| Investment,as one of the Three Wagons that pull macro economy into increase,plays a very important role.Investment activities are not only the driving force for the rapid growth of the macro economy,but also the necessary means for the long-term survival and development of the company.After the reform and opening up,the national economy has been developing rapidly.Since 2011,the macroeconomic growth rate has slowed down and gradually entered the “new normal economy”.The simple and extensive growth mode has become increasingly unacceptable.Stable and quality medium-to-high-speed growth is the main growth mode for the future economy.After experiencing a rapid growth,some industries have a tendency of blind expansion.Repeated construction leads to excessive supply,low corporate investment efficiency,and unreasonable resource allocation,which seriously affects the company's market value.Therefore,how to improve the investment efficiency of enterprises is very important for both the macroeconomic and the company's long-term development.The enterprises can hardly survive and develop without effective internal environment and good external institution environment.High-quality internal control can effectively alleviate the problem of entrusted agency,improve the information asymmetry between the principal and the agent,reduce the agency cost,and then increase the investment efficiency of the company and promote the realization of the value of the enterprise.At the same time,a favorable external institution environment can provide an orderly and fair competition environment for enterprises,and urge enterprises to strengthen internal control and improve the efficiency of investment.In China,the uneven distribution of natural environments and resources leads to large differences in external institution environment.Different external institution environments have also exerted great influence on the long-term development of enterprises.So this paper focuses on the following questions.(1)Whether the external institution environment will have an impact on internal control construction.(2)Whether the external institution environment will affect the investment efficiency of the company.(3)How the internal control affects the efficiency of corporate investment.Whether the effect of internal control on investment efficiency is the same in companies with different property rights.(4)Whether the external institution environment and internal control will affect the enterprises' investment efficiency.Based on the above analysis,this paper adopts the literature analysis method and empirical regression method to study the above issues.The literature analysis method is mainly to analyze the literature related to this issue at home and abroad in detail and to extract the relevant information.In empirical tests,take Shanghai and Shenzhen A-share listed companies from 2008 to 2016 as research samples,and correlation analysis and ordinary least-squares method were used for regression analysis.Get the following conclusions:First,the good external institution environment of the company,such as: the fast marketization process,the perfect legal system,the less government intervention,and the developed financial market,can promote the internal control of the company.Second,the better internal control quality,the higher investment efficiency.Third,the higher the quality of internal control,the higher the company's investment efficiency.From the perspective of enterprises' property pattern,the non-state-owned enterprises' internal control has a greater inhibitory effect on non-efficiency investment.Fourth,there is a complementary relationship between external policies and internal controls.The better the external institution environment,the more obvious the inhibitory effect of internal control on non-efficiency investment. |
PDF Full Text Request