内部控制、会计信息质量与投资效率

发布时间：2018-06-21 22:25

  本文选题：内部控制 + 会计信息质量　； 参考：《南京大学》2017年硕士论文

【摘要】：我国上市公司普遍存在非效率投资行为(张纯和吕伟,2009;周伟贤,2010),直接侵害了众多投资者的利益。企业作为契约集合体,如何改善投资效率一直是研究的焦点话题。内部控制因其目标包含对企业经营效率的改善,越来越受到实务界的关注。2002年美国SOX法案的颁布从制度方面确定了内部控制的重要性,2002年美国SOX法案的颁布从制度方面确定了内部控制有效性评价的重要性,而中国版SOX为国内企业内部控制提供了规范性指导,而出于防范风险、提高效率的目的,加强企业内部控制建设正从迎合管制要求逐渐走向企业的自发性要求。已有研究表明,内部控制对投资效率的影响结论尚不统一,对于内部控制是否会通过影响会计信息质量进而作用于企业的投资效率问题也没有过多地关注。研究内部控制对投资效率的影响,影响的路径机制是一个不可忽视的方面。考虑到内部控制和会计信息之间的紧密关系,本文将首先基于信息不对称理论和代理理论,分别考察内部控制和会计信息质量对企业投资效率的影响,然后在此基础上,试图考察会计信息质量是否是内部控制影响投资效率的路径。本文利用2007年-2015年A股非金融行业上市公司为样本,对内部控制、会计信息质量和投资效率三者间的关系展开研究,在验证内部控制对投资效率直接影响的基础上,考察会计信息质量在两者间起到的中介作用。此外,考虑到不同产权性质的企业面临融资约束水平不同,投资行为也可能存在差异,本文还就上述三者间的关系基于不同的产权性质作了进一步检验。本文实证检验结果发现:(1)公司内部控制质量与投资非效率、投资过度和投资不足均显著负相关,即内部控制质量的提高能一定程度上提高企业的投资效率;(2)会计信息质量的中介效应检验中,投资不足样本通过了中介效应检验,投资过度样本没有通过检验;(3)本文进一步就内部控制、会计信息质量和投资效率三者间的关系,在不同的产权性质下作了进一步检验,研究发现会计信息质量的中介效应仅存在于国有企业样本中。本文实证检验了内部控制质量对投资效率的影响,并进一步探讨了会计信息在内部控制和投资效率间的中介作用,不仅可以丰富内部控制和会计信息、投资效率关系的相关文献,还有助于理解内部控制影响投资效率的机制路径。
[Abstract]:There is widespread inefficiency investment behavior in Chinese listed companies (Zhang pure and Lv Wei, 2009; Zhou Weixian, 2010), which directly infringe on the interests of many investors. As a contract aggregation, how to improve the efficiency of investment has always been the focus of research. Internal control has been more and more practical because of its goal package. The importance of internal control was determined by the promulgation of the SOX act of the United States in.2002, and the importance of the evaluation of the effectiveness of internal control was determined by the promulgation of the American SOX act in 2002, while the Chinese version of SOX provided normative guidance for internal control of domestic enterprises, and the purpose of preventing risks and improving efficiency was added. The internal control construction of strong enterprises is gradually moving towards the spontaneous requirement of the enterprise. The existing research shows that the effect of internal control on the efficiency of investment is not uniform, and there is not much attention on whether the internal control will affect the quality of accounting information and then the efficiency of the enterprise. The impact of control on investment efficiency, the path mechanism of the impact is an unnegligible aspect. Considering the close relationship between internal control and accounting information, this paper, based on the information asymmetry theory and the agency theory, examines the effect of internal control and the quality of accounting information on the enterprise investment efficiency, and then on this basis, This paper tries to investigate whether the quality of accounting information is the path to influence the efficiency of internal control. In this paper, the relationship between the internal control, the quality of accounting information and the investment efficiency of the three non financial listed companies of the A stock in 2007 is studied. On the basis of verifying the direct impact of internal control on the efficiency of investment, the survey will be conducted. In addition, considering that enterprises with different property rights are faced with different financing constraints, the investment behavior may be different. This paper also makes a further test on the relationship based on different property rights between the above three. The empirical test results show that (1) the internal control quality of the company. There is a significant negative correlation between quantity and investment inefficiency, excessive investment and insufficient investment, that is, the improvement of internal control quality can improve the investment efficiency of enterprises to a certain extent; (2) in the medium effect test of accounting information quality, the underinvestment sample has passed the test of intermediary effect, and the oversample of investment has not passed the test; (3) this article is further inside The relationship between the three aspects of the control, the quality of accounting information and the efficiency of investment is further tested under different property rights. The study found that the intermediary effect of the quality of accounting information exists only in the sample of the state-owned enterprises. This paper empirically examines the influence of the internal control quality on the investment efficiency, and further discusses the internal control of the accounting information. The intermediary role of system and investment efficiency can not only enrich the relevant literature of internal control and accounting information, investment efficiency relationship, but also help to understand the mechanism path of internal control affecting investment efficiency.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51
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本文编号：2050276