生命周期视角下企业内部控制质量对投资效率的影响研究

发布时间：2018-01-03 07:18

本文关键词：生命周期视角下企业内部控制质量对投资效率的影响研究　出处：《辽宁大学》2014年博士论文　论文类型：学位论文

【摘要】：投资决策是公司财务决策中最重要的决策之一。从微观来看，有效的投资是公司成长的主要动因和未来现金流增长的基础，也是企业价值增加的重要保障。从宏观来看，投资是我国经济增长的主要推动力量，较高的投资效率是促进经济增长的有效途径。因此，研究上市公司的投资行为与公司自身的发展休戚相关。自从美国2002年7月颁布《萨班斯——奥克斯利》法案以来，世界各国对企业内部控制的监管逐渐升温，我国财政部会同五部委分别于2008年5月和2010年4月颁布了《企业内部控制基本规范》和《企业内部控制配套指引》，从其对内部控制的定义来看，企业应当通过一系列的制度安排提高企业的经营效率和效果。此外，企业生命周期理论认为企业不同发展阶段的生产经营、组织形态等具有不同特征，面临的代理问题和信息不对称程度也随之变化，而这势必会影响企业的投资效率。那么在企业生命周期的不同阶段，非效率投资的影响动因都有哪些？不同发展阶段的影响动因是否存在差异？内部控制质量对这些影响动因是否能够起到治理作用？在内部控制的五个要素中，哪些要素对于投资效率的作用最为明显？鉴于此，本文以2009—2012年沪深A股上市公司数据为基础，采用理论分析与实证研究相结合的方法，以企业发展的动态角度检验内部控制质量对投资效率的影响。本文沿着“提出问题——理论分析——实证分析——结论及政策建议”的基本思路展开，在理论方面运用资本投资理论、产权理论、委托代理理论和信息不对称理论解释了非效率投资的影响动因，以及内部控制质量对非效率投资的治理作用；运用企业生命周期理论解释了生命周期视角下非效率投资影响动因的差异，以及内部控制质量对非效率投资作用的异同，从而丰富和发展了内部控制的经济后果以及投资效率的影响因素研究。在实证分析中，采用相关性分析、均值差异性分析等方法对数据进行初步检验，采用混合截面回归模型对研究假设进行实证检验。同时本文还通过分组回归、变换样本、变换替代变量等方法对实证分析结论进行了稳健性检验。最后为公司平衡成本与收益、合理进行资源配置提供政策建议，也为监管部门推动上市公司建设内部控制制度提供了合理性建议。全文共分7章，具体内容如下：第1章，绪论。本章主要介绍论文的选题背景、研究意义、研究思路与方法、研究内容、全文的技术路线以及本文拟创新之处。第2章，文献综述。本章从内部控制的经济后果研究、非效率投资的影响因素研究以及生命周期相关理论研究这三个主要方面系统地梳理国内外的重要文献，对已有研究文献进行评述，，归纳和总结现有文献的主要贡献，并针对文献中的不足确定本文的研究方向。第3章，相关理论分析。本章主要以资本投资理论、产权理论、委托代理理论、信息不对称理论和企业生命周期理论作为理论依据，阐述在企业不同的发展阶段内部控制质量对非效率投资的作用机理，这也为后面的实证分析奠定理论基础。第4章，实证研究设计。本章就内部控制质量对非效率投资的影响及不同生命周期内部控制质量对非效率投资的作用提出了研究假设，以2009—2012年沪深A股上市公司数据为基础进行样本选择与筛选，针对不同的研究问题，选取了企业生命周期、内部控制质量、非效率投资和其他研究变量，并构建混合截面回归模型，为后面的实证分析奠定基础。第5章，实证分析过程与结果。本章采用相关性分析、均值差异性分析、混合截面回归模型从实证角度分析了生命周期视角下内部控制质量对非效率投资的影响，得出以下结论：（1）样本公司在企业发展的不同阶段均存在非效率投资行为；（2）对于过度投资样本，成长期的公司中仅国有企业内部控制质量对过度投资有显著抑制作用，成长期的非国有企业内部控制质量对过度投资的抑制作用并不显著，成熟期和衰退期的上市公司内部控制质量对过度投资抑制作用显著；对于投资不足样本，成长期和衰退期的上市公司内部控制质量对投资不足作用并不显著，成熟期的上市公司内部控制质量提高能显著缓解投资不足；（3）本章对内部控制质量对非效率投资影响显著的样本进一步展开分析，检验非效率投资的影响动因和内部控制的治理作用，结果显示成长期国有企业过度投资主要由管理者代理行为所致，成熟期两类企业过度投资均也由管理者代理行为所致，衰退期国有企业过度投资由大股东的利益侵占所致，衰退期非国有企业过度投资是由管理者代理行为和大股东对中小股东利益侵占共同所致，内部控制质量能够对两类代理成本引致的过度投资能起到治理作用；成熟期国有企业的投资不足是由管理者代理成本和融资约束共同所致，成熟期非国有企业的投资不足是由大股东的代理成本和融资约束共同所致，内部控制质量能够对两类代理成本引致的投资不足能起到治理作用，内部控制质量的提高能够缓解融资约束。