内部控制、财务困境与企业投资效率——来自中国A股市场的经验证据

DOI：

中文关键词: 内部控制；财务困境；企业投资效率

英文关键词:Internal Controls; Financial Crisis; Enterprise Investment Efficiency

基金项目:本文获国家社会科学基金项目 (13BGL049，14BJY015)的资助

作者	单位
吴良海李梦莲王明虎	安徽工业大学商学院，安徽马鞍山 243032

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中文摘要:

选取2006年至2014年沪深A股9140个上市公司年度数据作为研究样本，检验了内部控制、财务困境与企业投资效率三者之间的关系，结果表明：（1）财务困境与企业投资效率负相关；（2）内部控制调节了财务困境与企业投资效率的关系，即陷入财务困境中的企业在加强内部控制后其投资效率会有所提高。本文的贡献在于：（1）从财务困境的视角验证了企业内部控制的治理效应，拓宽了现有文献关于企业投资效率研究的广度；（2）引导财务困境企业强化内部控制，缓解其非效率投资行为，更好地实现资本保值增值的目标。

英文摘要:

The paper selects 9140 firm-years data for 2006 - 2014 from Chinese A-share companies listed in Shanghai and Shenzhen Stock Exchange as research sample, explores the relationship among internal controls，financial crisis and corporate investment efficiency . The results show that: (1) Financial distress is negatively correlated with enterprise investment efficiency; (2) Internal controls have played an active role in the relationship between financial crisis and enterprise investment efficiency. The contributions of this paper are as follows: (1) The governance effect of enterprise internal control is verified from the perspective of financial distress broadens the existing literature on the measure method of enterprise investment efficiency; (2) Guide enterprises in financial distress to strengthen internal control, to depress invalid investment, to better achieve the goal of capital preservation and appreciation.

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