内部控制、会计信息质量与企业非效率投资

发布时间：2018-07-15 19:13

【摘要】：有效的投资能合理配置社会资源,是我国经济健康增长的重要推动力量。有效的投资亦是企业占领市场先机、扩大规模、增强市场竞争力的关键所在,是企业增加财富价值的动力之源。然而,现实中大部分上市公司存在着非效率投资问题,严重影响了企业的价值和整个资本市场的健康发展。如何有效改善企业的非效率投资问题、提高企业的投资效率水平成为当前经济发展亟需解决的问题,也是学术界关注和讨论的热点问题。此外,自美国《萨班斯——奥克斯利》法案(SOX法案)颁布以来,世界各国对企业内部控制的关注度日渐上升,我国也颁布了中国的“萨班斯法案”——《企业内部控制基本规范》,企业内部控制成为国内外学者关注的热点。本文将两个热点问题——内部控制与公司投资行为联系起来讨论了三个问题:非效率投资的主要影响动因都有哪些?内部控制的强化对这些影响动因是否能够起到治理作用?作为内部控制的经济后果研究范畴之一的会计信息质量因素,在内部控制影响非效率投资的过程中起到怎样的作用?基于上述问题,本文构造了三个模型,实证研究内部控制与企业非效率投资的关系,会计信息质量和内部控制的关系以及会计信息质量在内部控制与企业非效率投资之间的作用。首先,本文结合Richardson投资效率模型和DEA模型区分并度量出各企业的非效率投资程度,探讨其与企业内部控制的关系;其次,构建会计信息质量指数,衡量其与内部控制的关系;最后,借鉴国内有关学者关于中介效应理论的研究,检验会计信息质量对内部控制抑制非效率投资所起的中介作用。通过对上述三个模型的回归结果进行分析,本文发现:企业内部控制质量越高,缓解其存在的非效率投资问题效果越明显;企业内部控制质量越高,催生出的会计信息质量越高;会计信息质量在内部控制影响非效率投资的过程中起到中介作用。本文的研究结论为我国企业建立和完善内部控制制度,有效利用会计信息质量的中介作用,提高企业的投资效率水平提供了有益借鉴与参考。
[Abstract]:Effective investment can reasonably allocate social resources and is an important driving force for healthy economic growth in China. Effective investment is also the key for enterprises to seize market opportunities, expand scale and enhance market competitiveness, and is the driving force for enterprises to increase wealth value. However, in reality, most listed companies have the problem of inefficient investment, which seriously affects the value of enterprises and the healthy development of the whole capital market. How to effectively improve the inefficient investment of enterprises and improve the level of investment efficiency of enterprises has become an urgent problem to be solved in the current economic development, and it is also a hot issue that the academic circles pay close attention to and discuss. In addition, since the promulgation of the Sarbanes-Oxley Act in the United States (Sox Act), countries around the world have been paying increasing attention to the internal control of enterprises. China has also promulgated the Sarbanes Act-the basic norms of Enterprise Internal Control, which has become a hot topic for domestic and foreign scholars. In this paper, two hot issues, internal control and corporate investment behavior are linked to discuss three issues: what are the main causes of inefficient investment? Can the strengthening of internal control have a governance effect on these factors? As one of the economic consequences of internal control, accounting information quality factors play a role in the process of internal control affecting inefficient investment. Based on the above problems, this paper constructs three models to empirically study the relationship between internal control and inefficient investment. The relationship between the quality of accounting information and internal control and the role of quality of accounting information between internal control and inefficient investment of enterprises. First of all, combining Richardson investment efficiency model and DEA model, this paper distinguishes and measures the degree of non-efficient investment of each enterprise, discusses the relationship between it and enterprise internal control, secondly, constructs accounting information quality index to measure the relationship between accounting information quality index and internal control. Finally, referring to the relevant domestic scholars' research on the theory of intermediary effect, the paper examines the intermediary effect of accounting information quality on the internal control to restrain the non-efficient investment. Through the analysis of the regression results of the above three models, it is found that the higher the quality of internal control, the more obvious the effect of alleviating the problem of inefficient investment, the higher the quality of internal control, the higher the quality of internal control. The higher the quality of accounting information is, the higher the quality of accounting information is. The conclusion of this paper provides a useful reference for Chinese enterprises to establish and perfect the internal control system, effectively utilize the intermediary function of accounting information quality, and improve the investment efficiency of enterprises.
【学位授予单位】：江苏师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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