第6章，稳健性检验。本章对第5章的结论进行稳健性检验，在变换样本和变换变量的计量方式后重新估计，得出的结论仍然成立。此外，本章还进行了拓展分析，选取内部控制质量对非效率投资有显著影响的样本，分析要素质量对非效率投资的作用，得出以下结论：（1）成长期国有企业控制环境、控制活动、信息与沟通对非效率投资作用显著；（2）成熟期国有企业风险评估、控制活动、内部监督对非效率投资作用显著；成熟期非国有企业控制活动、信息与沟通、内部监督对非效率投资作用显著；（3）衰退期国有企业信息与沟通、内部监督对非效率投资作用显著，衰退期非国有企业风险评估、控制活动对非效率投资作用显著。第7章，研究结论与政策建议。本章首先对前面的理论研究以及实证研究得出的结论进行归纳总结；其次为公司平衡成本与收益、合理进行资源配置提供政策建议，也为监管部门推动上市公司建设内部控制制度提供了合理性建议；最后，总结出本研究的贡献与不足，展望后续研究方向。本文的创新之处体现在：（1）理论上引入企业生命周期理论解释了非效率投资影响动因，以及内部控制质量对非效率投资作用在不同发展阶段的异同，丰富和发展了关于内部控制的经济后果以及投资效率的影响因素研究；（2）在研究视角上，从动态的角度探讨内部控制质量对投资效率的影响。以往的研究多数停留在静态层面，而在企业发展的不同阶段其面对的信息不对称程度和代理成本存在显著差异，从企业发展的动态角度验证内部控制质量对投资效率的影响更具有现实意义；（3）研究思路上，本文在讨论非效率投资影响内因和影响外因的基础上，分析内部控制质量对非效率投资行为的影响路径，检验内部控制质量对内外因的治理作用，从而区别于以往研究绕过本质直接讨论内部控制的经济后果；此外本文考察内部控制要素质量在企业发展不同阶段对投资效率的影响，能够帮助公司有针对性地提高内部控制质量和投资效率，这也是本文的重要应用价值。本文仍有一些不足有待完善：（1）本文在讨论生命周期视角下内部控制质量对投资效率的影响时没有区分行业、产业分别进行讨论，这对研究问题的深度有一定影响；（2）拓展性分析中对内部控制要素的度量尚不够精准。本文的进一步研究方向为：（1）从行为财务学的角度如管理者情绪、性质等角度展开讨论非效率投资的影响动因，检验内部控制质量对影响动因的治理作用；（2）将经济学“投入与产出”的概念引入到微观企业的投资效率度量上，会更进一步深入本文的后续研究。
[Abstract]:The investment decision is one of the most important corporate financial decision making. From the micro perspective, effective investment is the basis of the main motivation of the company growth and future cash flow growth, it is also an important guarantee for increasing enterprise value. From the macro perspective, the investment is the main driving force of China's economic growth, investment efficiency is an effective way to to promote economic growth. Therefore, the development of the investment behavior of listed companies bound together in a common cause with the company itself.
