内部控制、投资者情绪与企业投资效率

发布时间：2018-06-05 10:10

本文选题：内部控制 + 投资者情绪　；参考：《中南财经政法大学学报》2017年06期

【摘要】：本文将内部控制引入投资者情绪与企业投资效率之间关系的研究中,考察企业重要的内部治理机制——内部控制——对投资者情绪与企业投资效率之间关系的影响,研究发现:投资者情绪与企业投资过度正相关,与投资不足负相关;企业内部控制质量越高,其投资效率越不易受到投资者情绪的干扰,即高质量的内部控制不仅能够减弱投资者情绪与企业投资过度之间的正相关关系,同时也能减弱投资者情绪与企业投资不足之间的负相关关系。这些研究结论表明,内部控制具有重大的公司治理价值,能够抑制投资者情绪对企业投资效率的不利影响。
[Abstract]:This paper introduces internal control into the study of the relationship between investor sentiment and enterprise investment efficiency, and examines the influence of internal control, an important internal governance mechanism, on the relationship between investor sentiment and enterprise investment efficiency. It is found that investor sentiment is positively correlated with overinvestment and negatively correlated with underinvestment, and that the higher the quality of internal control, the less likely the investment efficiency will be disturbed by investor sentiment. That is, high quality internal control not only weakens the positive correlation between investor sentiment and excessive investment, but also weakens the negative correlation between investor sentiment and underinvestment. These conclusions show that internal control has significant corporate governance value and can restrain the adverse effects of investor sentiment on the investment efficiency of enterprises.
【作者单位】：河南理工大学财经学院;
【基金】：河南省教育厅人文社会科学研究项目资助“投资者情绪与企业投资行为:企业内部控制的调节机制研究”(2017-ZZJH-192) 河南省高等学校重点科研项目“提升河南企业自主创新能力的财税支持政策研究”(17A790026) 河南理工大学基本科研业务费专项资助项目(人文社科类)“利益相关者行为、投资者情绪与企业投资行为”(SKJZD2015-10);河南理工大学人文社科类博士基金项目“经济区域视角下的企业投资行为优化路径研究———以中原经济区为例”(SKB2013-07)
【分类号】：B842.6;F275.5

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