生命周期视角下内部控制对非效率投资的影响

发布时间：2018-12-15 02:29

【摘要】：有效的投资是企业成长的动力是拉动经济增长的引擎,但我国市场上长期存在的非效率投资行为使公司严重偏离企业价值最大化的目标,影响公司的生存与长期发展,阻碍国民经济的增长,因此如何有效抑制非效率投资一直是学术界和实务界广泛关注的热点问题。已有研究表明代理问题和信息不对称是导致非效率投资的重要原因,而内部控制作为公司治理的一部分可以从一定程度上缓解代理问题和信息不对称进而抑制非效率投资,但现有研究均仅基于市场某个时点笼统的对内部控制与非效率投资之间的关系进行研究,忽略了不同企业生命周期背景下组织结构、经营和财务风险、战略目标等存在较大差别,而导致的对代理问题、信息不对称的程度以及内部控制质量的影响。本文认为不同生命周期背景下的内部控制对非效率投资的影响可能不同,因此将生命周期的视角加入到了研究内部控制与非效率投资关系的过程中,以进一步分析内部控制将如何作用于非效率投资。本文以2012—2014沪深A股制造业企业为样本,首先,对委托代理理论与信息不对称理论进行了介绍,在此基础上分析了导致企业投资不足和投资过度的动因;其次,从内部控制5要素出发分析了内部控制是如何抑制非效率投资的,并提出自己的假设;然后,本文对搜集的2964家样本资料进行处理,通过描述性统计、相关性分析以及多元回归分析检验了内部控制对企业非效率投资的影响,以及不同生命周期之间内部控制影响作用的差异,同时,本文还通过变换样本、变换变量指标进行了稳健性检验。研究结果显示:(1)我国现阶段制造业上市公司中,非效率投资普遍存在,且从数量上来说投资不足行为更普遍,而从程度上来说过度投资偏离正常投资水平的程度更大。(2)内部控制质量与非效率投资程度显著负相关,也就是说,内部控制质量水平越高非效率投资程度越低,内部控制对非效率投资具有显著的抑制作用;且内部控制对投资过度的抑制作用比对投资不足的抑制作用更大。(3)不同企业生命周期背景下内部控制对非效率投资抑制的程度不同,具体表现为:企业成长期和成熟期内部控制对非效率投资的抑制作用显著,而衰退期不显著。
[Abstract]:Effective investment is the driving force of enterprise growth and the engine of economic growth. However, the long-term inefficient investment behavior in Chinese market makes the company deviate seriously from the goal of maximizing the enterprise value, which affects the survival and long-term development of the company. Therefore, how to effectively restrain inefficient investment has been a hot issue in academic and practical circles. Some studies have shown that agency problem and information asymmetry are the important causes of inefficient investment, while internal control, as a part of corporate governance, can alleviate agency problem and information asymmetry to a certain extent and then restrain inefficient investment. However, the existing studies are based on the general relationship between internal control and inefficient investment at a certain point in the market, ignoring the organizational structure, operating and financial risks in the context of different enterprise life cycle. There are great differences in strategic objectives, which result in the influence of agency problems, the degree of information asymmetry and the quality of internal control. This paper holds that the influence of internal control on inefficient investment may be different under different life cycle background, so the life cycle perspective is added to the process of studying the relationship between internal control and inefficient investment. To further analyze how internal controls will function in inefficient investment. This paper takes Shanghai and Shenzhen A share manufacturing enterprises as samples in 2012-2014. Firstly, it introduces the principal-agent theory and information asymmetry theory, and then analyzes the causes of underinvestment and excessive investment. Secondly, from the five elements of internal control, this paper analyzes how internal control inhibits inefficient investment, and puts forward its own hypothesis. Then, this paper processes the 2964 sample data collected, and tests the influence of internal control on inefficient investment by descriptive statistics, correlation analysis and multivariate regression analysis. And the difference of internal control effect between different life cycles. At the same time, the robustness test is carried out by changing samples and transforming variable indexes. The results show that: (1) inefficient investment is common in listed manufacturing companies in China, and underinvestment is more common in quantity. However, the degree of excessive investment deviates from the normal investment level is greater. (2) Internal control quality is negatively correlated with the degree of non-efficiency investment, that is, the higher the internal control quality level, the lower the non-efficiency investment level. Internal control has a significant inhibitory effect on inefficient investment; And the inhibition effect of internal control on excessive investment is greater than that on underinvestment. (3) the degree of inefficiency investment inhibition of internal control is different under the background of different enterprise life cycle. The main results are as follows: during the growth and maturity, the internal control has a significant inhibitory effect on the inefficient investment, while the recession is not significant.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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