控缺陷的存在会刺激实体企业过度金融资产配置;内控缺陷的披露对实体企业过度金融资产配置无显著影响。进一步研究表明,基于内部控制整体视角,内控缺陷的修复能抑制实体企业过度金融资产配置;动机上,投机套利是存在内控缺陷实体企业过度金融资产配置的动机;作用机制上,内控缺陷的存在主要是通过加剧两类代理冲突,从而影响实体企业过度金融资产配置;经济后果上,存在内控缺陷实体企业的过度金融资产配置行为会挤出实物投资和减少研发投入;治理机制上,管理层股权激励和大股东持股能抑制存在内控缺陷实体企业的过度金融资产配置行为。Based on the sample of listed companies on the main board of Shenzhen and Shanghai A-shares,this paper studies the impact of the presence and disclosure of internal control weaknesses(ICWs)on over-finan⁃cialization of real enterprises from the perspective of ICWs.The results show that the presence of ICWs will stimu⁃late over-financialization of real enterprises,and the disclosure of ICWs has no significant impact on over-finan⁃cialization of real enterprises.Further research shows that,based on the overall perspective of internal control,the remediation of ICWs can inhibit over-financialization of real enterprises;in terms of motivation,speculative arbi⁃trage is the motivation of over-financialization of real enterprises with ICWs;in terms of the mechanism of action,the presence of ICWs mainly affects over-financialization of real enterprises by exacerbating two types of agency conflicts;in terms of economic consequences,over-financialization of real enterprises with ICWs will crowd out physical investment and reduce R&D investment;in terms of governance mechanism,management equity incen⁃tives and major shareholders power can inhibit over-financialization of real enterprises with ICWs.

关 键 词：内控缺陷的存在 内控缺陷的披露 实体企业 过度金融资产配置 

分 类 号：F276.6[经济管理—企业管理]