Research On Information Disclosure Quality,Internal Control And Inefficient Investment Relationship

Investment is crucial to the development of a listed company.It is related to the operating results of listed companies and the value of listed companies,which determines whether a company can grow and develop.This is especially important for the transportation industry.The transportation industry is the first basic industry for the development of China's national economy,and the investment in the transportation industry has the characteristics of large investment projects,long payback period and high risks.How to improve investment efficiency and reduce the degree of non-efficiency investment for the transportation industry It is the key to its growth and development.Theoretically speaking,there are two main reasons for the non-efficiency investment problems of listed companies:First,the separation of management rights and management rights has caused the contradiction of principal-agent;second,because the capital market is not a completely competitive market,The information asymmetry caused by the information users are not equal.The good internal control mechanism can alleviate these two problems to a certain extent,thus inhibiting the non-efficiency investment;the information disclosure mechanism is one.A more direct information transmission channel,directly reducing information asymmetry,giving the public a positive and good response,can alleviate conflicts between various stakeholders,and in turn promote the internal control level of listed companies,thereby improving the listed company's Investment efficiency.Therefore,from the perspective of practice,this paper studies the factors affecting the investment efficiency of listed companies in four aspects:first,whether there are non-efficiency investment behaviors and seriousness in the transportation industry;second,whether the information disclosure status of listed companies in the transportation industry can affect The investment efficiency,how to influence and the degree of influence of listed companies;Third,whether the internal control of listed companies in the transportation industry is effective in suppressing non-efficiency investment and the extent to which it can affect non-efficiency investment;Fourth,the two governance mechanisms are common.The role may have a law of diminishing marginal utility,so whether the quality of information disclosure interacts with internal control will also have such an effect on non-efficiency investment.Based on the above research focus,this paper first constructs a non-efficiency investment measurement model,quantitatively analyzes the investment efficiency of listed companies in China's transportation industry,and obtains the investment level of listed companies in the transportation industry.Secondly,it builds the information disclosure degree of listed companies and non-efficiency investment.Multivariate regression model to study the impact of information disclosure quality on non-efficiency investment;re-construct multiple regression models of internal control and non-efficiency investment,study the impact of internal control of listed companies on non-efficiency investment;finally construct the combination of information disclosure quality and internal control The impact on non-efficiency investments.This paper hopes to provide some new ideas for listed companies to deal with non-efficiency investment from the perspective of information disclosure quality,the relationship between internal control and non-efficiency investment and the mechanism of action,and provide some new directions for follow-up research.