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 inefficient investment of A-share listed companies in China has affected the management activities of the companies and the healthy development of the capital market. It is an urgent problem for listed companies to make scientific and reasonable investment decisions and restrain inefficient investment. Many scholars have studied from the perspective of external governance, but few scholars have paid attention to the impact of internal control on inefficient investment. At the same time, as an important aspect of internal control, whether or not the internal financial control has an impact on the investment behavior of enterprises and what kind of impact, so far, there is little literature to discuss this direction. Through the combination of theory and practice, this paper intends to study the specific ways to restrain inefficient investment from the perspective of deeper internal financial control. This paper uses the internal financial resources concentration level model to measure the degree of financial control centralization, by manually collecting the amount of financial companies and ERP, and using Richardson's expected investment model to quantify the inefficiency investment level of enterprises. A multivariate regression model with the index of concentration of internal financial resources, the establishment of financial companies and the use of information systems such as ERP as explanatory variables, and overinvestment and underinvestment as explanatory variables are constructed respectively. Select A-share listed companies as samples for empirical test. The results show that the internal financial control has negative correlation with the inefficient investment, that is, strengthening the construction of the internal financial control of the enterprise can restrain the inefficient investment behavior of the company. Financial companies make use of the advantages of capital concentration to reduce costs and, through their supervisory functions and incentive mechanisms, can effectively alleviate the agency conflicts between shareholders and executives, between the chairman and the general manager, and optimize the enterprise structure. Help enterprises to make scientific and reasonable decisions to improve the efficiency of the company's investment. In addition, the use of financial information systems such as ERP can speed up the transmission of information and transfer costs through the establishment of information system platforms, make financial information more transparent and professional, implement decisions, and improve the quality of enterprise financial statements. Reduce the cost of management, ease the information asymmetry inside and outside, and improve the investment efficiency of the company. Based on the above research, the paper puts forward the following suggestions or countermeasures: to perfect the financial management system, to establish and perfect the internal control system, to implement the budget system, to strengthen the monitoring and control, and to establish the settlement center. Introduction of financial personnel and other six aspects to improve internal financial control, to curb inefficient 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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