内部财务控制与非效率投资的实证研究

发布时间：2018-06-29 00:23

本文选题：内部财务控制 + 非效率投资　；参考：《浙江工商大学》2017年硕士论文

【摘要】：我国A股上市公司日益呈现出的非效率投资问题,影响了公司的经营活动以及资本市场的健康发展。制定科学合理的投资决策,抑制非效率投资已经成为上市公司迫切需要解决的难题。已有很多学者从外部治理视角进行研究,但很少有学者关注内部控制对企业非效率投资的影响。同时,内部财务控制作为内部控制的一个重要方面对企业投资行为是否产生影响以及产生怎样的影响,目前为止鲜有文献探讨这一方向,文章拟通过理论与实践相结合从更深层次的内部财务控制这一视角研究抑制非效率投资的具体路径。文章借鉴建立的内部财务资源集中水平模型来衡量财务控制集中程度,通过手工搜集财务公司以及ERP的使用数量,借鉴Richardson预期投资模型具体量化企业的非效率投资水平,分别构建以内部财务资源集中指数、财务公司的建立以及ERP等信息系统的使用为解释变量、以投资过度和投资不足为被解释变量的多元回归模型,选取我国A股上市公司为样本进行实证检验。结果表明,内部财务控制与非效率投资负相关,即加强企业内部财务控制建设可以抑制公司的非效率投资行为。财务公司利用资金集中的优势降低成本,通过其监督功能和激励机制,可以有效缓解股东与高管之间,董事长与总经理之间的代理冲突,优化企业结构,帮助企业制定科学合理的决策,提高公司投资效率。另外,ERP等财务信息系统的使用通过信息系统平台的建立可以加快信息的传递速度和传递成本,使财务信息更加透明化专业化,决策得到贯彻执行,提高了企业财务报表的质量,降低管理成本,缓解内外信息不对称的情况,从而提高公司的投资效率。基于前述研究,论文提出了以下建议或对策:从完善财务管理体制、建立健全内控制度、推行预算制度、加强监控、建立结算中心、引进财务人才等六个方面以期提高内部财务控制,抑制非效率投资。
[Abstract]:The problem of inefficiency investment in the listed companies of A shares in our country has affected the business activities of the company and the healthy development of the capital market. It has become an urgent problem for the listed companies to formulate scientific and reasonable investment decisions and restrain inefficiency investment. Many scholars have studied from the perspective of external governance, but few of them have done. Scholars pay attention to the effect of internal control on the inefficiency of enterprise investment. At the same time, as an important aspect of internal control, internal financial control has an impact on enterprise investment behavior and how to produce it. So far, there are few literature discussions on this direction. This paper studies the specific path to restrain inefficiency investment. This paper uses the established level model of internal financial resources to measure the degree of financial control concentration, collects the amount of the use of financial companies and ERP by hand, and uses the Richardson expected investment model to quantify the inefficiency investment level of the enterprise. Based on the index of internal financial resources concentration, the establishment of financial companies and the use of information systems such as ERP as explanatory variables, the multiple regression models of overinvestment and insufficient investment are used as the variables to be explained, and the empirical test is made for the sample of China's A share listed companies. The results show that the internal financial control is negatively related to the inefficiency investment, that is to say, strengthening the internal financial control and the inefficiency investment The internal financial control construction of the enterprise can restrain the inefficiency investment behavior of the company. The financial company can reduce the cost by using the advantage of capital concentration, through its supervision function and incentive mechanism, it can effectively alleviate the agency conflict between the shareholders and the executive, the chairman and the general manager, optimize the enterprise structure, and help the enterprise to make scientific and reasonable. In addition, the use of ERP and other financial information systems can accelerate the transmission speed and transfer cost of information through the establishment of the information system platform, make the financial information more transparent and specialized, the decision is implemented, the quality of the enterprise financial statements, the cost of management, and the information of the internal and external information are reduced. Based on the previous research, the following suggestions or countermeasures are put forward: from the improvement of the financial management system, the establishment of a sound internal control system, the implementation of the budget system, the strengthening of monitoring, the establishment of a settlement center, and the introduction of six financial personnel to improve the internal financial control and suppress the inefficiency investment.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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