Since the United States in July 2002 issued Sarbanes - Oxley Act > >, the world of enterprise internal control supervision is gradually warming up, China's Ministry of Finance in conjunction with the five ministries in May 2008 and April 2010 promulgated the "basic norms of internal control and internal control of enterprises < > > from the supporting guidelines, the definition of internal control of enterprises it should be through a series of institutional arrangements to improve business efficiency and effectiveness.
In addition, the enterprise life cycle theory that the different development stages of enterprise production and management, organizational forms have different characteristics, facing the agency problem and information asymmetry also changes, which will affect the efficiency of investment. Then at different stages of enterprise life cycle, what are the influencing factors of inefficient investment is? Different influencing factors in different stages of development? The quality of internal control on whether these influencing factors can play a role in corporate governance? In the five elements of internal control, which factors for investment efficiency is the most obvious?
In view of this, this article from 2009 to 2012 in Shanghai and Shenzhen A shares of listed companies based on the data, using the method of combination of theoretical analysis and empirical research, the dynamic perspective of enterprise development to test the quality of internal control effect on investment efficiency. This paper along the "problem - theoretical analysis - Empirical Analysis - the basic ideas of the conclusions and policy recommendations. Start using the capital investment theory in the theory of property rights theory, principal-agent theory and asymmetric information theory to explain the influence factors of the efficiency of investment, and the governance function of internal control quality on non efficiency investment; using the enterprise life cycle theory to explain the life cycle from the perspective of non efficiency investment motivation of the differences and similarities and differences of internal control the quality of non efficiency investment, so as to enrich and develop the economic consequences of internal control and influence the efficiency of investment due to In the research. In the empirical analysis, using correlation analysis, the mean difference analysis method for a preliminary inspection of the data, using mixed section to empirically test the hypotheses by regression model. This paper also grouped regression, transform samples to test the stability of the results of empirical analysis and other methods to transform alternative variables. Finally, for the company the balance of costs and benefits, the reasonable allocation of resources to provide policy recommendations, provide reasonable suggestions to promote the construction of the internal control system of listed companies for the regulatory authorities.
The full text is divided into 7 chapters, and the specific contents are as follows:
The first chapter is the introduction. This chapter mainly introduces the background, significance, ideas and methods, contents, the technical route and innovation of this paper.
The second chapter is literature review. This chapter from the internal control of the economic consequences of non efficiency of investment and the influencing factors of the theory of the life cycle of the three main aspects systematically at home and abroad, important documents, review the existing research literature, the main contributions and summarized the existing literature, and determine the direction of this study in view of the deficiencies in the literature.
The third chapter, the relevant theoretical analysis. This chapter mainly capital investment theory, property rights theory, principal-agent theory, information asymmetry theory and enterprise life cycle theory as the theoretical basis, elaborated in the role of internal quality control of enterprise is in different stages of development of the non efficiency investment mechanism, it is also for the subsequent empirical analysis lay the theoretical foundation.
The fourth chapter, the empirical research design. This chapter will influence the quality of internal control and the non efficiency investment and life cycle of different quality of internal control and the non efficiency investment puts forward the research hypotheses, from 2009 to 2012 in Shanghai and Shenzhen A shares of listed companies based on the data of the sample selection and screening, according to the different problems, the selection of enterprises the life cycle, the quality of internal control, inefficient investment and other research variables, and construct a hybrid cross section regression model, laying the foundation for the following empirical analysis.
