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 
摘要点击次数: 470
全文下载次数: 371
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.
查看全文  下载PDF阅读器
关闭