内部控制质量对上市公司非效率投资影响的实证研究

发布时间：2018-01-01 07:50

本文关键词：内部控制质量对上市公司非效率投资影响的实证研究　出处：《重庆理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：众所周知，融资决策、投资决策和股利分配政策是财务决策的三大组成部分，公司筹资、投资和股利分配是三大金融理论的核心问题，而投资决策是联系融资和股利分配的中介和桥梁。从宏观意义上讲，作为拉动经济发展“三驾马车”之一的投资，是国家经济发展的引擎，是社会发展的动力。从微观意义上讲，投资决定了企业价值的增值，因为只有科学的、高效的投资决策才会给企业带来更多的现金流量，增加企业价值。投资是企业未来现金流入的重要来源、是公司发展的内在动力，投资效率的高低直接关系到企业融资和股利政策，也决定着企业经营风险的大小和未来盈利能力，甚至影响资本市场对企业的整体评价。而目前我国上市公司高度关注上市公司融资问题，忽视了投资效率问题。随着经济的不断发展，社会的不断进步，对上市公司非效率投资行为的治理刻不容缓。内部控制作为新兴的、符合时代要求的公司规范体系，将其与企业非效率投资相结合，试图从一个全新的角度探索企业非效率投资行为的影响因素，既拓宽了企业非效率投资的研究范围，也促进了内部控制体系的向前发展。本文采用规范研究与实证研究相结合的方法，立足于企业非效率投资行为这一急需解决的问题，从内部控制角度进行探讨。首先，对本文的研究背景、研究意义和论文创新进行阐述。其次，分别从对内部控制和企业非效率投资的研究文献进行回顾，进而结合信息不对称理论、委托代理理论和自由现金流理论对内部控制质量与企业非效率投资行为的相关关系进行理论梳理，并对我国上市公司企业非效率现状进行分析，进而提出论文假设。最后，设计衡量内部控制质量的指标，并通过国泰安数据库下载和手工收集实证研究数据，进行实证分析。实证结果表明，企业内部控制质量越高，企业过度投资和投资不足等非效率投资行为越不容易发生，且企业自由现金流充裕时，随着自由现金流的增多，企业内部控制质量越高，越能抑制企业过度投资行为支持了本文假设，反之，企业自由现金流短缺时，随着自由现金流的减少，，企业内部控制质量越低，企业越容易导致投资不足，研究结果部分支持了这一假设。本文研究结果为以后企业非效率投资的研究提供了新的方向，拓宽了内部控制经济后果的研究，具有理论意义和现实意义。
[Abstract]:As everyone knows, financing decision, investment decision and dividend policy is a financial decision of three parts, the company's financing, investment and dividend distribution is the core problem of the three big financial theory, and investment decisions and the bridge financing and dividend distribution. From a macro sense, as economic development investment three one of the carriages, is the engine of economic development, is the driving force of social development. From the micro perspective, the investment decision of the enterprise value, because only the scientific, efficient investment decision will bring more cash flow to the enterprise and increase the enterprise value. Investment is the important source of future cash flows that is the inner force of the development of the company, the investment efficiency is directly related to the level of corporate financing and dividend policy, but also determines the business risks and future profitability, and even affect the The overall evaluation of the capital market. At present, Chinese listed companies pay close attention to the financing of listed companies, ignoring the problem of investment efficiency. With the continuous development of economy, social progress, governance is inefficient investment behavior of listed companies. As a new internal control standard system, meet the requirements of the times, will the combination and inefficient investment, trying to explore the influencing factors of inefficient investment behavior from a new perspective, which broadens the scope of the study of enterprise efficiency of investment, but also promote the development of internal control system.
This paper adopts the method of combining normative research and empirical research, based on the non efficiency investment behavior of enterprises that need to solve the problem, carries on the discussion from the perspective of internal control. Firstly, the background of this study, research significance and innovation of this paper. Secondly, separately from the research literature review of internal control and enterprise efficiency the investment, and then combined with the theory of asymmetric information theory, principal-agent theory and the relationship between free cash and non efficiency of investment behavior on the quality of internal control and business flow theory, and on China's listed companies non efficiency analysis of the status quo, and puts forward the hypothesis. Finally, the design of the index to measure the quality of internal control, and the Tai'an database download and manual collection of empirical research data, empirical analysis. The empirical results show that the higher the quality of internal control of enterprises, enterprises The inefficient investment behavior of investment and insufficient investment is not easy to occur, and the free cash flow is abundant, with the increase of free cash flow, the enterprise internal control of higher quality, more can inhibit the excessive investment behavior to support this hypothesis, on the other hand, the enterprise free cash flow shortage, with the decrease of free cash flow the enterprise internal control quality is low, enterprise more easily lead to insufficient investment, the results support this hypothesis. The results of this study for the future research of the non efficiency investment provides a new direction, broaden the research on the economic consequences of internal control, has theoretical significance and practical significance.

【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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