The fifth chapter, the analysis process and results. This chapter uses the empirical correlation analysis, analysis of mean difference, from the perspective of empirical analysis of the impact of internal control quality of life cycle from the perspective of non efficiency investment mix cross-section regression model, draw the following conclusions: (1) the different stages of the Sample Firms in the development of enterprises are inefficient investment behavior; (2) for over investment sample, the growth stage of the company in the internal quality control of state-owned enterprises only have significant inhibitory effect on the inhibition of excessive investment, the quality of the internal control of non state owned enterprises during the growing period of excessive investment is not significant, the quality of internal control maturity and decline stage of over investment of listed companies significantly inhibited; for the lack of investment in internal quality control samples, growth period and decline period of the listed companies is not significant on the lack of investment in the mature period, the listed company internal control quality The amount of improvement can significantly relieve the shortage of investment; (3) this chapter on the impact of internal control quality on non efficiency investment significantly further to analyze the test sample, the non efficiency investment influencing factors of internal control and governance function, results show that the growth period of over investment in state-owned enterprises is mainly composed of a management agent behavior caused by two kinds of mature period the over investment of enterprises were also by management agency behavior caused by the recession over investment in state-owned enterprises caused by Large Shareholder Expropriation, recession of non-state-owned enterprises over investment by the agent behavior of major shareholders and managers of the common interests of small shareholders due to the quality of internal control to the two types of agency costs caused by excessive investment play a role in governance; maturity of state-owned enterprises is the lack of investment by managerial agency costs and financing constraints caused by the non state-owned enterprises, mature investment Foot is caused by the agency cost and financing constraints of large shareholders. The quality of internal control can play a governance role on the investment shortage caused by the two kinds of agency costs, and the improvement of internal control quality can alleviate the financing constraints.
The sixth chapter, this chapter on the robustness test. The conclusion of the fifth chapter of the robustness test in the measurement mode transform samples and transformed variables after re estimation, the conclusion is still valid. In addition, this chapter also expand the analysis and selection of the quality of internal control has a significant influence on the non efficiency investment sample, analysis of factors of quality on non efficiency investment, draw the following conclusions: (1) the growth of state-owned enterprises control environment, control activities, information and communication has significant impact on non efficiency investment; (2) to assess the risks of state-owned enterprises, the mature period of control activities, internal supervision has significant impact on the efficiency of investment in non state owned enterprises; mature non control activities, information the internal supervision and communication, has significant impact on non efficiency investment; (3) the recession of state-owned enterprise information and communication, internal oversight has significant impact on the efficiency of investment in non recession period, non state-owned enterprises risk assessment and control Activity has a significant effect on inefficiency investment.
The seventh chapter, conclusions and policy recommendations. The first chapter of the previous theoretical research and empirical research conclusions are summarized; secondly, the balance of costs and benefits, the reasonable allocation of resources to provide policy recommendations, provide reasonable suggestions to promote the construction of the internal control system of listed companies for the supervision department; finally, summed up the study on the contributions and limitations of the outlook of the future research direction.
The innovation of this paper lies in: (1) the introduction of the theory of enterprise life cycle theory explains the influence factors of non efficiency of investment, and the quality of internal control and the non efficiency investment role in the similarities and differences between the different stages of development, the influence factors on the enrichment and development of the efficiency of internal control and the economic consequences of investment; (2) in the research perspective, to explore the influence of internal control quality on investment efficiency from the dynamic point of view. Most of the previous studies remain in the static level, and in the different stages of development of enterprises in the face of the degree of information asymmetry and agency costs are significantly different, from the dynamic point of enterprise development to verify the effect of internal control quality on the efficiency of investment is more practical significance; (3) the study, based on the discussion of non efficiency investment effect of internal and external effects on the basis of the analysis of internal control quality on non efficiency investment. Effect of path behavior, test the quality of internal control and governance role of internal and external causes, which is different from the previous research around the nature of direct discussion of economic consequences of internal control; in addition, this paper examines the key elements of internal control quality in different stages of enterprise development affect the investment efficiency, and can help the company to improve the quality of internal control and the efficiency of investment. This is also the important application value.
In this paper, there are still some shortages: (1) this paper does not distinguish between the industry in the influence of internal control quality of life cycle from the perspective of the efficiency of investment, industry are discussed respectively, which have some influence on the depth of the problem; (2) expand the analysis to measure the elements of internal control is not accurate enough to further. The research direction of this paper is: (1) if the managers sentiment from the behavioral finance perspective, discusses the influence factors of expansion properties of non efficiency of investment, to test the quality of internal control and governance role of motivation; (2) the economic concept of "input and output" into the micro enterprise investment efficiency measurement a follow-up study, further in this paper.

【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F832.51

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