The Internal Control Of Listed Companies And The Empirical Research Of Investment

Enterprise financing, investment and profit distribution decisions is three topics in the current financial decisions, among them, the investment decision increase income through capital operation, to reduce the risk, to maximize the enterprise value, and further affect the survival and development of enterprise, at the same time affect the rational allocation of social resources, so the investment is the core of the three major themes. However, China’s enterprises is increasingly exposed the investment efficiency is low, the efficiency of investment and investment decision-making errors, the funds of listed companies in China to create value and the healthy development of capital market. As a result, the efficiency of investment problem is not only the listed companies should be urgent to solve, but also the whole society needs to solve.As a series of well-known enterprise bankruptcy events, such as "abandonment" and "enron event", has caused the United States and around the world to the enterprise internal control of great importance to it. Internal control from voluntary also gradually evolved into the government vigorously promote the system construction, and become a hot topic in the academia and management attention. As of July 2002, the United States announced the sarbanes- oxley act ", domestic also raised a hot wave of research on internal control system, in May 2008, the enterprise internal control basic norms and in April 2010 the form a complete set of enterprise internal control guidelines " also arises at the historic moment, from the definition of the internal control, enterprise shall, through a series of institutional arrangements to improve enterprise’s investment efficiency, increase the value of enterprises, optimize the distribution of social resources. In the current economic climate, because of the principal-agent and the existence of such factors as information asymmetry, lead to the change of the internal control system is likely to affect the distortion of the enterprise investment is not efficiency. In view of this, this article attempts from the perspective of internal control to study the efficiency of investment, and puts forward new countermeasures to improve the distortion of the our country and the world investment, so as to improve the investment efficiency of enterprises.This article along "to ask questions, theoretical basis, put forward the hypothesis, the empirical analysis, conclusions and recommendations" researches on the basic train of thought. This article mainly uses the method of combining the theoretical analysis and empirical research. In the aspect of theory, this paper according to the domestic and foreign has the research about the economic consequences of internal control, the factors influencing the efficiency of investment, and on the impact of internal control on the efficiency of investment related research, and carries on the review of existing literature, induces and summarizes the existing achievements and deficiencies, provides direction for the research of this paper. Secondly, this paper mainly based on agency theory and asymmetric information theory, for the efficiency of investment motivation, and the influence of the internal control effect on the efficiency of investment management, provides the corresponding explanation, which laid a theoretical foundation to the research of this paper. In empirical aspect, based on the Shanghai and shenzhen A-share manufacturing listed companies in 2010-2013 sample for initial sample, according to the problems in this paper, we study the data you need, to filter samples, select the quality of internal control and the efficiency of investment, and other control variables to construct multiple regression model, through the descriptive statistics analysis, balance panel data regression and robustness test, the following conclusion: the internal control can effectively restrain excessive investment; Internal control can effectively inhibit under-investment. Finally, according to the results of theoretical analysis and empirical conclusions, to improve the efficiency of the company’s investment, the rational allocation of social resources to provide a new perspective, new solutions.