| As a key factor of technological innovation, enterprise R&D activity has not brought high efficiency under the background of high investment growth. so as Internal control, which is often ineffective as a key factor of corporate governance. Then it began to improve the efficiency of R&D investment efficiency of thinking and from the failure of internal control of the listing Corporation concerned, this paper found that the essential function of the internal control is risk control through the development of internal control process analysis based on the theory of corporate governance and the theory of technology innovation. In the view of the widespread existence of the business process risk and management opportunism risk, this paper takes R&D efficiency as the economic consequences of the internal control from the two aspects of the process and objectives and stand on the point of view of dynamic development of enterprises,the analysis shows that the mechanism of internal control directly and indirectly acts on the efficiency of R&D and build the model on the basis of the analysis.In the empirical analysis section this paper sampled A-share automobile manufacturing industry listed companies to invest in R&D relevant data and use the method of cash flow to divide life cycle stages of the sample company. The followed correlation analysis and regression analysis found that the internal control has a significant influence on the efficiency of R&D and high quality internal control can improve the efficiency of enterprise R&D and make enterprise R&D investment more recognized by the market, creating more value; the influence of internal control on R&D efficiency is different in different stages of enterprise development. Finally, it is pointed out that we can control the risk of R&D activities in advance, in the event and after the event through the improvement of the project approval, process tracking management and supervision, we can also control the risk of other management opportunism risk through strict supervision mechanism, punitive measures to curb the management of profit management. At the same time, this paper puts forward relevant suggestions that will further strengthen internal control construction and improvement of the internal control standard system from two aspects of the enterprise level and policy level. At last, aiming at the deficiency of this paper, we make a prospect for the following research. |
