Research On The Influence Of Internal Control Quality Of State-owned Listed Companies On Investment Efficiency

The preservation and appreciation of state-owned assets is the main business objective of the state-owned enterprises.As one of the important financial activities,investment efficiency directly affects the security and value improvement of state-owned assets.A large number of studies have shown that compared with state-owned listed companies,internal control plays a more significant role in alleviating non-efficiency investment in non-state-owned listed companies.In the past ten years,the internal control of Chinese enterprises has undergone a radical institutional reform,from small-scale trials to full-scale implementation,from voluntary disclosure to enforcement.The implementation of internal control reform,if it can optimize the non-efficiency investment behavior of state-owned enterprises with special institutional background,will improve the investment efficiency,so as to provide a stronger guarantee for the maintenance and appreciation of state-owned assets.Based on principal-agent theory,information asymmetry theory,free cash flow theory and internal control quality economic consequence theory,this paper selects 824 state-owned listed companies in China as the research object,and establishes multiple regression models through empirical research to conduct empirical analysis.Descriptive statistics of the data show that inefficient investment is common in state-owned enterprises,and the underinvestment is more extensive,but to a lesser extent than overinvestment.By establishing a multiple linear regression model,the regression analysis results show that the quality of internal control has a certain inhibitory effect on the inefficient investment of state-owned listed companies,and has a significant inhibitory effect on the underinvestment,which is negatively correlated with overinvestment but not significant.Through further research on state-owned enterprises,it is found that the quality of internal control has an inhibitory effect on the non-efficiency investment of central enterprises,but a stimulating effect on excessive investment of local state-owned enterprises.According to the results of empirical research,this paper suggests state-owned enterprises strengthening their awareness of internal control and government departments strengthening supervision of state-owned enterprises,thereby improving the quality of internal control and enhancing the governance role of internal control in investment efficiency.