Internal Control Can Alleviate The Influence Of Environmental Uncertainty On Investment Efficiency?

Business investment is important to the enterprise profit,it can increase the future earnings of the enterprise,investment efficiency is an important financial indicators to measure tthe level of corporate investment,the greater of the investment efficiency,the higher levels of investment,,then enterprise can gain more benefits.The perfect capital market hypothesis put forward the classical financial theory,its main idea is that the enterprise investment decisions only has relationship with the future demand for investment,it has nothing to do with the structure of the enterprise.But China's capital market is not perfect,there are still many factors that influence efficiency of investment.It is particularly important that how to better grasp the analysis of the investment efficiency to enhance the value of enterprises.Capital market is not perfect,the high-speed development of economy will bring too much uncertainties,and the survival and development of the enterprise depends on the social environment,the environment is not always stable,so the uncertainty environment is bound to affect the operating performance of enterprise.When the environmental uncertainty condition is serious,the enterprise is difficult to achieve the best investment scale,investment deviation will tend to be larger,the investment activities of enterprises to the inefficient investment behavior of excessive and insufficient investment.However,corporate governance mechanism of high quality depends on the internal control.Internal control can help enterprises to identify the risk of business process,and alleviate the adverse impact of environmental uncertainty,It can also help effectively prevent and adjust the damage to the efficiency of the enterprise investment decision making and behavior.In this paper,there are the uncertainty of environment,the internal control theory and the investment efficiency theory.We conducted a survey of relevant literature between the three,found that the previous literature on environmental uncertainty and investment efficiency,more research between internal control and the efficiency of investment.But,there are few papers to study the relations between and among them.So,in this paper,we has carried on the theoretical analysis of the subject matter,and puts forward the researchhypothesis for the theme.At the same time,we establish a regression model to test hypotheses are determined.In addition,this article make investment efficiency divided into both directions,they are under-investment directions and over-investment directions.This paper through the analysis of internal control regulation,the purpose is to help enterprises to put forward relevant policy Suggestions,It has important significance to improve the low efficiency of investment behavior.Then,this article selects the period 2009--2014 panel data of all a-share listed companies,in order to carry out empirical research.We selected base sales standard deviation index computing environment uncertainty,we pick one from DIB database of the internal control index for the base as internal control variables,take its natural logarithm to calculate,we use Richardson S.(2006)model of computation efficiency of investment deviation instead of variables,through the regression model,study the relationship among the three variables.Empirical studies have found that the higher the degree of uncertainty of environment,the enterprise of the greater the under-investment and over-investment,it will hurt the investment efficiency of the enterprise.But a good internal control can reduce the bad influence,and can reduce environmental uncertainty bring adverse effect,improve the investment efficiency of enterprises.