披露内部控制缺陷对投资效率的影响分析

发布时间：2018-04-24 00:13

本文选题：披露内部控制缺陷 + 融资约束　；参考：《新疆财经大学》2014年硕士论文

【摘要】：在资本市场中，信息传递对企业做出经济决策具有很重要的作用，信息不对称和不准确是资本市场中普遍存在的一种现象。在信息不对称和不准确的情况下，企业产生非效率的投资也是不可避免的。国外学者的研究结果表明，企业的内部控制质量越高，会计信息质量就会越好；也有学者表明如果企业的会计信息质量比较高，，就有利于投资决策者做出正确的投资决策。内部控制缺陷就是指企业的内部环境、风险评估、控制活动、信息与沟通和内部监督这五大要素存在不足和问题。如果企业披露了内部控制缺陷，说明内部控制质量有待提高，会计信息质量比较低，这就有可能会对投资者的投资决策产生影响，进而导致投资效率的降低。因此，本文基于披露内部控制缺陷的角度，探讨非效率投资行为的表现，从而引导上市公司作出正确的投资决策将具有重要的现实意义。本文结合中国上市公司近几年的具体情况，以委托代理理论、信息不对称理论和投资理论为研究基础，选取我国2007-2012年沪深两市A股上市公司的数据为样本，首先，对我国上市公司内部控制缺陷信息的披露情况及其在是否受到融资约束前提下的投资效率进行描述性统计分析,发现：（1）我国上市公司处于投资不足的占多数；（2）披露内控缺陷信息在是否受到融资约束前提下对我国的投资效率有一定影响；（3）我国披露的内部控制缺陷中，内部控制不充分和内部控制审计不完善占比例比较大；然后,使用Logistic回归分析披露上市公司内部控制缺陷信息与公司投资效率的相关性和多元回归,再次说明了描述性统计的准确性；我们发现：（1）融资约束与投资行为本身就具有比较明显的相关性，受融资约束的公司，会趋向于投资不足，不受融资约束的公司，会趋向于投资过度；（2）内部控制缺陷的披露影响了融资约束和投资效率之间的关系，这也看出了披露内部控制缺陷的滞后性给投资效率和融资约束所带来的影响；（3）披露内部控制一般缺陷和特定缺陷对投资行为的影响存在差异。最后,针对研究结论提出相关建议。
[Abstract]:In capital market, information transmission plays an important role in making economic decisions. Information asymmetry and inaccuracy is a common phenomenon in capital market. In the case of information asymmetry and inaccuracy, it is inevitable for enterprises to produce inefficient investment. The research results of foreign scholars show that the higher the quality of internal control, the better the quality of accounting information, and some scholars show that if the quality of accounting information of enterprises is relatively high, it is helpful for investment decision makers to make correct investment decisions. The defect of internal control refers to the deficiencies and problems in the internal environment, risk assessment, control activities, information and communication and internal supervision. If the internal control defects are disclosed, the quality of internal control should be improved and the quality of accounting information is low, which may have an impact on the investment decision of investors and lead to the reduction of investment efficiency. Therefore, based on the disclosure of internal control defects, this paper discusses the performance of inefficient investment behavior, so as to guide the listed companies to make correct investment decisions will have an important practical significance. Based on the principal-agent theory, information asymmetry theory and investment theory, this paper selects the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2012 as samples. This paper makes a descriptive statistical analysis on the information disclosure of internal control defects of listed companies in China and their investment efficiency under the premise of whether or not they are constrained by financing. It is found that the listed companies in our country are in the majority of the underinvested companies (2) the disclosure of internal control defects has a certain impact on the investment efficiency of our country under the premise of whether or not they are restricted by financing. The proportion of inadequate internal control and imperfect internal control audit is relatively large. Then, using Logistic regression analysis to disclose the correlation and multiple regression between the information of internal control defects and the investment efficiency of listed companies. Again, the accuracy of descriptive statistics is explained; we find that: 1) the relationship between financing constraints and investment behavior is quite obvious. Companies subject to financing constraints tend to be underinvested and not subject to financing constraints. The disclosure of internal control defects affects the relationship between financing constraints and investment efficiency. This also shows that the lag of disclosure of internal control defects has different effects on investment efficiency and financing constraints. (3) there are differences in the impact of general and specific defects of internal control on investment behavior. Finally, the paper puts forward some relevant suggestions on the conclusion of the study.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F224

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