Empirical Research On Internal Financial Control And Non-efficiency Investments

China's,listed companies increasingly exposed the problem of inefficient investment behavior,seriously affecting the company's capital efficiency and the healthy development of capital markets.How to effectively guide and restrain the inefficient investment decision of listed companies has become an urgent and important task.The existing researches have been analyzed from the perspective of external governance and paid less attention to the influence of internal financial control on the inefficient investment of enterprises.The internal financial control as an important means of internal control whether the impact on corporate investment behavior and what impact,so far little literature to explore this topic,the article intends to combine theoretical and empirical approach from a deeper level of internal finance Control this perspective to study the specific ways to curb inefficient investment.This paper uses the model of financial resource allocation to measure the degree of financial control concentration.By collecting the number of financial companies and the number of ERP,and using Richardson's expected investment model to measure the distortions of the irrational investment,the financial resource allocation index,The establishment of financial companies and the use of information systems such as ERP as explanatory variables,the overinvestment and underinvestment as the explanatory variables of the multiple regression model,selected China's A-share listed companies as a sample of empirical tests.The results show that strengthening the internal financial control construction can restrain the inefficient investment of the company.Through the supervision function and incentive mechanism,the finance company can effectively reduce the agency conflicts between the shareholders and the executives,the directors and the general manager,optimize the enterprise structure,and improve the investment efficiency of the company.In addition,the use of ERP and other financial information systems through the establishment of information systems platform can speed up the transmission of information and transfer costs,financial information more transparent and professional,improve the quality of corporate financial statements to alleviate the asymmetry of information inside and outside the situation,Thereby enhancing the company's investment efficiency.Based on the above research,the paper puts forward the following suggestions and countermeasures:improving financial control system,establishing and perfecting internal control system,implementing budget system,strengthening supervision,establishing settlement center and introducing financial talents.